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Proposition 123 Modular Finance Program Application Update
On November 3rd, CHFA closed the application windows for the Proposition 123 Modular Finance program and the Innovative Housing Incentive Program (IHIP), two programs for innovative housing manufacturers that CHFA administers on behalf of the Office of Economic Development and International Trade. Details about both programs are available on the CHFA website.
Demand was high, reflecting the need for these programs to support Colorado affordable housing. Proposition 123 Modular Finance program received 14 applications representing more than $52M in funding requests, and IHIP received 12 applications representing $64M in funding requests. IHIP has a total of $20M in available funding while Proposition 123 Modular Finance Program has $18M in available funding for the 2023 funding cycle.
During the initial review of the applications, emphasis was placed on the following criteria in addition to applying the Governor’s Executive Order from August 21, 2023, where applicable:
- Number of total units produced per year
- Size of the request
- Economic impact or jobs created
- Applicant experience and track record
- Readiness to proceed/Estimated date to produce units
Based on these criteria and the limited amount of available funds, 10 of the 14 Proposition 123 Modular applicants were selected to move forward to a final application round to compete for the available fund, representing $40.8M in funding requests. For IHIP, 10 of the 12 applicants were selected to move forward, representing $57.3M in funding requests.
Future announcements for funding available in 2024 will be announced soon, and CHFA invites those interested to apply at that time.
If you have questions, please contact the Innovative Housing team.
More information about other programs administered under the Affordable Housing Financing Fund is available on the Colorado Affordable Housing Financing Fund website.
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