The Colorado Affordable Housing Financing Fund Announces Equity Program Selection
This morning, the Colorado Housing and Finance Authority (CHFA) and the Office of Economic Development and International Trade (OEDIT) announced the preliminary selections for funding from the state’s Proposition 123 Equity program.
The 11 projects total $67.5 million in funding, and final details will be determined during the full underwriting process. Six of the 11 projects are outside the metro Denver area.
Included on the list of awardees are two Chaffee County-based projects:
The Crossings project in Buena Vista, which broke ground in June, 2024. Developer Paul Andrews committed to the BV Board of Trustees that 50 percent of the units in The Crossings development would meet affordability standards.
The Flour Mill in Salida, was approved in January 2025. The two-acre parcel is owned and being developed by local restaurateur and businessman Rob Gartzman, It will result in 69 housing units – a combination of single-family homes, duplexes, townhouses, and apartment buildings intended for workforce housing.
The Colorado Affordable Housing Financing Fund was created to support land banking, equity, and concessionary debt for affordable housing. The list of selected projects and their locations is included below, and additional details about the selections may be viewed on the Affordable Housing Financing Fund website.
Alpine Valley Apartments (Monte Vista)
Balsam Townhomes (Lakewood)
Blue Room House One (Denver)
Cityline Station Phase II (Greely)
Exodus at Green Valley Ranch (Denver)
Fieldhouse Apartments (Idaho Springs)
Holy Trinity Apartments (Trinidad)
St. Louis Landing Phase I (Fraser)
Teller Street Apartments (Arvada)
The Crossing Apartments (Buena Vista)
The Flour Mill (Salida)
CHFA accepted applications for the Equity program from February 4, 2025, through March 18, 2025. A total of 42 applications were received, representing $355.7 million in funding requests. Applications were evaluated by CHFA and OEDIT against strict priorities established by the statute and additional strategic policy priorities outlined in the program guidelines.
What the Program Funds
The Equity program provides below-market-rate equity investments to eligible for-profit and nonprofit entities for the construction or preservation of low- and middle-income multifamily rental developments.
A Tenant Equity Vehicle (TEV), funded through Proposition 123 program earnings, will be established by OEDIT, CHFA, and a third-party administrator to benefit the residents of developments that receive Equity financing.
Questions about the Equity program may be submitted to equity@chfainfo.com, and more information about the program is available on the Affordable Housing Financing Fund website.