Pueblo receives $2.5 million in state funds for affordable housing development

PUEBLO, Colo. (KRDO) -- A housing development in Pueblo is getting $2.5 million from the state as part of Proposition 123 Land Banking funds.

According to the governor's office, Gov. Jared Polis, along with the Colorado Office of Economic Development and International Trade (OEDIT) and the Colorado Housing and Finance Authority (CHFA) announced eight new recipients of the Prop 123 funding.

The governor's office says the funds are going to support communities as they acquire land for rental and ownership affordable housing. During this round of funding, officials estimate just over 500 units will be supported, focused on rural and rural resort communities.

In southern Colorado, Archway Communities in Pueblo received $2.5 million to support The Riverly. It is estimated to bring just under 100 units to the area. The city told KRDO13 they provided a letter of support for the development earlier this year as part of the application.

The developers told KRDO13 they expect to break ground in the next few years.

"The City supports the Riverly Apartments and is pleased to see continued investment in long-term affordable housing in Pueblo. The development is expected to add 98 affordable housing units for Pueblo residents while bringing new investment to an underdeveloped property."

Pueblo mayor Heather Graham told KRDO13 in a statement that investments like these help already existing neighborhoods make better use of the land.

“The redevelopment of underutilized and underdeveloped properties is an important part of strengthening Pueblo’s neighborhoods and creating a more vibrant community,” said Mayor Heather Graham. “Residential infill like the Riverly Apartments brings new life and investment to existing neighborhoods, makes better use of land and infrastructure already within our community, and helps build the neighborhood vitality that supports Pueblo’s long-term growth.”

The governor's office says all eight of the communities involved in this round of funding are intended to be transit-oriented or walkable to jobs. They also say all the developments are proposed as either all-electric or certified energy-efficient.

In total, over $13.8 million will be given across all eight recipients. The governor's office says they will all be required to complete milestones over the next few years, including zoning, finalizing development plans and securing permits.

Another southern Colorado city was part of this round of funding. Elevation Community Land Trust in Cripple Creek received $756,000 for Phase Two of High Country Haven. That will create 18 for-sale units for those earning 100% of the Area Median Income.

Last month, Prop 123 funding went to a housing development in Colorado Springs.

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