chfa monthly impact report
April Report: Data from January 1 to March 31, 2021
CHFA strengthens Colorado by investing in affordable housing and community development. CHFA’s work supports communities and creates jobs. We are proud to invest in Colorado’s success.
This report provides a year-to-date snapshot of CHFA’s investments to support affordable housing and community development throughout Colorado, along with related narratives and analyses. The report is updated monthly.
CHFA
Homeownership
Rental Housing
Business Lending
Community Partnerships
homeownership
1,941
Total homeowners served with loans
outreach aligns with increasing investment
Since 2018, CHFA has been conducting outreach to the Hispanic community to better understand its housing experiences and needs, while providing information about homeownership. Through focus groups, advertising, a Spanish-language website, radio interviews, podcasts, and other resources, CHFA has increased awareness of homeownership opportunities for Hispanic Coloradans and served more Hispanic homebuyers as illustrated below.
$579,254,755
First Mortgage Loans
$340,102
Down Payment
Assistance Grants
$22,098,555
Down Payment
Assistance Seconds
1,263
Homebuyer Education
Customers Served
Customers
$302,322
Median Loan Amount
677
Median Credit Score
$66,576
Median Income
96%
Median AMI
91%
First-time Homebuyers
rental housing
885
Units supported with loans, PAB, or Housing Credits
unique financing helps address housing needs of the “missing middle”
Coloradans whose incomes are too high to qualify for rent-restricted rental housing, but too low to afford market-rate rental housing are known as the “missing middle.” Many are working families who can’t afford to live near their jobs and face other financial burdens as a result.
In recent years, CHFA has worked to develop an innovative financing option to support affordable developments that serve households with Area Median Incomes between 80 and 120 percent. CHFA offers subordinate lending (mezzanine) that is flexible to meet project needs and financing gaps.
Below are developments that have been supported with CHFA’s mezzanine financing:
Spring Creek Village, Gypsum
66 units at 80% AMI
66 units at 120% AMI
$3 millionSunlight Crossing, Steamboat Springs
45 units at 80% AMI
23 units at 120% AMI
$3 million
Elevate at Peña Station, Denver
55 units at 80% AMI
163 units at 100% AMI
$4 millionWintergreen Apartments, Keystone
156 units at 100% AMI
$2.9 million
10
Total Developments Supported
$42,212,132
Total Loan Production
$31,700,000
Multifamily Loan Commitments
Customers
759
Family Housing Units
0
Homeless Housing Units
126
Senior Housing Units
0
Special Needs Units
348
Rural Housing Units
198
Preservation Units
business lending
116
Total businesses served
chfa extends administration of colorado brownfields revolving loan fund
CHFA has formally extended its role as administrator of the Colorado Brownfields Revolving Loan Fund (CBRLF). The CBRLF was established in 2002 as a cooperative effort among several Front Range cities, CHFA, and the Colorado Department of Public Health and Environment (CDPHE). The CBRLF facilitates the reuse and/or redevelopment of contaminated sites by making low-cost funding available to finance environmental cleanups in conjunction with the state’s Voluntary Clean-up Program (VCUP). Funding for the program is provided through grants from the U.S. Environmental Protection Agency. Under the new agreement, CHFA will continue to provide loan underwriting and analysis, asset management, closing due diligence, and servicing.
The CBRLF has provided funding totaling $15.4 million for the environmental remediation of future project sites. Past projects supported with the CBRLF have included affordable rental housing, facilities for nonprofit and for-profit organizations, large-scale redevelopment projects, and repurposing of former blighted properties for entrepreneurial and community use.
619
Total Jobs Impacted
$7,712,813
Dollars Invested
Customers
31%
Women-owned
18%
Minority-owned
4%
Women- and
Minority-owned
$19,849
Median Loan Amount
community partnerships
28
Organizations supported
chfa’s new technical assistance program selects first recipients
In March 2020, CHFA launched a new Technical Assistance (TA) pilot program to help catalyze the development of small-scale affordable housing in historically difficult-to-develop areas. The program provides access to experienced affordable housing consulting and predevelopment grants. Eligible participants include for-profit, nonprofit, local government, and community collaboratives seeking to develop up to 30 units of affordable housing for rent or for sale. Technical assistance will be provided by housing consultants selected through a competitive RFP process conducted in 2020.
In its inaugural application round, CHFA received nine applications. Technical assistance awards were made to the following seven developments.
Archuleta Senior Housing, Pagosa Springs
Chamber of Commerce working with local church and community center to build 12 affordable housing units and additional community space for older adults on church-owned landCuster County, Silvercliff
Community-led affordable housing coalition spearheading effort to develop community-owned land into 12 rental housing unitsFlorence Manor, Florence
City-led effort to redevelop a city-owned 12,000 square-foot nursing home into 10-12 affordable apartmentsHinsdale County, Lake City
Hinsdale County Commissioners to build four duplexes on land owned by and eligible for development by the U.S. Forest ServiceJane’s Place, Salida
Chaffee County Housing Authority and Chaffee County Foundation developing 17 units of affordable rental housing on Foundation-owned land to meet a variety of community needs, including winter shelter beds, local workforce, seasonal workforce, and AmeriCorps volunteersMoffat Schools, Moffat
School superintendent building capacity to pursue development of six affordable housing units on donated landSan Luis First Bank Renovation, San Luis
Remediation and redevelopment of family-owned historic bank building site into four to five affordable housing units for rent with main-floor commercial space
$317,180
Total Giving
$222,760
Corporate Giving
(direct and in-kind)
$40,000
Housing Solution Grants
$53,250
Regional Community
Investment Grants
$1,170
Staff Donation Drives
and Giving and Match
106
Staff Community Involvement Leave and Day of Service Hours
spotlight
shopworks architecture developing resources for trauma-informed design
The experience of trauma is widely common, particularly for vulnerable populations that are often residents of supportive and affordable housing. Shopworks Architecture is part of a small group of architects, designers, and experts that has started to incorporate design elements into housing developments that are intended to reduce trauma triggers and promote healing. As trauma-informed design (TID) is fairly new, there is a growing appetite for more research and guidance.
CHFA awarded two grants to Shopworks Architecture totaling $40,000 to support research development and related publications. Half of the grant funding will allow Shopworks to create a report needed to apply for funding that will catalyze a multi-year, evidence-based research project. The other half of the grant funding will support publications that summarize available research to date and offer examples of TID architecture and resident impact.
latin american education foundation hosts gala
The Latin American Educational Foundation’s (LAEF) Annual Gala occurred on March 13th. LAEF focuses on providing Hispanic and Latino students access to higher education. In its 72-year history, LAEF has awarded nearly $7 million through 7,000 scholarships. CHFA was a Silver Sponsor of this event, which was held virtually.
fax aid provides rent and utility assistance
The Fax Partnership is a nonprofit that serves residents and businesses of the East Colfax corridor in Denver. Its vision is equitable development that prioritizes affordable housing, commercial space, and other community-serving development. In 2020, The Fax created a mini-grant program, Fax Aid, which provides $400-$500 in rent and utility assistance per person. To date, more than 130 recipients have received Fax Aid grants. CHFA donated $10,000 to support the next round of Fax Aid grants.