CHFA will be 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 Program, a component of the Colorado Affordable Housing Financing Fund.
Eligible Borrowers: New or existing innovative housing manufacturers
Please note: The Proposition 123 Modular Program is still in development.
What is Innovative Housing?
Innovative Housing Incentive Program (IHIP)
The Innovative Housing Incentive Program (IHIP) was established by Colorado House Bill 22-1282.
IHIP finances the development or expansion of innovative housing manufacturing facilities, including panelized, tiny homes, kit homes, and potentially 3D printed (if there’s an off-site component).
Applicants may request funds for a new or existing innovative housing manufacturing facility located in Colorado. For existing innovative housing manufacturers, the IHIP loan funds must be utilized to expand existing facilities. The end product innovative unit that is produced must be attached to a permanent foundation. Out-of-state applicants who are proposing a Colorado facility are also eligible to apply.
Benefits
By using this program, you are helping to develop affordable housing in Colorado. Specific benefits include:
- Below-market interest rates
- Projects up to $10 million
- Flexible financing terms, including traditional loans and/ or Cash Collateral Support
Eligible Use of Funds
- Development of a new housing manufacturing facility
- Expansion of existing facilities
- Equipment
- Real estate improvements
- Produced units must be attached to a permanent foundation
- Existing innovative housing manufacturers may only utliize the IHIP loan to expand facilities.
- Out-of-state applicants who are proposing a Colorado facility are eligible
Resources
Application Process
Based on anticipated demand, applications will be considered through a competitive funding round. Borrowers will be limited to receive funding for one project per State funding cycle.
Please contact the Innovative Housing team to receive an application. The application acceptance window will open on September 5, 2023, and applicants will have 60 days to submit their application and supporting information. The submission window will close at 11:59pm MT on November 3, 2023.