La Plata Economic Development Alliance Housing Catalyst Fund
The La Plata Economic Development Alliance (Alliance) Catalyst Fund is a public-private partnership to create seed funding to support below-market housing development and preservation of workforce housing in La Plata County.
The Catalyst Fund issues grants to help cover predevelopment costs and is available to local nonprofit organizations, private developers, and local public agencies. Catalyst Fund proceeds may be used for a variety of predevelopment costs, including but not limited to project feasibility studies, environmental studies, engineering, architectural, market studies, options, legal fees, soil studies, site preparation, appraisals, surveys, development consultants and other items associated with determining project feasibility. Applicants using state and federal subsidies must commit to providing at least 25% of available units at below-market prices.
The Catalyst Fund is administered by the Alliance with input from the Catalyst Fund Committee and housing consultants.
First Southwest Community Fund's Construction Capital Fund
The Construction Capital Fund provides working capital to construction and construction-related businesses in preparation for bid submission as prime or sub-contractors on projects for the Durango 9-R Bond Program. The goal of this fund is to help provide access to capital for entrepreneurs / small contractors who would not normally be able to undertake large contracts. This fund is a collaboration between First Southwest Community Fund, First Southwest Bank and Region 9 EDD.
About the Loan:
- Loan Amount: $10,000 – $5,000,000
- Interest rate: 3-6%
- Use of Proceeds: Working capital/operating needs, equipment purchases, inventory
- Loan Term: Up to 10 years
- Payment Deferral: Initial payment deferrals may be available
- Eligibility: Any company based within 75 miles of Durango/La Plata who is bidding as a prime or sub-contractor or contracted supplier on the Durango 9-R Bond Program. Must be licensed to do business and in good standing in Colorado.
All loans are subject to underwriting criteria.
Proposition 123 - Colorado Affordable Housing Financing Fund
In November 2022, Colorado voters passed Proposition 123, a ballot measure authorizing the state to retain money from existing state tax revenue to support affordable housing investment. These funds are split 60/40 between the Office of Economic Development and International Trade (OEDIT) and the Department of Local Affairs (DOLA) through its Division of Housing (DOH), respectively. OEDIT manages the Affordable Housing Financing Fund in partnership with Colorado Housing and Finance Authority (CHFA), which serves as Contract Administrator. DOH manages the Affordable Housing Support Fund.
Colorado Housing and Finance Authority (CHFA)
To help develop safe and affordable housing for all Coloradans, CHFA offers loans and tax credits that can be used to build new, and renovate existing, multifamily housing. To help developments’ success, they also provide technical assistance and education for property owners, staff, and residents.
Using a variety of resources, CHFA's Community Development team partners with lenders and economic developers to provide the financing needed for future growth.