Housing Catalyst is among the first recipients of Proposition 123 funds, monies provided by a 2022 voter-approved initiative to fund affordable housing throughout Colorado. Housing Catalyst will receive $1.6 million to buy 2.9 acres on Eastbrook Drive to build 73 affordable apartments known as Village on Eastbrook.
Prop 123 created a State Affordable Housing Fund and dedicated 0.1% of annual state income tax revenue to affordable housing programs administered by the state Office of Economic Development and International Trade and the Colorado Department of Local Affairs.
On Wednesday, the state announced the first allocation of $25.3 million in Proposition 123 Land Banking funds. Village on Eastbrook will be a three-story apartment building and comes nearly shovel ready. In December 2022, the Fort Collins Planning and Zoning Commission approved the 73 units for a development then known as Seven Generations multifamily project.
A developer approached Housing Catalyst with an offer to sell 2.9 acres of vacant land adjacent to Seven Generations Office Park with all architectural plans, permits and approvals for a fully entitled apartment complex at 3221 Eastbrook Drive, allowing an expedited process, Housing Catalyst spokesperson Rachel Gaisford said.