chfa monthly impact report
July Report: Data from January 1 to June 30, 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
2,686
Total homeowners served with loans
Home Loan Rates Remain Competitive
As the housing market continues to experience higher interest rates compared to recent years, CHFA remains competitive, and continues to
help Coloradans achieve homeownership. The below graph illustrates pricing of CHFA’s two most widely used programs with downpayment assistance against market rates that provide no form of assistance. CHFA can provide such pricing given daily hedging and favorable tax-exempt bond executions.
$959,663,593
First Mortgage Loans
$227,108
Down Payment
Assistance Grants
$36,526,528
Down Payment
Assistance Seconds
3,395
Homebuyer Education
Customers Served
Customers
$362,973
Median Loan Amount
684
Median Credit Score
$95,331
Median Income
122%
Median AMI
92%
First-time Homebuyers
rental housing
2,755
Units supported with loans, PAB, or Housing Tax Credits
Holly38 Breaks Ground in Denver
CHFA was honored to attend the groundbreaking ceremony for Holly38 in June. To date, Holly38 is the largest Housing Tax Credit-supported development in the City and County of Denver. Developed by Delwest Development Corporation, Holly38 will offer 253 units of affordable housing in Denver’s Northeast Park Hill Neighborhood and will serve individuals and families with incomes between 30 and 80 percent of Area Median Income (AMI). CHFA awarded the development $3,521,486 in federal 4 percent Housing Tax Credits in 2021 and issued $44,750,000 in Private Activity Bonds in 2023. CHFA Senior Tax Credit Officer Meghan Brown, Community Development Lending Manager Terry Barnard, and Housing Tax Credit Manager Kathryn Grosscup attended the event, and Kathryn delivered remarks on CHFA’s behalf.
Photo: Holly38 Groundbreaking
37
Total Developments Supported
$216,815,374
Total Loan Production
$54,552,626
Multifamily Loan Commitments
Customers
2,206
Family Housing Units
153
Supportive Housing Units
341
Older Adult/Senior Units
20
Assisted Living Units
331
Rural Housing Units
25
Special Population Units
278
Preservation Units
10
Veteran Units
business lending
249
Total businesses served
Soul Dog Rescue and Emporia Duplex
Soul Dog Rescue
CHFA allocated $11,500,000 in New Market Tax Credits to Axis Health, a CHFA recently provided a $168,000 commercial loan through its Rural Development Loan Program (RDLP) to Soul Dog Rescue, a nonprofit in Fort Lupton with the mission to spay/neuter and protect animals. This loan refinances an existing real estate loan at a more favorable rate. Currently, Soul Dog is the only organization of its kind in the region, serving clients throughout Weld County and beyond.
Emporia Duplex
CHFA also provided a $2,088,000 Housing Opportunity Fund (HOF) construction loan to Emporia Duplex in Aurora, which will provide a total of 12 units of attached modular housing for individuals and families with incomes between 60 and 80 percent of Area Median Income. Located in Northeast Aurora just blocks from the Stanley Marketplace, the units will be sold to Elevation Community Land Trust, who will sell them to income-qualified buyers.
2,111
Total Jobs Impacted
$68,207,189
Dollars Invested
Customers
39%
Women-owned
36%
Minority-owned
16%
Women- and
Minority-owned
$245,350
Median Loan Amount
community partnerships
165
Organizations supported
Southwest Tour and Rural Philanthropy Days
The first in a series of regional tours occurred in early June as CHFAians Jerilynn Francis, Thomas Bryan, Heather Schell, and John Plakorus joined Southwest Colorado Community Relationship Manager Chris Lopez for site visits and stakeholder conversations throughout the southwest region of the state. This included visits with municipal and county leaders, various CHFA beneficiaries, and the Ute Mountain Ute Tribal Council. The week concluded with CHFA’s participation in and sponsorship of Southwest Rural Philanthropy Days, a three-day conference focused on networking, professional development, and connecting local nonprofit organizations with funding opportunities.
$2,761,956
Total Giving
$559,350
Corporate Giving
(direct and in-kind)
$282,045
Regional Community
Investment Grants
$1,919,819
Technical Assistance
473
Staff Community
Involvement Leave and Day
of Service Hours
465
Technical Assistance Hours
$276
Staff Donation Drives
and Giving and Match
spotlight
Pancratia Hall Tour
CHFA’s Community Development team toured the completed Pancratia Hall development in Denver, a conversion of a historic vacant school and dormitory into 74 units of affordable rental housing. In addition to supporting the development with federal 4 percent Housing Tax Credits in 2019, CHFA utilized the PAIRABLE financing structure by issuing $12.4 million in tax-exempt Private Activity Bonds which were cash collateralized by a construction loan from a partner lender. At stabilization, the loan was paid down to $7.8 million in permanent financing from CHFA.
CHFA Celebrates Juneteenth
Over the Juneteenth weekend, CHFA sponsored and attended the Southern Colorado Juneteenth Festival in Colorado Springs and the Juneteenth Music Festival in Denver. The Southern Colorado event featured a variety of local musical acts and culminated with an Emancipation Ceremony on Sunday evening. Denver’s festival, held in the Five Points Neighborhood, kicked off on Saturday morning with “Denver’s longest-running parade,” a neighborhood Juneteenth tradition dating back to the 1950s.
Colorado Municipal League Conference
CHFA was proud to sponsor and take part in the 101st Annual Colorado Municipal League Conference held in June at the Gaylord Rockies Resort & Convention Center in Aurora. All five of CHFA’s Community Relationship Mangers took part in the event. In addition, CHFA Manager of Business Finance Steve Boice was a conference presenter and spoke on the topic of creative housing financing solutions to incentivize developers and promote housing stability.