chfa monthly impact report
July Report: Data from January 1 to June 30, 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
4,067
Total homeowners served with loans
chfa homeownership programs earn coverage on leading news outlets
CHFA was recently featured on some of the Denver metro area’s leading news outlets to share information about homebuying and CHFA programs.
Denver 7
KMGH-TV Denver 7 offered viewers a story about homebuying opportunities, including new programs created to increase Black homeownership. As part of the story, CHFA’s Business Development Manager, Paige Omohundro, gave a live interview during Denver 7’s 8:00am broadcast on July 7th, telling viewers about CHFA’s homebuyer education, mortgage loan, and down payment support programs.9News and Denver Gazette
On June 29th, 9News and the Denver Gazette co-hosted a virtual panel on the residential real estate market in Colorado. CHFA’s Home Finance Director, Dan McMahon, participated on the panel and joined other experts to discuss the market, homebuying process, and tips for prospective homebuyers.Univision Colorado
CHFA Senior Business Development Specialist, Silvina Sansot, was featured on Univision Colorado on May 26th. She spoke to viewers about how the pandemic affected prospective homebuyers, CHFA homeownership programs, and CHFA’s Spanish-language website, Mi Hogar. Univision Colorado is a top-ranking Spanish-language news outlet for metro Denver.
$1,244,271,174
First Mortgage Loans
$882,698
Down Payment
Assistance Grants
$47,353,144
Down Payment
Assistance Seconds
3,241*
Homebuyer Education
Customers Served
*As of May 30, 2021
Customers
$310,735
Median Loan Amount
677
Median Credit Score
$67,761
Median Income
97%
Median AMI
91%
First-time Homebuyers
rental housing
2,795
Units supported with loans, PAB, or Housing Tax Credits
chfa supports atlantis apartments serving residents living with disabilities
CHFA recently provided a $5,010,000 permanent loan to support Atlantis Apartments in Denver. Atlantis Apartments is designed to be adaptable and accessible to people living with physical, developmental, mental, vision, or hearing disabilities. Atlantis Apartments offers 60 units of affordable rental housing serving residents with incomes at 30, 40, 50, and 60 percent of the Area Median Income. In Denver County, this ranges from $25,170 to $50,340 in gross annual income for a two-person household.
Atlantis Apartments will provide supportive services to residents including help in applying for Social Security disability, Medicaid, and other services such as adult financial assistance programs, adult education, peer support programs, resume writing, computer and independent living skill classes, and social activities. The developer, Atlantis Community Foundation, has also partnered with Bayaud Enterprises to provide employment assistance and readiness training to residents. Atlantis Apartments located in Denver’s Historic Baker District neighborhood in southwest Denver, within walking distance of the Alameda light rail station. On June 2nd, the developer partnered with Housing Colorado to host a virtual tour of the property.
CHFA also supported Atlantis Apartments by awarding federal 9 percent Housing Tax Credits in 2016.
31
Total Developments Supported
$69,522,132
Total Loan Production
$33,204,000
Multifamily Loan Commitments
Customers
2,083
Family Housing Units
144
Homeless Housing Units
508
Senior Housing Units
60
Special Needs Units
448
Rural Housing Units
198
Preservation Units
business lending
226
Total businesses served
cash collateral support allows business to purchase critical real estate
The Cash Collateral Support (CCS) program, administered by CHFA, recently made it possible for the owner of OMNI Linen Services LLC to purchase a commercial real estate property from which the business has been operating out of since its inception in 2012. CCS provided $150,000 to leverage $1.8 million in private financing to purchase the nearly 25,000 square-foot building where it conducts industrial laundry and linen supply services, primarily serving healthcare and hospitality industries. The company previously leased the space, so owning the building will ensure business retention and will allow the business to grow.
OMNI Linen Services is located in Grand Junction and supports more than 60 full-time jobs.
1,158
Total Jobs Impacted
$30,189,371
Dollars Invested
Customers
30%
Women-owned
25%
Minority-owned
5%
Women- and
Minority-owned
$20,000
Median Loan Amount
community partnerships
78
Organizations supported
chfa grants $50,000 to address food access in geographically isolated areas
Many rural communities do not have a grocery store and face food-access challenges. Parts of Montezuma County in southwestern Colorado, and portions of the Ute and Navajo Reservations are identified as Geographically Isolated areas. CHFA recently made a $25,000 donation with a commitment to provide an additional matching donation of up to $25,000 to the Montezuma Food Coalition to support its ShareHouse Community Food Center.
The ShareHouse will provide food distribution for Montezuma County, serving residents that include the Ute Mountain Ute Tribe and those living in the northeast region of the Navajo Nation. This facility will meet a variety of food-related needs, including production, aggregation, processing, storage, distribution, community events, and education. It will also actively engage in communication and collaboration between organizations that serve residents experiencing low income and food insecurity, while supporting local agribusinesses.
CHFA’s investment will support two critical components for the program:
$25,000 is being used to immediately increase cold-storage capacity to accommodate the large volumes of food that are currently aggregated and distributed at the ShareHouse. This funding allows for the purchase and installation of a new 12’ x 20’ walk-in cooler.
$25,000 will be used as dollar-for-dollar match to support ShareHouse’s capital campaign that began on June 1st and will continue through the end of 2021 for the build-out of a commercial kitchen. The commercial kitchen will be located in the center of its existing facilities, providing spaces for cooking classes and workshops, value-added food processing for local producers, and a variety of community meetings and events.
“The Montezuma Share Coalition’s ShareHouse Community Food Center offers so many benefits for the communities it will serve and CHFA is honored to support it,” said Chris Lopez, CHFA’s Southwest Colorado Community Relationship Manager. “The investment in ShareHouse will enhance food security and food distribution, support small businesses and agribusinesses, and economically strengthen downtown Montezuma.”
For more information on the Montezuma Food Coalition and the ShareHouse, visit montezumafoodcoalition.org.
$827,223
Total Giving
$562,960
Corporate Giving
(direct and in-kind)
$40,000
Housing Solution Grants
$221,268
Regional Community
Investment Grants
$2,995
Staff Donation Drives
and Giving and Match
227
Staff Community Involvement Leave and Day of Service Hours
spotlight
chfa makes donations to support energy efficiency
CHFA recently made donations to support nonprofits in their energy efficiency programs and projects including:
GRID Alternatives Colorado
GRID Alternatives Colorado is installing solar photovoltaic (PV) systems at the Flatirons Habitat for Humanity’s Palo Parkway community in Boulder, Colorado. The PV systems will provide six Habitat for Humanity families approximately 22,293 kWh per year (3,716 kWh per unit), leading to electrical savings of $2,463 total per year. CHFA donated $22,000 to support this project.
Energy Resource Colorado
To support Energy Resource Center’s work to provide free home energy upgrades to households experiencing low income, CHFA was proud to donate $25,000. ERC’s mission is to improve home energy efficiency, conserve energy, promote health, increase comfort, and expand Coloradans' quality of life.
events to support colorado nonprofits heat up
Several nonprofit organizations around Colorado have recently held events to support their missions, many of which were held in person. In June, CHFA sponsored and/or attended:
A Precious Child Annual Golf Tournament, Westminster
Colorado Counties, Inc. 2021 Summer Conference, Vail
Downtown Colorado, Inc. and Town of Center Solstice in Center, Center
Home Builders Foundation Blitz Build, various locations
Latina Safehouse La Fuerza Golf Tournament, Westminster
Latino Community Foundation of Colorado: Latinas LEAD Power Summit, (virtual)
Loveland Housing Authority Golf Tournament, Loveland
Whittle the Wood Festival, Craig
Pictured: CHFA Western Slope Community Relationship Manager, Margie Joy, at the Whittle the Wood Festival
affordable rental housing developments celebrate progress
In June, two affordable rental housing developments supported by CHFA celebrated groundbreakings:
AVi @ Olde Town, Arvada
Salida Ridge, Salida
AVi @ Olde Town will offer 100 affordable rental housing units to support families, up to 30 youth aging out of foster care, and nine formerly homeless veterans.
Salida Ridge is the first development supported by Housing Tax Credits to be built in Salida in more than 20 years and will offer 48 affordable rental housing units for families and individuals
In addition, a ribbon-cutting ceremony was held to celebrate the opening of GardenWalk of Gunnison. GardenWalk is the first affordable rental housing development supported with Housing Tax Credits built in Gunnison and offers 36 affordable apartments located in a residential area adjacent to a large park.