Housing Catalyst Awarded $1.6 million for Fort Collins Affordable Housing

(Photo from shutterstock.com)

By Blaine Howerton | North Forty News

On January 31, Gov. Jared Polis, the Colorado Office of Economic Development and International Trade (OEDIT), and Colorado Housing and Finance Authority (CHFA) announced Fort Collins-based Housing Catalyst as one of the first 16 recipients of the voter approved Proposition 123 Land Banking funds.

This funding is intended to support Colorado communities as they acquire and preserve land for affordable housing.

Housing Catalyst was awarded $1,610,000 for the Village on Eastbrook.

Village on Eastbrook. Located at 3221 Eastbrook Drive (Graphic by Housingcatalyst.com)

Located at 3221 Eastbrook Drive, the Village on Eastbrook will bring 73 new homes with affordable rents to Fort Collins. The three-story apartment complex will include 44 one-bedroom apartments and 29 two-bedroom apartments, along with community space and a playground.

Housing Catalyst envisions the project as a “Community for All Ages” incorporating senior- and family-friendly amenities. The development team plans to work with local partners like the Partnership for Age Friendly Communities and the Institute for the Built Environment’s Lifelong Homes Program to make the property accessible for people of all ages and abilities. The Village on Eastbrook will provide homes with affordable rents for a range of income levels. Average income for the community will not exceed 60% of Area Median Income (AMI).

The Village on Eastbrook offered a unique opportunity for Housing Catalyst to provide expedited affordable housing in Fort Collins. A local developer approached Housing Catalyst with an offer to sell a 2.9-acre parcel of vacant land with all architectural plans, permits, and approvals for a fully entitled apartment complex. Proposition 123 funding will allow Housing Catalyst to move forward with developing the property.

“We need more housing now, and these funds will support a critical first step to create those housing opportunities for Coloradans around the state,” said Gov. Jared Polis. “The recipients announced today will help create 1,380 housing units, helping Coloradans live where they want to live — close to their jobs, schools, the places they love.”

Availability of land is considered one of the most significant barriers to affordable housing development. Established by Proposition 123, which Colorado voters passed in November 2022, the Land Banking program provides grants to local and tribal governments and forgivable loans to nonprofits with a demonstrated history of providing affordable housing to support the acquisition and preservation of land for affordable for sale and rental housing development.  The recipients announced are projected to create an estimated 1,380 housing units across the state, including housing for at-risk young adults and people transitioning out of homelessness.

“A strong economy includes both good-paying jobs and housing for every income level. Growing Colorado’s supply of housing will take a coordinated effort by state and local partners. The Proposition 123 Land Banking Program offers one way we can support rural and urban communities across the state as they preserve land for affordable housing development,” said Eve Lieberman, OEDIT Executive Director.

A total of $25,340,000 will be awarded to 16 recipients statewide, who will be required to complete statutory milestones over the coming years, including achieving proper zoning, finalizing development plans, and securing development funding and permits.

  • Archway Investment Corporation – Gates Family Housing, Denver – $2,000,000

  • Blue Spruce Habitat for Humanity – Affordable Homeownership, Jefferson County – $50,000

  • Chaffee Housing Authority – Alpine West, Buena Vista – $1,320,000

  • City of Grand Junction – Salt Flats, Grand Junction – $2,200,000

  • City of Salida – Salida Eastside Senior Living Apartments, Salida – $750,000

  • Denver Cultural Property Trust – Five Points Historic Cultural District Affordable Homes, Denver – $1,975,000

  • Elevation Community Land Trust – Rural Southern CO Homeownership Portfolio, Las Animas County – $750,000

  • Habitat for Humanity of Grand County – Habitat Morris Project, Granby – $1,600,000

  • Housing Authority of the City of Aurora – Walden 35 Phase II, Aurora – $1,450,000

  • Housing Catalyst – Village on Eastbrook – Fort Collins – $1,610,000

  • Huerfano County Economic Development – Northlands Subdivision of the Huajatolla Hills, Walsenburg – $225,000

  • Langston Hughes Affordable Housing – Aurora Family Apartments, Aurora -$5,000,000

  • SAFER Colorado, Centennial – $700,000

  • Town of Frisco, 101 West Main Street, Frisco – $5,000,000

  • Town of Rangely – Sagewood West Affordable Housing, Rangely – $240,000

  • We Fortify – Dignified Housing Village for At-Risk Young Adults, Colorado Springs – $470,000

For more information about Housing Catalyst, visit the website at housingcatalyst.com.

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