Renters at Fall River Village – a workforce housing property in Estes Park – have an opportunity to earn 2% cash back through the Colorado Renters Rewards simply by paying their rent on time.
The program is the nation’s first cash-back renter-rewards program.
Tenants who stay for at least a year will also be eligible for a non-taxable annual savings match of up to 2% and may earn an annual equity distribution from returns on rental properties supported by Proposition 123.
That ballot measure, approved by approximately 52% of voters in November 2022, authorizes the state to retain 0.1 percent of Colorado’s taxable income state revenue to create the State Affordable Housing Fund to support a myriad of affordable housing initiatives. The measure provides approximately $300 million annually for housing.
The Fund directs 40% of its resources to the Department of Local Affairs, with the remaining 60% overseen by the Office of Economic Development and International Trade and administered by the Colorado Housing and Finance Authority.
The agencies distribute the funding through grants and loans to nonprofit organizations, community land trusts, nonprofit and for-profit developers, and local governments, with each program governed by its own application process and selection criteria.
The goal of the Colorado Renters Rewards program – offered through the Business and Funding Incentives division of OEDIT and CHFA – is to help renters save money, which they can use to buy a home.
Colorado has partnered with Stake, a financial technology company headquartered in Dallas, which operates a national renter’s cash-back network, to distribute the funds through a digital wallet.
Fall River Village is the first property in the state to join the program. The former 1-, 2-, 3-, and 4-bedroom vacation lodging units located on 8 acres near downtown Estes Park were acquired by the Estes Park Housing Authority in October 2024 for $35 million. Part of the financing was provided by Proposition 123 funds.
In addition to the savings and match program, on-time rent payments are reported to the credit bureau.
“The piece that I’m probably most excited about is the credit builder. You’re automatically opted in to credit reporting, but we only report positive rent payments, so if you pay on time, that will get communicated to the credit bureaus and to help you build credit,” said Scott Moulton, executive director of the Estes Park Housing Authority, in an interview with the Estes Valley Voice.
According to Moulton, participants who pay their rent on time can see an average increase of 42 points in their credit score. “I’m excited about that one.”
Fall River Village, built in 2008 by Paul Pewterbaugh, was an 89-unit short-term rental property. In 2022, John Cullen’s company, Grand Heritage Hotel Group, which owned The Stanley Hotel, acquired the property, including the SkyView wedding venue.
The EPHA plans to sell some of the larger townhouse units as part of its financing plan and will retain 66 units for workforce rental housing. Half of the units are currently rented. To qualify for workforce-designated housing in Estes Park, one adult in the household must work at least 30 hours per week for a business within the Estes Park School District R-3 boundary.
The SkyView building is being renovated for use as office space for the EPHA. The organization expects to move from its rented space in the U.S. Bank Building later this spring.
Founded by the Town of Estes Park in 1993 through Resolution 15-93, the EPHA is a quasi-governmental, not-for-profit agency organized to provide housing for low- to moderate-income households in the Estes Valley community. The organization manages rental and home ownership programs, income-qualifies applicants, and partners with organizations to serve housing needs in the Estes Valley community.
Housing affordability in Estes Park is critical for low and middle-income individuals. In January, the average list price of a home in the Estes Valley was $926,000, and the average sale price was $813,000, driven by high demand and limited inventory.
As of February 2026, the average rent for a studio and one-bedroom apartment in Estes is around $1,500–$1,650, and for two-bedroom units, rent ranges from $1,795 to over $2,500. The high cost of local housing creates a challenge for people who work in Estes Park and want to make their home in the community.