chfa monthly impact report
August Report: Data from January 1 to July 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
3,226
Total homeowners served with loans
Celebrating Homeownership
To celebrate Homeownership Month in June, CHFA invited homeowners to share what they loved about homeownership for a chance to win a $500 Visa gift card. After receiving almost 300 submissions from throughout the state and from urban and rural communities alike, William from Fruita, Colorado, was randomly selected as the contest winner in July. William’s “Top 5” things he loves about homeownership are listed below. One of his favorites is his view of the Colorado National Monument, which is shown in his submitted photo.
1. I have my home in a beautiful area that has large backyard for my dogs.
2. I'm building equity in my home.
3. My house is located in Fruita, Colorado, and affords me the opportunity to be part of my community.
4. I enjoy working my yard and doing upgrades around the house.
5. I have a great view from the back of my home of the Colorado National Monument.
$1,153,357,130
First Mortgage Loans
$239,921
Down Payment
Assistance Grants
$43,671,285
Down Payment
Assistance Seconds
4,246
Homebuyer Education
Customers Served
Customers
$362,803
Median Loan Amount
685
Median Credit Score
$95,716
Median Income
123%
Median AMI
92%
First-time Homebuyers
rental housing
2,938
Units supported with loans, PAB, or Housing Tax Credits
Fruita Mews Breaks Ground
CHFA took part in a groundbreaking celebration for Fruita Mews in Fruita in late July. Developed by IndiBuild, Fruita Mews will feature 50 total units, with 44 serving individuals and families earning 30 to 60 percent of Area Median Income, and six market-rate units. Fruita Mews will be the first development supported with Housing Tax Credits without rental subsidy constructed in the City of Fruita, as well as the first affordable housing project built in Fruita since 1984.
CHFA awarded Fruita Mews $1,330,877 in federal 9 percent Housing Tax Credits in 2022. CHFA also supported the development with a $825,000 Capital Magnet Fund (CMF) loan, a $2,775,000 SIMPLE loan, a $1,000,000 HOF loan, and a $170,000 CMF grant. CHFA Housing Tax Credit Manager Kathryn Grosscup attended the celebration and delivered remarks on behalf of CHFA.
Photo: Fruita Mews Groundbreaking
40
Total Developments Supported
$233,838,824
Total Loan Production
$81,276,808
Multifamily Loan Commitments
Customers
2,246
Family Housing Units
153
Supportive Housing Units
484
Older Adult/Senior Units
20
Assisted Living Units
451
Rural Housing Units
25
Special Population Units
414
Preservation Units
1
0
Veteran Units
business lending
294
Total businesses served
CLIMBER Loan Fund Deploys More Funds
The second round of applications has opened for the CLIMBER Loan Fund. CLIMBER (Colorado Loans to Increase Mainstreet Business Economic Recovery) is a statewide program that provides working capital loans to Colorado small businesses through 2024. CHFA administers the program in partnership with State Treasurer’s office and the Office of Economic Development and International Trade (OEDIT).
During the first round, nearly $10 million was deployed to 49 small businesses across the state, impacting more than 500 jobs. Eligible loan recipients include small businesses with 99 or fewer employees, and they may receive working capital loans between $10,000 and $500,000 at below-market interest rates.
2,323
Total Jobs Impacted
$70,293,125
Dollars Invested
Customers
39%
Women-owned
36%
Minority-owned
16%
Women- and
Minority-owned
$214,964
Median Loan Amount
community partnerships
174
Organizations supported
Annual Golf Tournament Raises $85,000
CHFA’s annual David W. Herlinger Golf Tournament raised $85,000 for Home Builders Foundation. Home Builders Foundation (HBF) is a nonprofit organization based in Englewood whose mission is to build independence, provide opportunities, and elevate lives for individuals and families with disabilities. Each year, HBF gathers builders, contractors, remodelers, tradespeople, and volunteers for its annual Blitz Build to complete home modification projects across greater Denver.
CHFA’s annual golf tournament raises proceeds to benefit a local nonprofit whose work coincides with CHFA’s mission of affordable housing and community development. The 2023 tournament was held at The Fossil Trace Golf Course in Golden, Colorado. The event is named in memory of CHFA’s former Executive Director, David W. Herlinger, who passed away in 2012. It serves as a reminder of his passion for the game of golf, and for helping local nonprofit organizations whose work supports affordable housing in Colorado.
$2,887,202
Total Giving
$682,850
Corporate Giving
(direct and in-kind)
$286,045
Regional Community
Investment Grants
$1,917,927
Technical Assistance
643
Staff Community
Involvement Leave and Day
of Service Hours
569
Technical Assistance Hours
$380
Staff Donation Drives
and Giving and Match
spotlight
Youth Homelessness Fundraiser
CHFA sponsored The PLACE’s annual Off the Street Breakfast fundraiser on July 13th in Colorado Springs. The PLACE works with youth aged 15-24, helping them to exit homelessness through shelter, outreach housing, health services, education, and employment services. The annual breakfast is an opportunity to learn more about The PLACE’s current projects, and CHFAians Sean Keane, Masothing Zimik, Summer Romero, and Caroline Trani attended this year’s event.
Western Slope Regional Tour
On Tuesday, July 11th, CHFAians Jerilynn Francis, Chris Linton, Kathryn Grosscup, Dorothy Axelson, and Matt Lynn embarked on a tour of the Western Slope region led by Community Relationship Manager Margie Joy. The day-long venture included presentations from the Colorado River Valley Economic Development Partnership and Western Mountain Housing Coalition as well as a visit to Eco Dwelling and the Grand Junction Business Incubator Center.
Colorado Black Arts Festival
CHFA was a proud sponsor of the 37th Annual Colorado Black Arts Festival held in Denver’s City Park from July 7th to July 9th. The weekend-long festival showcases African American arts and features multiple performance stages, a parade, a marketplace, a scavenger hunt, and more. CHFA staffed a booth throughout the weekend, and more than a dozen CHFAians took shifts to discuss homeownership opportunities and other CHFA programs with festival attendees.