DENVER - On October 16, 2024, Governor Polis and the Business Funding & Incentives division of the Colorado Office of Economic Development and International Trade (OEDIT) announced three new recipients of the Innovative Housing Incentive Program (IHIP) grant. This transformational grant continues the Polis Administration’s work to increase the supply of housing across Colorado. The funding announced today will directly incentivize the creation of over 480 attainable housing units across Colorado.

“We need more housing now, and this new round of IHIP grant funding will help create 480 new housing units for Coloradans,” said Governor Jared Polis. “With more housing, more people will be able to live in terrific communities  close to work and recreation.”

With this latest round of grants, the Polis Administration has awarded 12 IHIP grants directly incentivizing the creation of 2,000 attainable housing units across Colorado and contributing to the recipients’ work to create more than 7,500 units over the next three years.

“The Innovative Housing Incentive Program Is making a measurable difference in Colorado’s housing supply, and we know that impact will grow over time ,” says Eve Lieberman, Executive Director of OEDIT. “We’re proud of the work these companies are doing to address Colorado’s housing shortage and help us ensure that our state has housing for every budget.”

All three grant recipients are based in Colorado, with awards ranging from $100,000 to $722,000 in performance-based funding. Recipients include:

3D West - Colorado Springs- 3D West offers modern building technologies and pre-manufactured building methods for Accessory Dwelling Units (ADU), affordable housing and multifamily units. The company plans to build their first four units in partnership with Alquist 3D and StructureBot, both companies that have been supported by OEDIT programming to expand in the state. 3D West is approved for up to $100,000.

BYLD - Commerce City- This software and hardware company is transforming the construction industry with its unique paint-by-numbers approach, which significantly reduces labor costs and accelerates construction timelines. This innovative method streamlines the building process, enhancing efficiency and productivity. BYLD is approved for up to $722,000 in per-unit cash rewards for constructing over 350 units across Colorado over the next three years.

Studio Shed - Louisville- Established in 2008, Studio Shed is a leading manufacturer of panelized kit buildings, specializing in backyard sheds, ADUs and multifamily housing. Studio Shed has been at the forefront of innovative, scalable building solutions and has been approved to receive up to $180,000 in performance-based grant funding, at $1,500 per unit. The company plans to in turn share a $1,500 discount with its customers.

About the Innovative Housing Incentive Program

The Innovative Housing Incentive Program (IHIP) helps address Colorado’s housing shortage by supporting the development and expansion of the state’s innovative housing manufacturing businesses. IHIP 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. 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.

About Colorado Office of Economic Development and International Trade (OEDIT)

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.