Colorado Gov. Jared Polis announces new program offering renters cash back, to begin in Estes Park

A new renter rewards program for Colorado residents living in properties financed by the Proposition 123 Equity Fund is set to begin this month.

The Prop 123 Equity Program provides equity investments to construct and preserve low and middle-income multifamily rental developments. The new Colorado Renters Rewards program will allow renters in these properties who make on-time rent payments to earn cash back and share in the property's equity, the governor's office said. Polis said this first-of-its-kind program will help renters save money and increase their financial stability.

"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. 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," said Polis.

Although there are no requirements on how renters use their cash back payments, Polis says those who save them will be eligible for a non-taxable annual savings match. Residents who stay in an eligible property for over one year will also be included in annual equity distributions based on returns from the housing units.

"The Colorado Renter Rewards program is a powerful example of how we are helping Coloradans build economic stability and opportunity. 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," said Eve Lieberman, Colorado Office of Economic Development and International Trade Executive Director.

The new program will begin in Estes Park this month as Fall River Village becomes the first property to join. The publicly owned affordable housing facility was purchased by the Estes Park Housing Authority in 2024, and 66 individual and family renters will be eligible for cash back for paying their rent on time.

For more information, visit the Colorado Renter Rewards website.