Governor Polis presented his vision for Colorado and how to tackle housing challenges in his State of the State address. The Innovative Housing Incentive Program (IHIP) grant was awarded to three companies, including Fading West Building Systems, by the Business Funding and Incentives division of the Colorado Office of Economic Development and International Trade (OEDIT).
Fading West Development CEO Charlie Chupp
Fading West is committed to modular construction, which is a solution to the housing crisis, as it provides faster build times, reduced risk, a year-round building season, and higher quality housing products. The IHIP grant will enable Fading West to accelerate production and expand their workforce in Colorado while delivering high-quality homes to under-served communities.
The grant is aligned with the Governor’s plan to create housing options for every Colorado budget and invests in companies working to achieve this goal. The first round of grant funding will result in the creation of over 1,000 affordable and attainable housing units in Colorado and contribute to the construction of more than 4,000 units over the next three years.
The IHIP grant supports the development of modern, innovative, factory-built housing in Colorado. Modular, manufactured, and kit homes are produced more efficiently, with less waste, and at a lower cost compared to traditional building practices while also creating stable, year-round, high-quality jobs. IHIP working capital grants are performance-based incentives that reimburse eligible, Colorado-based innovative housing manufacturers for up to 20 percent of monthly operating expenses, up to $350,000 or $450,000 in Just Transition Communities.
The first three recipients of the IHIP grant are experienced Colorado companies that produce affordable, attainable, and energy-efficient housing for distribution within Colorado. Key Structures, Fading West, and Simple Homes were awarded up to $1.5 million, $1.4 million, and $1.3 million respectively for the construction of housing units over the next three years. These companies have demonstrated the potential of IHIP to make a difference across Colorado, providing affordable and attainable housing for Coloradans.
Gary Fleisher is the Editor in Chief of Modular Home Source and Offsite Builder magazine. Email at [email protected]
