Housing Catalyst Revolving Loan Fund

Purpose: Low-interest revolving loan fund to support local workforce housing initiatives in the construction financing and early development stages. Designed to work in perpetuity in La Plata County.

Geographic Scope: La Plata County, Colorado

Focus Areas:

• Infrastructure development costs
• Short-term construction financing
• Early-stage development funding
• Support for projects already permitted and in construction financing stage

Funding Source: $950,000 grant from Durango Industrial Development Foundation (DIDF) awarded April 3, 2024

Target Projects:

• Workforce housing projects committed to below-market pricing
• Projects that are stalled due to high cost of money
• Projects in construction and financing stage

Program Design:

• Low-interest loans leveraged with other lending sources
• Created as part of a creative capital stack approach
• Designed to produce pipeline of below-market housing units
• Works in collaboration with Housing Catalyst Fund (pre-development)

Administration: La Plata Economic Development Alliance administers on behalf of Regional Housing Alliance of La Plata County

Background: DIDF established in 1970s to build industrial park; now directed to address critical workforce housing needs in community

Application Process

Timeline:

• Application process anticipated to start late spring 2024

Structure:

• Leverages existing Catalyst Grant Fund framework and committee
• Committee of community housing and finance leaders evaluates applications
• Uses rubric-based approach for funding recommendations

Loan Terms:

• Low-interest loans
• Revolving fund structure (repayments fund future projects)
• Works in collaboration with other financing sources

For More Information:

• Visit laplatahousing.colorado.gov
• Contact La Plata Economic Development Alliance