Blinconln, if the person is legitimately living in CO, the answer is probably yes. However, I think you need to clarify whether you meant to write "foreign resident" or "foreign citizen".
A foreign citizen who is a legal permanent resident (i.e. green card holder) and who resides in the United States is generally entitled to the same rights and privileges as a citizen with regards to owning firearms and obtaining a CHL.
However, one can hold legal permanent resident status without actually residing in the United States. Establishing residency for purposes of obtaining a CHL is generally a matter of state law, and I'm not familiar with CO law in this respect.
"Smokey, this is not 'Nam. This is bowling. There are rules... MARK IT ZERO!!" - Walter Sobchak