Media Contact:
Chynna Cowart, Press Secretary | chynna.cowart@state.co.us | (303) 656-7464
The Department of Local Affairs (DOLA), through the Division of Housing's State Housing Board, awarded over $6.38 million to support the creation or preservation of 147 rental units. Additionally, the board awarded $18.1 million for the addition of up to 87 homeownership units statewide, including 62 permanent condominiums, to make housing more affordable for Coloradans.
Affordable Rental Awards
- Artspace Colorado Springs ($4.38M+ - Adding 51 rental units)
The State Housing Board awarded Artspace Projects, Inc. $4,382,642 to develop Artspace Colorado Springs, a 51-unit affordable multifamily project serving families earning at or below 60% of the area median income. The development will include 40 one-bedroom units and 11 two-bedroom units situated in the southeast corner of downtown.
- Parkview Village, Jefferson County ($2M - Preserving 96 rental units)
Foothills Regional Housing (FRH), the Jefferson County Housing Authority, received $2,000,000 to preserve and rehabilitate Parkview Village, a 96-unit affordable housing development built in 1975.
The project includes a mix of one, two, and three-bedroom units with an average affordability of 52% AMI: 5 units at 30% AMI, 60 units at 50% AMI, and 31 units at 60% AMI. This application will extend affordability until approximately 2055 and will increase affordability by restricting 17 units previously at 60% AMI to 50% AMI.
Affordable Homeownership Awards
- Welton Condominiums, Denver ($8.1M - Adding 62 homeownership units)
Elevation Community Land Trust received $3.1 million to acquire a 62-unit permanently affordable for-sale condominium community, the third of its kind in Denver.
Shanahan Development also received a construction loan of $5 million to construct this community. Upon completion of the building, it will be sold to Elevation Community Land Trust and will remain permanently affordable. The units will be built and sold as residential condominiums for households earning at or below 80% AMI.
- Impact Development Fund, Statewide ($10M - Adding up to 25 homeownership units)
Impact Development Fund (IDF) received $10 million to expand the current administration of its Home Revolving Loan Fund (HRLF), supporting single-family residential homeownership opportunities through affordable, direct-to-consumer mortgage financing. Affordable Housing Investment Fund 2023 (AHIF23) capital will add to an existing $30 million low-cost, fixed-rate first mortgage program for homeowners purchasing permanently affordable for-sale properties in Colorado.
To address the needs of an ever-changing population, the State of Colorado aims to provide a continuum of housing options for households with varying needs and Area Median Incomes (AMI), as well as for persons seeking housing in conjunction with social services.
For complete information on Housing Board grant approvals, please visit the State Housing Board website.
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