Prop 123 funds new affordable housing development in Colorado Springs

STATEWIDE, Colo. (KRDO) -- A proposition is bringing new funding for housing in Colorado Springs.

Colorado Governor Jared Polis announced that his office, along with the Colorado Office of Economic Development and International Trade and the Colorado Housing and Finance Authority, announced 11 new housing developments that will receive funding from Proposition 123 Concessionary Debt funds.

According to officials, the recipients are expected to create over 700 multi-family rental units, including apartments and townhomes, for families and individuals earning low and moderate incomes. The funding will mostly support housing that qualifies for federal Housing Tax Credits.

The governor's office says all the new locations are transit-oriented, and walkable to jobs or community services. They are being designed with individuals and families transitioning out of homelessness and older adults in mind, among other things.

The facility in Colorado Springs will be the Silver Key Apartments at North Weber. Officials say it will get $1 million, and is a 49-unit rental housing community that will serve older adult residents. It will also include supportive senior services.

Other facilities are being built in Clifton, Idaho Springs, Wheat Ridge, Denver, Leadville and Sterling.

So far, over $25.6 million has been approved, but final details are still under consideration.

Prop 123 was originally passed in 2022 and established the State Affordable Housing Fund. Ongoing updates are available on the Affordable Housing Financing Fund website.

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