The Creation of Proposition 123
Due to the enactment of Proposition 123 by Colorado’s voters in 2022, several hundred million dollars in affordable housing funding is now available. The Department of Local Affairs and the Governor's Office of Economic Development and International Trade (OEDIT) oversee this funding, which is provided through grants and loans to nonprofit agencies, community land trusts, private entities, and local governments. These funds are split 60/40 between DOLA and OEDIT, respectively.
Who is Eligible
Nonprofit agencies, community land trusts, private entities, and local governments can apply for funding.
To be eligible, affordable housing projects seeking support from the Affordable Housing Financing Fund must be located in a jurisdiction that has completed a Proposition 123 Local Government Affordable Housing Commitment with the Colorado Department of Local Affairs.
DOLA’s Affordable Housing Support Fund
40%
Forty percent of Proposition 123 funds are allocated to the Affordable Housing Support Fund, managed by the Department of Local Affairs through its Division of Housing and Local Government.
The Support Fund includes three programmatic areas: Affordable Homeownership, Serving Persons Experiencing Homelessness, and Local Planning Capacity Development.
OEDIT's Affordable Housing Financing Fund
60%
Sixty percent of Proposition 123 funds are allocated to the Affordable Housing Finance Fund, which is managed by OEDIT and administered by CHFA.
This fund includes three programmatic areas: Land Banking, Equity, and Concessionary Debt. Unless otherwise noted, local and tribal governments must complete a Proposition 123 Local Government Affordable Housing Commitment for projects within their jurisdiction to be eligible for funding.