Polis launches Prop 123 renter rewards equity program

ESTES PARK — Gov. Jared Polis, the Business and Funding Incentives division of the Colorado Office of Economic Development and International Trade and the Colorado Housing and Finance Authority announced a program offering cash back and equity benefits to renters living in properties financed through the Proposition 123 Equity program.

The Colorado Renter Rewards program allows eligible renters to earn cash back for on-time rent payments and receive equity distributions tied to property performance over time. Officials said the program is the first statewide tenant equity initiative in the country.

“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,” Polis said. “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.”

The program operates through a Tenant Equity Vehicle, which provides financial incentives to renters who live in eligible properties and pay rent on time. The initiative is intended to help renters build savings or prepare for unexpected expenses.

Fall River Village in Estes Park is the first property to participate in the program. Sixty-six renters at the development are eligible to earn cash back for on-time rent payments. Residents who remain in the property for at least one year can qualify for an annual savings match and equity distribution.

“The Colorado Renter Rewards program is a powerful example of how we are helping Coloradans build economic stability and opportunity,” said Eve Lieberman, executive director of the Colorado Office of Economic Development and International Trade. “By pairing affordable housing with cash back and equity payments for renters, we are helping more people love where they live and save money. This is a smart investment in our workforce and families, supporting long-term economic growth and a Colorado economy that works for everyone.”

Renters can use cash back payments without restrictions. Participants who choose to save their payments are eligible for a non-taxable annual savings match. Residents who remain in eligible housing for more than one year can also receive equity distributions based on financial returns from Proposition 123 Equity program housing projects statewide.

“CHFA is proud to support the launch of Colorado Renter Rewards, an innovative model that will provide direct financial benefit to residents,” said Thomas Bryan, executive director and chief executive officer of the Colorado Housing and Finance Authority. “We are excited to see this program introduced in developments throughout the state that have received investment from the Proposition 123 Equity program.”

The program is being implemented through a partnership between the Colorado Office of Economic Development and International Trade, the Colorado Housing and Finance Authority and Stake, a financial technology company. Eligible renters will join the Stake Cash Back Network, which converts rent payments into equity or cash back benefits. The network has served more than 550,000 renters nationwide.