DENVER – Today, Governor Polis and the Business Funding & Incentives Division of the Colorado Office of Economic Development and International Trade (OEDIT) announced three recipients of the Innovative Housing Incentive program (IHIP) grant and the launch of the loan component of the IHIP program. This round of grant funding will directly incentivize the creation of 490 affordable and attainable housing units across Colorado.
“I am committed to creating more housing for every Colorado budget, and by supporting businesses building more efficient housing options, we can lower housing costs and save Coloradans money,” said Governor Polis. “This round of IHIP funding will create 490 new affordable housing units across the state, support local businesses, and move us closer to solving Colorado's housing crisis.”
Last week, Governor Polis took executive action to help address housing challenges and cut red tape. This program is the result of a bipartisan law signed by Governor Polis and sponsored by then-Rep. Mullica, Minority Leader Lynch, Senator Birdges and Senator Woodward (HB22-1282) and supports the creation of modern, innovative, factory-built housing across the state by providing funding for small businesses to be able to increase production, create new jobs, and further develop this industry in Colorado.
The legislative sponsors applauded today’s announcement.
“Solving Colorado's shortage of housing is going to take a broad and diverse approach and the program along with this executive order further the goals we all share to bring down the cost of living for Adams County residents and all Coloradans,” said Senator Kyle Mullica.
"This innovative program and the work it has already done to kick start the manufacturing of modular, affordable homes elevates the state’s broader strategy toward achieving affordability for every Colorado family," said Sen. Jeff Bridges. "Every Coloradan should be able to live where they work. Expanding the availability of this kind of housing will help improve our economy while keeping Colorado affordable."
Modular and manufactured housing are an efficient and affordable way to increase the housing supply and can be built faster than traditional building practices.
This round of grant funding will directly incentivize the creation of 490 new, affordable, and attainable housing units. The grant recipients announced today are Colorado companies that are new to the modular housing space ranging from startups to experienced companies. Earlier this year, IHIP announced the first three recipients of the grant funding which directly incentivized 1,000 affordable and attainable housing units.
“OEDIT has been proud to award six grants to innovative housing manufacturers across the state which will directly incentivize the creation of close to 1,500 affordable and attainable housing units across Colorado. We look forward to growing this number by supporting more modular housing factories across the state through IHIP grants and loans,” said Eve Lieberman, Executive Director of OEDIT.
The grants announced today will support the recipients’ efforts to produce affordable, attainable and energy efficient housing for distribution within Colorado:
- Precision Building Systems - Denver, Colorado - A subsidiary of Clayton Homes, a national homebuilder, Precision Building Systems homes are built in a factory and then shipped for installation. Precision Building Systems was awarded up to $1.05 million for the construction of 285 housing units using the per-unit incentive.
- Pure Zero Construction - Pueblo, Colorado - Pure Zero Construction produces tiny homes with plans to expand into traditional modular housing. The company specializes in net-zero tiny homes which use solar panels to mitigate their carbon footprint. The company has been awarded up to $905,300 for the construction of 169 housing units using the per-unit incentive.
- StructureBot - Colorado Springs, Colorado - A startup that plans to build robots to build homes. The company’s strategy includes selling and leasing the robots to general contractors and other companies to construct homes as well as a pilot program to build a small number of homes themselves. The company has been awarded up to $100,000 for the construction of 36 housing units.
“Attainable housing is a great need across the state, which is why we are excited to award grants to promising businesses in the innovative housing manufacturing space. These three companies employ creative approaches to solving Colorado’s housing shortage while creating steady jobs,” said Jack Tiebout, Senior Program Manager at OEDIT.
Also this month, OEDIT and the Colorado Housing and Financing Authority (CHFA) launched the loan program within IHIP, creating a $20 million dollar revolving loan program for housing manufacturers to develop affordable housing in Colorado. The program will consider energy efficiency, the production of affordable housing units, and the number and quality of jobs created among other factors. Startups and experienced companies alike are eligible for this program, which supports the development of new factories or the expansion of existing factories to increase Colorado’s housing supply.
“CHFA is proud to partner with OEDIT to administer loans through the IHIP program,” said Cris White, Chief Executive Officer and Executive Director of CHFA. “Investing in the production of modular and factory-built housing will help meet Colorado’s pressing need for additional housing units while also supporting in-state job opportunities.”
Applications for the IHIP grant are currently being accepted on a rolling basis. The application for the loan program opens Tuesday, September 5 with more information available at https://www.chfainfo.com/business-lending/loan-programs/innovative-housing-manufacturer-financing.
“We are delighted and honored to have been recognized and awarded an IHIP grant that will help us further develop, manufacture and deploy our high performance workforce housing units,” said Rod Stambaugh, CEO of Pure Zero Construction. “The vision and assistance of the Colorado Office of Economic Development and International Trade (OEDIT) along with our experience in delivering workforce housing is a great catalyst for making an impact for communities trying to solve an ever growing housing affordability crisis. We are working with several communities and large employers to deliver unique, healthy housing solutions that are also energy efficient.”
IHIP, announced in January 2023, is part of an emerging suite of OEDIT-affiliated programs that offer housing financing tools to help increase the supply of affordable and attainable housing across Colorado. This work is being led by former San Miguel County Commissioner, Hilary Cooper. These programs include the Proposition 123 Affordable Housing Financing Fund, staffing of the Middle Income Housing Authority and work by the Colorado Creative Industries Division via the Community Revitalization and Space to Create programs.
“StructureBot PBC is deeply honored to be awarded a Colorado Innovative Housing Incentive (IHIP) grant,” said Jim Scott, CEO and CoFounder of StructureBot. “It is a strong vote of confidence that StructureBot’s 3D Concrete Printing (3DCP) technology can significantly improve the supply and lower the costs of greener, resilient, sustainable, and energy-efficient housing. We believe these fire, pest, and mold resistant homes are perfect for Colorado.”
About Colorado Office of Economic Development and International Trade
The Colorado Office of Economic Development and International Trade (OEDIT) works with partners to create a positive business climate that encourages dynamic economic development and sustainable job growth. Under the leadership of Governor Jared Polis, we strive to advance the State’s economy through financial and technical assistance that fosters local and regional economic development activities throughout Colorado. OEDIT offers a host of programs and services tailored to support business development at every level including business retention services, business relocation services, and business funding and incentives. Our office includes the Global Business Development division; Colorado Tourism Office; Colorado Outdoor Recreation Industry Office; Colorado Creative Industries; Business Financing & Incentives division; the Colorado Small Business Development Network; Cannabis Business Office; Colorado Office of Film, TV & Media; the Minority Business Office; Employee Ownership Office; and Rural Opportunity Office. Learn more at oedit.colorado.gov
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