Local development in Colorado Springs funded by Governor Polis to support affordable housing

COLORADO SPRINGS, Colo. (KKTV) - A local development in Colorado Springs was one of the selected few by Governor Jared Polis to receive a funding award to support affordable housing.

Gov. Polis, the Colorado Office of Economic Development and International Trade (OEDIT) and Colorado Housing and Finance Authority (CHFA) announced four new recipients of voter-approved Proposition 123 equity funds.

Officials said among the four recipients, “Odyssey at Weber” in Colorado Springs was one development selected, a proposed 120-unit multifamily transit-oriented development that includes one, two and three-bedroom apartments. The project aligns with the area’s Renew North Nevada Master Plan, intended to “create a mixed-use gateway” to connect downtown with the University of Colorado Colorado Springs.

Officials said the development is expected to get $7 million.

Among the others selected are Lumberyard Apartments in Aspen, River Walk Affordable Rentals in Ouray and Russel House in Denver.

“In Colorado, we are working hard to deliver more housing options Coloradans can afford closer to the jobs, schools, and communities we love. This investment from Proposition 123 is an important step forward in breaking down barriers to housing to build more homes across the state and saving Coloradans,” said Gov. Polis.

A total of $28.4 million has been preliminarily approved for the four recipients, officials said.