Colorado Providing Loans to Eight Modular Home Manufacturers to Boost Innovative Housing

Last week, Colorado Governor Jared Polis, the Colorado Office of Economic Development and International Trade (OEDIT), and the Colorado Housing and Finance Authority (CHFA) announced funding to support the growth of eight modular housing manufacturers across Colorado. Collectively, these manufacturers are projected to create 4,755 housing units per year.

Loan recipients were selected based on evaluation criteria including the projected number of total units produced per year, as well as estimated number of affordable units produced per year, size of the request, economic impact or jobs created, applicant experience and track record, and readiness to proceed/estimated date to produce units.

The funding awarded includes loans made possible through the Innovative Housing Incentive Program (IHIP) and the Proposition 123 Affordable Housing Financing Fund.

Among the recipients is Timber Age Systems, which manufactures panelized homes using cross-laminated timber (CLT) panels. The company was awarded a $3.8 million dollar loan to construct a factory in Mancos. It expects to produce 122 units per year and was previously awarded an IHIP grant of up to $680,000.

The seven other recipients are as follows:

• Adoba Design (Pueblo) — $4.0 million
• Azure Printed Homes (Denver) — $3.9 million
• Fading West (Buena Vista) — $2 million in cash collateral support to enable private bank lending
• Guerdon (location TBD) — $8.5 million
• Huron Components (Metro Denver) — $8 million
• Vederra (Aurora) — $2.5 million and $3.5 million in cash collateral support to enable private bank lending
• VillaLife (Florence) — $1.8 million