AURORA | Aurora received $3.5 million from the Colorado Proposition 123 Concessionary Debt Fund to support the creation of an 85-unit affordable housing development in the city.
“In Colorado, we are focused on building more housing Coloradans can afford where Coloradans want to live,” said Gov. Jared Polis in a statement. “Funding housing initiatives that expand housing options creates more opportunities for Coloradans to live close to jobs, schools, and in the communities we love.”
Polis announced that Aurora was one of six recipients to receive project funding.
The proposed development is called The Stables and will serve families and individuals in Aurora’s Expo Park neighborhood who earn 30% – 80% of a localized average income level, which is a marker for poverty. This will fund phase one of a two-phased intergenerational development that will eventually contain 134 units altogether, according to a statement from Polis.
Area median income is the median income by county for each household size. For Arapahoe County in 2025, the 30%-80% AMI for a single-person household is $29,340 to $78,480, and a three-person household is between $37,830 and $100,880, according to the Colorado Department of Local Affairs.
Proposition 123 was passed by Colorado voters in 2022 and provides a portion of state income revenue to fund communities like Aurora that commit to creating affordable housing units. In January 2023, Aurora City Council committed to creating 550 units per year for three years, for a total of 1,650 new affordable housing units, by Dec. 31, 2026, according to the city.
“This financing helps ensure that developers have the necessary resources required to continue to address our state’s affordable housing needs,” said Thomas Bryan, executive director and chief executive officer of CHFA, in a statement.
The six recipients of the Proposition 123 Concessionary Debt funds will create as many as 728 rental units across the state.
“The projects announced today will provide much-needed housing for Colorado families, along with amenities that improve quality of life,” said Eve Lieberman, OEDIT executive director, in a statement. “OEDIT is thrilled to help finalize the funding to get these much-needed homes across the finish line so we can build more housing now and strengthen local economies.”
The six recipients announced will also provide surrounding communities with a new library, access to parks and open space, and community programming focused on mental and physical well-being, childcare and financial literacy, according to the statement.
A total of $27,053,646 has been preliminarily approved for the six recipients. Final award details will be determined during the underwriting process for each project. With the recent recipients, approximately $270 million has been awarded to support 10,888 units through the Affordable Housing Financing Fund, according to the statement.