chfa monthly impact report
January Report: Data from January 1 to December 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
5,671
Total homeowners served with loans
2023 Homeownership Highlights
As Colorado homebuyers faced challenging market conditions throughout the year, CHFA’s investment in homeownership programs remained strong, offering competitive rates and down payment assistance to support homebuyers. Additionally, CHFA’s Home Finance team led a community engagement campaign to support Black and African American homeownership, including 12 one-on-one meetings with community leaders and stakeholders, 14 sponsored events, and 4 in-community homebuyer workshops.
$2,032,119,929
First Mortgage Loans
$431,485
Down Payment
Assistance Grants
$75,433,248
Down Payment
Assistance Seconds
8,244
Homebuyer Education
Customers Served
Customers
$363,298
Median Loan Amount
689
Median Credit Score
$97,037
Median Income
124%
Median AMI
91%
First-time Homebuyers
rental housing
6,395
Units supported with loans, PAB, or Housing Tax Credits
2023 Rental Housing Highlights
In 2023, CHFA made 21 multifamily loan commitments totaling $163M in financing to support 1,777 affordable housing units across the state. This is the second-highest total financing invested in multifamily loans in CHFA’s history. CHFA set new all-time records with over $510M in total loan production and 6,395 total units supported. Finally, CHFA built a pipeline that fully committed the $25M authorized by the Colorado General Assembly to advance CHFA’s innovative Middle-income Access Program, which provides capital for middle-income rental housing.
Demand for Housing Tax Credits was strong throughout the year, even amid challenging and rapidly evolving macroeconomic conditions, illustrating the power of state and federal credits to enable the development of quality, affordable housing for Coloradans. In addition, developments are increasingly energy efficient, and 20 out of 22 competitively awarded projects in 2023 will be fully electric or electrification-ready.
Photo: Gateway Village, a forthcoming development in Fort Morgan, courtesy of Rosemann & Associates
67
Total Developments Supported
$510,795,137
Total Loan Production
$163,156,808
Multifamily Loan Commitments
Customers
4,433
Family Housing Units
406
Supportive Housing Units
1,040
Older Adult/Senior Units
60
Assisted Living Units
804
Rural Housing Units
300
Special Population Units
1,137
Preservation Units
35
Veteran Units
business lending
534
Total businesses served
2023 Business Finance Highlights
CHFA received a record-breaking $65M New Markets Tax Credit (NMTC) award from the U.S. Department of Treasury to support economic investment in underserved neighborhoods and communities in 2023. This was the fifth consecutive year that CHFA received NMTCs. CHFA’s award tied for the largest amount given to any awardee nationwide in this award round and was the biggest in CHFA’s history.
Business Finance investments also set new records in 2023, with more than $120M in production across CHFA’s business lending programs. This is the highest one-year production total in CHFA’s history, supporting 534 Colorado businesses and directly impacting 3,039 jobs.
3,039
Total Jobs Impacted
$120,026,289
Dollars Invested
Customers
40%
Women-owned
37%
Minority-owned
16%
Women- and
Minority-owned
$200,111
Median Loan Amount
community partnerships
490
Organizations supported
2023 Community Partnerships Highlights
In December, CHFA completed its single largest round of Direct Effect Awards in the program’s history, investing $1,070,050 across 93 mission-aligned nonprofits across Colorado. CHFA also had the pleasure of donating $33,255 to Kids at Their Best through the annual Like it Forward social media fundraising campaign, the highest total ever raised since the annual campaign began in 2015.
CHFA also continued its investment in small-scale housing developments, supporting 1,361 hours of pro bono technical assistance with an investment of over $2.5M–the highest one-year total to date. In addition, CHFA invested $150,000 in Community Resource Center (CRC) and Resilia to launch a new nonprofit capacity building pilot program for Colorado nonprofits, and to further CRC’s GrantCorps program.
$6,889,025
Total Giving
$3,232,055
Corporate Giving
(direct and in-kind)
$1,153,950
Regional Community
Investment Grants
$2,500,676
Technical Assistance
1,232
Staff Community Involvement Leave
and Day of Service Hours
1,361
Technical Assistance Hours
$2,344
Staff Donation Drives
and Giving and Match
spotlight
2023 Bond Issuances and Ratings
In 2023, CHFA issued a total of $1.53B in single family and multifamily housing bonds. This single-year bond issuance total represents an all-time record for CHFA, and places CHFA first in the nation for single family housing bond issuances and second in the nation for combined single family and multifamily bond issuances. Amidst this landmark year, CHFA maintained an Aa3 rating by Moody’s and an AA-rating by Standard and Poor’s.
Implementing Proposition 123
CHFA was pleased to serve as contract administrator of the Land Banking, Concessionary Debt, and Equity programs established by Proposition 123. To support a successful implementation, CHFA hosted more than 30 statewide engagement events, created a unique Affordable Housing Financing Fund website, and developed new programs which combined will offer approximately $94M in affordable housing resources in their first year. In total, CHFA reviewed and evaluated 113 Letters of Intent and 78 applications for Proposition 123 funding in 2023.
Advancing High Performing
All Electric Buildings
Throughout the year, CHFA spearheaded the development of the Colorado Multifamily Affordable Housing Electrification Hub, a building electrification resource for developers of affordable multifamily housing. The Hub was built in partnership with a steering committee of industry experts including DOLA-DOH, OEDIT, CEO, Energy Outreach Colorado, Group 14, and Enterprise Community Partners. The Hub launched in December of 2023, and is online at multifamily-ehub.chfainfo.com.