Key facts
- Colorado's Drive It Home Construction Loan program has launched.
- The first project under the program is Wolff Street Flats.
- Wolff Street Flats is a 23-unit affordable condo development.
- The development is located in Denver.
- The program is backed by a $50 million bond investment.
- The program aims to increase affordable for-sale housing units in Colorado.
Colorado's Drive It Home Construction Loan program has officially commenced operations with the financing of its inaugural project, Wolff Street Flats. This development is a 23-unit affordable condominium complex situated in Denver. The program itself is backed by a substantial $50 million bond investment, underscoring a significant state commitment to addressing the affordable housing crisis. The primary objective of the Drive It Home program is to increase the number of affordable housing units available for purchase across the entire state of Colorado. By providing financial backing for construction loans, the program seeks to stimulate the development of more for-sale housing, which is a critical component in making homeownership accessible to a wider range of residents. The Wolff Street Flats project serves as a pilot for this initiative, demonstrating its potential to facilitate the creation of much-needed affordable housing stock.