Golden is getting its first batch of deed-restricted condos for sale, and a state builder-loan program is carrying a big piece of the construction bill. The Colorado Housing and Finance Authority closed a $10 million construction loan to Habitat for Humanity of Metro Denver for The Prosper at Golden, 40 condos priced under $300,000 at 817 14th St., the agency announced Oct. 27 (via CHFA).
The money comes out of CHFA's Drive It Home construction loan program, which lends at below-market rates to builders putting up new for-sale homes at prices Colorado buyers can actually reach. The program runs on a $50 million bond investment from the State Treasurer, authorized by Senate Bill 25-006, which Gov. Polis signed in May 2025. CHFA estimates the full pot will support about 182 for-sale homes across the state.
The Golden building sits near the Colorado School of Mines campus, on land Calvary Church sold to Habitat below market, according to CHFA. Shanahan Development is the co-developer, and BVH Architecture did the design. The Golden Transcript reported in April that the project broke ground April 1, that it will have 23 one-bedroom and 17 two-bedroom units, and that the estimated cost is about $23 million, with Golden City Council chipping in a $2.25 million grant plus a $500,000 matching grant. The paper said all of Golden's existing deed-restricted units are rentals, which makes these the city's first for-sale ones.
Buyers will need to earn no more than 100% of area median income, which CHFA puts at about $115,000 a year for a two-person household. Habitat expects to open applications around mid-2027. The list of public partners is long: the Colorado Department of Local Affairs, the City of Golden, the state Office of Economic Development and International Trade, Jefferson County, the Golden Downtown Development Authority, the Colorado Gives Foundation and Foothills Regional Housing.
Habitat says more than 95% of Golden's workforce lives outside city limits. Jaime G. Gomez, Habitat's CEO, called the project "an exciting opportunity to expand affordable homeownership in Golden," one aimed at "ensuring that more people can afford to live and work in the communities they help make vibrant."
For builders, the interesting part is the loan terms. CHFA's Drive It Home program page lists a 3.5% rate, up to 90% loan-to-cost, a 1% origination fee, a term of up to 60 months and a cap of $285,000 per unit. Projects need at least eight units, and both for-profit and nonprofit builders were eligible. The homes have to be deed restricted and stay affordable for at least 20 years, buyers have to earn no more than 140% of AMI, and the construction loan gets paid off as income-qualified buyers close on CHFA mortgages.
There's a catch for anyone hoping to apply now. The competitive application window ran from Sept. 30 to Oct. 31, 2025, and it's closed. CHFA says it will contact applicants about next steps.
Why it matters for Contractors
Construction money at 3.5% with 90% loan-to-cost is rare in today's market, and this program was built for exactly the kind of small for-sale projects a lot of Colorado builders want to do. The eight-unit minimum puts it in reach of a small shop doing a townhome or condo infill job, not just big developers.
The current round is closed, so this isn't something you can jump into this week. But the bill lets the Treasurer reinvest principal once half the original investment has come back, so it's worth getting on CHFA's business finance list (businessfinance@chfainfo.com) and pricing out a project now, so you're ready if another round opens. Expect strings: deed restrictions, buyer income limits and a 20-year affordability term. And if you're a sub in Jefferson County, a 40-unit condo build in downtown Golden is a job to ask Habitat and Shanahan about.