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Colorado prioritizes modular housing projects with Proposition 123 money in 2025

By 06/04/2024 | updated 1 year ago

The state will focus on investing housing money into modular and manufactured housing projects next year, Gov. Jared Polis announced at the Innovative Housing Summit, Tuesday.

The key focus, however, is investing the money in Colorado-based companies to keep the cost of modular homes reasonable — which has been challenging as many are manufactured out of state.

Polis has remained consistent on this topic, announcing almost $38 million in loans to eight developers who will build more than 4,700 modular homes annually, according to a February report from The Denver Gazette. Polis’s team claimed this was the largest one-time investment into the modular home industry by any state.

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The state, and indeed Denver, are grappling with an affordable housing crisis that has seen the median sale price of a home approach $600,000 in April, according to the Colorado Association of Realtors. A modular home may be a solution, as it can cut down on time needed to build a full home, being assembled in a factory and transported piecemeal to the construction site. Shipbuilders use similar approaches when tackling big projects like aircraft carriers or bulk cargo ships.  

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Though no dollar amount for the 2025 money was announced, a press release from the governor’s office said management of the funds will be split among multiple agencies. The Colorado Office of Economic Development and International Trade and the Colorado Housing and Financing Authority will manage 60% of next year’s money while the Department of Local Affairs will manage the remaining 40%.

“Prioritizing upcoming Proposition 123 funding for projects that use modular and innovative building technology will build on the work we have already done to support the development of a strong foundation for this important industry,” OEDIT Executive Director Eve Lieberman said in a news release. “Manufacturers across the state are working hard to help meet our state’s housing needs, and we want to see more Colorado communities benefit from their work.”

February’s loans went to three longtime housing manufacturers in the state, two Colorado startups and three out-of-state recruits, state officials said at the time. It is estimated this will create almost 1,300 jobs in the state.

The money from February’s loans came from different sources: $20 million came from the Innovative Housing Incentive Program and $18 million came from the Affordable Housing Financing Fund.

As in February, Tuesday’s release highlighted “innovative” approaches the state has supported and invested millions in since 2022. These approaches include panelized construction, kit homes, 3D-printed homes and the development of other technologies “key to growing the modular and innovative housing industry,” the release said.

“We need more housing now, and innovative building technologies developed in Colorado are an important part of the solution,” Polis said. “Prioritizing modular housing for the next round of Proposition 123 funding will continue Colorado’s work to make sure more people can afford to live closer to the jobs and communities they love.”

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