A new renter rewards program for Colorado residents living in properties financed by the Proposition 123 Equity Fund is set to begin this month.
The Prop 123 Equity Program provides equity investments to construct and preserve low and middle-income multifamily rental developments. The new Colorado Renters Rewards program will allow renters in these properties who make on-time rent payments to earn cash back and share in the property’s equity, the governor’s office said. Polis said this first-of-its-kind program will help renters save money and increase their financial stability.
“By helping renters save the money needed to make a down payment on a home, more Colorado families will be able to build wealth and security. Home ownership is a major pathway to financial security, and now more Coloradans will be able to realize the dream of owning a home. The Proposition 123 Colorado Renter Rewards initiative is the first statewide tenant equity strategy in the nation, helping create more opportunities for Coloradans to live close to jobs, schools, and in the communities we love while saving money and helping renters build equity,” said Polis…