chfa monthly impact report
April Report: Data from January 1 to March 31, 2023
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 monthly 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.
Please click here for a printable PDF version of this month’s report.
CHFA
Homeownership
Rental Housing
Business Lending
Community Partnerships
homeownership
1,033
Total homeowners served with loans
Production by Loan Type
$356,125,318
First Mortgage Loans
$115,301
Down Payment
Assistance Grants
$13,608,687
Down Payment
Assistance Seconds
1,135
Homebuyer Education
Customers Served
Customers
$348,156
Median Loan Amount
682
Median Credit Score
$93,684
Median Income
119%
Median AMI
92%
First-time Homebuyers
rental housing
977
Units supported with loans, PAB, or Housing Tax Credits
Rose Mountain Townhomes
In March, CHFA provided a $1,075,000 permanent loan, $600,000 Capital Magnet Fund loan, and $150,000 Capital Magnet Fund grant to support the construction of Rose Mountain Townhomes in Pagosa Springs, Colorado. Developed by the Archuleta Housing Authority, Rose Mountain Townhomes will provide 34 units of housing affordable to households earning between 30 percent and 60 percent of Area Median Income (AMI). The loan and grant funds are in addition to and leverage a federal 9 percent Housing Tax Credit award made in 2019.
12
Total Developments Supported
$155,442,702
Total Loan Production
$25,300,000
Multifamily Loan Commitments
Customers
804
Family Units
0
Homeless Units
173
Senior Units
0
Special Needs Units
88
Preservation Units
0
Veteran Units
53
Rural Units
business lending
141
Total businesses served
Urban Peak
CHFA allocated $17 million in New Markets Tax Credits to Urban Peak to help finance a newly constructed 66,596 square foot, vibrant, thriving campus including 6,303 square feet of programming space and a 136-bed capacity (84 neighborhood beds and 52 non-congregate shelter beds). The campus will serve approximately 600 youth per year in an environment where youth and staff can work together to address the trauma and complex needs of youth experiencing homelessness. The new four-story building will offer integrated youth services under a single roof and will co-locate shelter, transitional style dorm housing, and comprehensive support services. These services will include case management, a medical clinic, onsite mental health services, education, employment services, and life skills development. Total development costs for the projects exceed $38 million. The shelter is expected to be completed in the second quarter of 2024.
1,100
Total Jobs Impacted
$31,360,955
Dollars Invested
Customers
44%
Women-owned
36%
Minority-owned
21%
Women- and
Minority-owned
$210,476
Median Loan Amount
community partnerships
68
Organizations supported
Housing Priorities Elevated on the Hill
On March 27-29, CHFA staff and board members met with members of Colorado’s Congressional Delegation and their staff in Washington, D.C., as part of NCSHA’s Legislative Conference. Briefings provided a chance to update staff on CHFA’s work to serve Colorado, and to elevate the need for increased federal 9 percent Housing Tax Credits, and greater flexibility with the tax-exempt Private Activity Bond program. In addition, conference attendees heard updates from US HUD Secretary Marcia Fudge, and congressional housing champions including: Representative Ritchie Torres (D-NY) and Representative Brad Wenstrup (R-OH).
$2,220,790
Total Giving
$270,100
Corporate Giving
(direct and in-kind)
$237,345
Regional Community
Investment Grants
$1,713,345
Technical Assistance
56
Staff Community
Involvement Leave and Day
of Service Hours
263
Technical Assistance Hours
$0
Staff Donation Drives
and Giving and Match
spotlight
Cris White Recognized with Lifetime Achievement Awards
Congratulations to Cris White, CHFA Executive Director and CEO! Cris has received the 2023 Smith’s Lifetime Achievement Award in Affordable Housing Finance from the Smith 2023 Affordable Housing Finance Conference Committee.
“Mr. White has worked tirelessly over the past three decades to advance the public purpose of assisting first-time home-buyers and working families to access affordable housing.
His work has advanced the efficiency of single family and multifamily financing. He has created public good, in the form of economic diversity and community-based housing stability,” said Terence Smith, Smith’s Research & Gradings CEO.
Developments Celebrate Milestones
CHFA joined with two Housing Tax Credit-supported properties celebrating their ground breaking in March. Montbello FreshLo is a mixed-used development that will feature 97 units of affordable rental housing. This community-inspired development involved multiple years of outreach and engagement. The other property, Krisana Apartments, will be comprised of 151 units to be built on the former CDOT headquarters site in Denver. Congratulations to all involved in these exciting developments.
Eastern Colorado Convening
On March 8, 2023, Eastern Colorado Community Relationship Manager (CRM) Trisha Herman met with 25 stakeholders from across the Eastern Plains to re-introduce herself as CHFA’s new CRM and to hear community needs and input as CHFA embarks on deeper outreach across the region. Key areas of interest among stakeholders included: capacity building for new funding opportunities available, CHFA’s Direct Effect awards to support nonprofits, and overall awareness of CHFA’s mission and vision. The event was co-hosted by Congressman Ken Buck’s office, who was instrumental and a key supporter of building awareness of CHFA’s plans for a new CRM role
during 2022.