Within the Office Of Economic Development (office), the act creates the Innovative Housing Incentive Program. A Colorado business that manufactures certain types of housing and has fewer than 500 employees may apply for funding through the program. Depending on the criteria established by the office, funding may be awarded for operating expenses as well as incentives for units manufactured that meet energy efficiency standards. Loans may also be awarded to fund the construction of a new or expanded housing manufacturing factory. In addition to creating the innovative housing incentive program fund, the act requires $40 million to be transferred from the affordable housing and home ownership cash fund, as well as continuously appropriating all funds in the fund to the office for the program. Expenditures from the innovative housing incentive program fund must be reported to the general assembly every year.