Six new affordable housing projects have been preliminarily approved for funding, the Office of Economic Development and International Trade and Colorado Housing and Finance Authority announced Wednesday.

The money came from Proposition 123, a 2022 ballot measure that allocates 0.1% of income tax revenue to support affordable housing projects across the state. The program provides below-market equity investments to developers constructing low and middle-income housing projects. 

Revenue from the program, which is expected to raise nearly $300 million a year, helps to fund grants and loans to local governments and nonprofits to preserve or purchase lands for affordable housing. 

“We need more housing now, and the recipients announced today will help create 628 affordable housing units so more Coloradans can live where they want to live — close to their jobs, schools, and the places they love,” Gov. Jared Polis said.

The six approved projects include “high-density,” mixed-income properties in Denver, Fort Collins, Montrose, Lone Tree, and Craig. These projects have been preliminarily approved for about $39 million. To date, nearly $100 million has been awarded through Proposition 123.

“Funding provided through the Equity program supports quality affordable housing and additional opportunities for housing stability,” said Cris White, executive director and chief executive officer of the Colorado Housing and Finance Authority. “These investments will strengthen communities while providing residents the opportunity to benefit directly from the success of these developments through the Tenant Equity Vehicle.”