Colorado State Housing Board Announces Over $41M in Rental and Ownership Support for 414 Units

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Media Contact: 

Chynna Cowart, Press Secretary | | (303) 656-7464

The Department of Local Affairs (DOLA), through the Division of Housing's State Housing Board, awarded $38.95 million to support 388 rental units and over $2.05 million for 26 homeownership units statewide, in an effort to make housing more affordable for Coloradans.

Affordable Rental Awards

  1. Village at Homewood Point: Phase II ($5M - Adding 83 rental units) 

    The Colorado Springs Housing Authority was awarded $5 million in a Transformational Affordable Housing Loan Fund (THLF) loan for the construction of the second phase of the Village at Homewood Point Apartments, adding 83 new, affordable apartments for independent seniors, located adjacent to the existing first phase. The project will feature 50 one-bedroom, one-bathroom apartments and 33 two-bedroom, one-bathroom apartments at a mix of 40%, 50% and 60% Area Median Incomes (AMI).

  2. Rifle Apartments ($8M - Adding 60 rental units)

    Evergreen Redevelopment was awarded a Transformational Affordable Housing Loan Fund (THLF) loan of up to $5 million and a full funding HDG cash flow loan of up to $3 million for the construction of Rifle Apartments. Rifle Apartments is a 60-unit new construction project with three separate 3-story apartment buildings located in downtown Rifle. Rifle Apartments will serve households from 30% AMI - 80% AMI.

  3. Trails at Pagosa ($4.75M - Adding 50 rental units)

    CO Trails Pagosa 2023 was awarded a $4.75 million Transformational Housing Loan Fund (THLF) loan to construct The Trails at Pagosa Springs, a 50-unit, new development, on 3.5 acres, in a master planned community. The project is located in Pagosa Springs in Archuleta County and will provide one, two, and three-bedroom units for households ranging from 30% to 80% AMI with an average affordability of 60% AMI.

  4. Eagle Villas Apartments ($18.2M - Adding 120 rental units)

    Eagle County Housing and Development Authority was awarded $13.2 million from the 2024 Statewide Balance of Private Activity Bonds, $5 million for the acquisition/preservation of Eagle Villas, an expiring 120-unit low-income housing tax credit (LIHTC) community located in the Town of Eagle. Ulysses Development Group LLC was also awarded a Transformational Affordable Housing Loan Fund (THLF) loan of $5 million for this project. Eagle Villas is a critical component of the Town of Eagle’s existing affordable rental housing stock representing 52% of total tax-credit financed stock. The property has larger units (2-4 bedrooms) serving families earning between 45%-60% AMI. 

  5. The Ascent at Hover Crossing ($3M - Adding 75 rental units)

    Longmont Housing Authority was awarded a Transformational Housing Loan Fund (THLF) loan of $3 million to assist with new construction of The Ascent at Hover Crossing. This 75-unit apartment complex will be in north central Longmont.

Affordable Homeownership Awards

  1. Forest Creek Cabins ($1.01M+ - Adding 7 homeownership units)

    Chaffee Housing Trust (CHT) was awarded $628,750 in Transformational Housing Loan Fund (THLF) funds and $385K in a Prop 123 grant for the acquisition of Forest Creek Cabins in Buena Vista. Located on the west side of Buena Vista, the Forest Creek Cabins are currently affordable rental housing units being converted to homeownership, as a result of the owner’s commitment to provide for the community’s needs. 

  2. Pikeview Affordable Housing Project ($1.045M - Adding 19 homeownership units)

    Upper Arkansas Area Council of Governments (UAACOG) was awarded a Prop 123 grant of $1.045 million to assist with new construction of the Pikeview Affordable Housing Project in Fremont County. Pikeview will target households at or below 100% AMI, with an average AMI of 84.1%. The unit mix includes 13 three-bedroom units and 6 four-bedroom units serving families. The project will have 19 total lots and homes, 4 currently owned by Pikeview Development Corp. and 15 that are being acquired from HR Properties.

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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