CHFA is administering two programs for the Office of Economic Development and International Trade (OEDIT) that offer financing options for innovative housing manufacturers, the Innovative Housing Incentive Program (IHIP) and the Proposition 123 Modular Finance program, a component of the Colorado Affordable Housing Financing Fund.
Awards have been announced
On February 13, 2024, CHFA joined Governor Jared Polis and the Office of Economic Development and International Trade (OEDIT) in announcing the recipients of the Modular Finance and IHIP awards. View both programs’ awardees in the Awards Lists below.
Purpose
Both programs finance the development or expansion of innovative housing manufacturing facilities, including panelized, tiny homes, kit homes, and potentially 3D-printed (if there’s an offsite component). The Proposition 123 Modular Finance program is intended to further support IHIP, while allowing for additional loan use flexibility.
Eligible Borrowers
Applicants may be a for-profit or nonprofit organization that is an innovative housing manufacturer whose primary manufacturing location is in the state of Colorado. Out-of-state applicants are eligible to apply if the facility being funded is located within Colorado.
Eligible Projects
Innovative housing manufacturers may request funds for a new or existing innovative housing manufacturing facility located in Colorado. The end-product innovative unit that is produced must be attached to a permanent foundation.
What Program is the Best Fit?
Are you building a new facility?
Both programs may be used to build a new facility; however, Proposition 123 Modular Finance prioritizes new manufacturers that can increase the supply of affordable units in less than 12 months of an award.
Are you seeking funds for an existing facility?
IHIP can only be used to expand your facility. Proposition 123 Modular Finance allows for additional uses. Note: Proposition 123 Modular Finance prioritizes existing manufacturers who need financial support to increase the supply of affordable units in less than 12 months of an award.
Are you seeking funds for working capital?
Proposition 123 Modular Finance funds allow for working capital.
Program Comparison Chart
Figure out which program is the best fit by viewing key program highlights side-by-side in this comparison chart.
Note: This comparison chart only highlights certain program details. For complete program information, view the program guidelines below.
Resources
Application Process
IHIP
CHFA and OEDIT are proud to announce the awardees for the IHIP fiscal year 22-23 program funds.
In fiscal year 22-23, approximately $20M was allocated to IHIP. CHFA received 12 applications representing more than $64M in funding requests (PDF).
During the initial review of the applications, emphasis was placed on priority criteria in addition to applying the Governor’s Executive Order from August 21, 2023, where applicable.
Based on these criteria and the limited amount of available funds, 10 of the 12 applicants, representing $57.3M in funding requests were selected to move forward (PDF) to a final application round.
After careful review, CHFA and OEDIT awarded four IHIP applicants, totaling $20M (PDF).
Proposition 123 Modular Finance Program
CHFA and OEDIT are proud to announce the awardees for the fiscal year 22-23 Proposition 123 Modular Finance program funds.
In fiscal year 22-23, approximately $18M was allocated to the Proposition 123 Modular Finance program. CHFA received 14 applications representing more than $52M in funding requests (PDF).
During the initial review of the applications, emphasis was placed on priority criteria in addition to applying the Governor’s Executive Order from August 21, 2023, where applicable.
Based on these criteria and the limited amount of available funds, 10 of the 14 Proposition 123 Modular applicants, representing $40.8M in funding requests, were selected to move forward (PDF) to a final application round.
After careful review, CHFA and OEDIT awarded six Modular Finance applicants, totaling $18M (PDF).