OEDIT Announces $24 Million in Proposition 123 Funding for Modular and Innovative Housing Projects

Today, the Colorado Office of Economic Development and International Trade (OEDIT) announced that $24 million from the Proposition 123 Affordable Housing Financing Fund will prioritize funding housing projects that utilize products from Colorado-based, off-site housing manufacturers.

In June, the State of Colorado announced that 2025 Proposition 123 funding will prioritize cost-effective modular housing projects, continuing critical work to develop attainable housing for every budget. Today’s announcement solidifies the funding amount that will be available through the 2024/2025 Proposition 123 Concessionary Debt (opens in new window) and Equity(opens in new window) Programs, managed by OEDIT and administered by Colorado Housing and Finance Authority. This announcement comes as part of a broader effort to increase Colorado’s housing supply, lower housing prices and promote economic development by supporting the growth of off-site and innovative construction and modular housing factories. Across Colorado, these businesses, which include modular, panelized, 3D printing, and kit construction, are developing and advancing innovative construction methods that can help make housing quicker to build, more cost-effective, and more sustainable.

The Concessionary Debt program will accept applications Sept. 16 - Oct. 15, with up to $20 million set aside for projects committed to using Colorado-produced offsite construction technology. Any unused funds will be combined with $4 million available through the Equity program, for which application dates will be announced later this year.