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Four Points Funding has closed its third Opportunity Zone fund after raising $100 million. The company is in the process of deploying the capital to projects in Colorado. To date, Four Points has focused on middle-income housing as well as outdoor hospitality projects.
Colorado has seen significant population growth in recent years, which has put upward pressure on rents. Colorado’s population grew by 15% between 2010 and 2020, a rate surpassed by only a handful of states. That growth has only accelerated as the pandemic generally drove further migration to the mountain states.
Some Colorado towns have passed housing disaster declarations that allow for the bypassing of certain code restrictions and other measures to alleviate the imbalance between housing supply and demand.
Four Points credits the OZ program with allowing it to more effectively address the housing shortage in Colorado. “The intention of OZs was to stimulate investment in areas that would not see the investment otherwise,” says Chris Montgomery, Partner at Four Points Funding. “I think that there are funds and states out there that are not following the spirit of the legislation. However, in our case, without this legislation, it would have been a lot harder if not impossible to build workforce housing across Colorado.”