Proposition 123:

Program Updates

March 6, 2025

Stake Selected as Tenant Equity Vehicle (TEV) Administrator

CHFA and the Office of Economic Development of International Trade (OEDIT) are pleased to announce the selection of Stake as the third-party administrator of the Tenant Equity Vehicle (TEV), which will benefit residents of developments that receive Equity financing from the Proposition 123 Equity program. This selection follows a public request for proposals (RFP) process, and careful evaluation of vendor applicants. The third-party administrator will collaborate with OEDIT and CHFA to establish and manage the TEV in coordination with property owners and managers. 

About Stake 

Stake is a financial technology company with clients throughout the United States, and experience developing programs that promote opportunities for renters to build savings and credit. More information about Stake is available at stakerent.com. 

About the Tenant Equity Vehicle

Proposition 123 established the Tenant Equity Vehicle (TEV) as part of the Equity program. The Equity program provides below-market-rate equity investments to eligible for-profit and nonprofit entities for the construction or preservation of low- and middle-income multifamily rental developments. 

The TEV allows residents of properties supported by Proposition 123 Equity financing to benefit from the equity growth in the project. Earnings may then be used to support a home mortgage down payment, or other housing related needs. Returns from the Proposition 123 Concessionary Debt program that are greater than the original investment will also be used to fund the TEV, as directed by the statute. 

As the TEV is developed in partnership with Stake, additional details will be shared on the Affordable Housing Financing Fund website. 

With respect to its programs, services, activities, and employment practices, Colorado Housing and Finance Authority prohibits unlawful discrimination against applicants or employees on the basis of age 40 years and over, race, sex, sexual orientation, gender identity, gender expression, color, religion, national origin, disability, military status, genetic information, marital status or any other status protected by applicable federal, state or local law. Requests for reasonable accommodation, the provision of auxiliary aids, or any complaints alleging violation of this nondiscrimination policy should be directed to the Nondiscrimination Coordinator, 1.800.877.2432, TDD/TTY 800.659.2656, CHFA, 1981 Blake Street, Denver, Colorado 80202-1272, available weekdays 8:00am to 5:00pm.