by Gary Fleisher
In a groundbreaking initiative that heralds a new era for housing in the Centennial State, the Colorado Office of Economic Development and International Trade, together with the Colorado Housing and Finance Authority, has announced a series of grants aimed at spurring the creation of innovative housing solutions.
This pioneering move is designed to tackle the state’s pressing affordable housing crisis head-on, by empowering projects with the potential to significantly boost unit production and generate employment opportunities.
With a meticulous selection process in place, the criteria for funding encompassed several key factors. Prospective recipients were evaluated based on the anticipated annual output of housing units, the proportion of affordable housing provided, the magnitude of the funding request, the economic impact and potential for job creation, the applicant’s history of success, and their readiness to initiate production. Here are just some of the Awardees.
Spotlight on Innovation: Award Recipients
.
Top and this photo – Fading West
Leading the charge in this visionary endeavor is Fading West from Buena Vista, which has been awarded $2 million in cash collateral support under Proposition 123 to facilitate private bank lending. Fading West is at the forefront of modular housing construction, a method that significantly streamlines the building process. By constructing homes in a controlled environment, the company can erect a two-story house in a mere 18 days, concurrently with on-site preparations. This approach not only halves the timeline but also cuts costs by up to 20% compared to traditional construction methods. With ambitions to create approximately 450 homes annually in the coming years, Fading West’s innovative techniques have previously earned them an IHIP grant of up to $1.4 million.
.
photo – Guerdon Modular Buildings
Guerdon Modular Buildings is another key player, awarded $8.5 million through the IHIP program, though its project location remains undecided. As a leader in the off-site construction of multifamily and commercial buildings across North America, Guerdon’s modular construction expertise is poised to contribute 665 housing units yearly to Colorado’s inventory, enhancing the state’s capacity to meet housing demands.
.
photo – Huron Components
Metro Denver’s Huron Components has received $7.2 million from the IHIP program, supplemented by $800,000 under Proposition 123. Specializing in panelized framing and floors for multifamily projects, Huron Components’ method aligns with affordable housing development goals, promising the delivery of 2,000 units annually, supported by a prior IHIP grant of up to $1.3 million.
.
photo – Vederra Building Systems
Vederra Building Systems, based in Aurora, has been spotlighted with a dual award: $2.5 million from IHIP and $3.5 million in cash collateral support via Proposition 123. As a startup, Vederra aims to disrupt the affordable housing sector with low-cost, energy-efficient modular solutions. The projected output is over 500,000 square feet of housing, or 316 units annually, bolstering the local economy with significant purchases of building materials and a substantial annual economic output.
A Blueprint for Tomorrow
This concerted effort by Colorado’s economic and housing authorities marks a strategic, forward-thinking response to the housing crisis. By channeling investments into companies that leverage cutting-edge technology and innovative construction methods, Colorado is not just addressing the immediate need for affordable housing. It’s laying the groundwork for a future where sustainable, efficient, and accessible homes are a reality for all its residents, paving the way for other states to follow in its innovative footsteps.
.
CLICK HERE TO READ THE FEBRUARY ISSUE
.
Gary Fleisher is a renowned blogger and commentator on construction and housing trends, known for his insightful analysis of the industry.
