chfa monthly impact report
June Report: Data from January 1 to May 31, 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
3,320
Total homeowners served with loans
top homeownership household types in 2021
Below are snapshots of the top household types of CHFA’s homeownership customers so far in 2021.
$1,009,191,196
First Mortgage Loans
$676,806
Down Payment
Assistance Grants
$38,385,533
Down Payment
Assistance Seconds
2,573
Homebuyer Education
Customers Served
Customers
$309,155
Median Loan Amount
677
Median Credit Score
$67,392
Median Income
96%
Median AMI
91%
First-time Homebuyers
rental housing
2,308
Units supported with loans, PAB, or Housing Credits
chfa awards housing tax credits to 13 affordable rental housing developments
CHFA recently announced that 13 developments will be awarded a reservation of federal Housing Tax Credits to support the new construction of 882 affordable apartments. These developments will seek to address various housing needs in Colorado, including those of veterans, formerly homeless individuals and families, and older adults.
The following developments are receiving federal 9 percent Housing Credit award reservations by CHFA. Full descriptions may be viewed here and the award report may be viewed here.
Powers and Elati, Littleton
Developer: South Metro Housing Options
Residences at Delta, Delta
Developer: TWG Development
Solid Ground Apartments, Lakewood
Developer: Jefferson Center for Mental Health
St. Valentine Apartments, Loveland
Developer: Archdiocesan Housing Inc.
Vance Street Flats, Arvada
Developer: Medici Development LLC
Vincent Village, Fort Lupton
Developer: Michaels Development Company
*Awarded both federal 9 percent and 4 percent Housing Credits. Please see project description for more information.
2275 Wadsworth, Lakewood
Developer: Archway Investment Corporation
Central Park II, Denver
Developer: Northeast Denver Housing Center, Inc.
Crawford Townhomes, Pueblo
Developer: The Housing Authority of the City of Pueblo
Deer Run Apartments, Sterling
Developer: Four Corners Development
Greyhound Park Empowerment, Commerce City
Developer: DelWest Financial Corporation
Joli/Sol, Denver
Developer: Denver Housing Authority*
Northwest Apartments, Broomfield
Developer: High Ridge Costa Development
Pictured: Rendering of Vincent Village, photo courtesy of Michaels Development Company.
28
Total Developments Supported
$69,522,132
Total Loan Production
$33,200,000
Multifamily Loan Commitments
Customers
1,596
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
chfa supports new construction of commercial industrial space in montrose
Colorado Outdoors will be a new commercial space to house various businesses in Montrose. The project involves the new construction of approximately 55,000 square feet of flex-industrial space, including two mirrored buildings on a 3.2-acre site, which is part of the Montrose Urban Renewal Authority boundary. Several companies new to Montrose will anchor the site, bringing jobs and economic growth to the region.
Local job creation has become more critical with the closing of the Russell Stover manufacturing facility which terminated 220 positions. While originally expected to close in March 2021, due to the COVID-19 pandemic, closed at the end of August 2020. The new businesses based at Colorado Outdoors are expected to add approximately 231 new jobs, including between 50 to 80 construction jobs.
Tenants of Colorado Outdoors will draw regionally for their employment base. Wages for jobs created are expected to be above the living wage for the region. Colorado Outdoors will seek to provide below-market lease rates to tenants, allowing them to bring their businesses and their catalytic impact to Colorado’s Western Slope.
CHFA was proud to support Colorado Outdoors with $10,670,000 in New Markets Tax Credit financing, and a $1.2 million loan through the Colorado Growth and Revitalization Fund-Community Impact Fund.
1,158
Total Jobs Impacted
$30,189,371
Dollars Invested
Customers
31%
Women-owned
25%
Minority-owned
5%
Women- and
Minority-owned
$20,000
Median Loan Amount
community partnerships
50
Organizations supported
strengthening housing for american indian/alaska native families in the denver
Denver Indian Family Resource Center (DIFRC) is dedicated to helping American Indian/Alaska Native (AI/AN) families and children build strength and thrive. They offer a variety of programs and services to support AI/AN families living in the Denver Metro region including: family reunification and preservation case management, parenting classes, and resource referral for housing, utilities, and legal services.
Recently, DIFRC created a Housing Circle to explore ways to provide increased support for AN/AI families seeking housing. To assist in their efforts, DIFRC has retained Amaktoolik Studios to conduct a two phase housing needs assessment that will include a data analysis of AN/AI housing needs in the metro region as well as recommend efforts and projects to address findings. Solutions will include recommendations for programs, services, and/or developments.
CHFA has joined with Colorado Health Foundation and Enterprise Community Partners to support this work through a $43,000 Community Partnerships investment and by serving as a stakeholder member of the Housing Circle.
Learn more about DIFRC at https://difrc.org.
$560,305
Total Giving
$358,460
Corporate Giving
(direct and in-kind)
$40,000
Housing Solution Grants
$159,350
Regional Community
Investment Grants
$2,495
Staff Donation Drives
and Giving and Match
183
Staff Community Involvement Leave and Day of Service Hours
spotlight
chfa supports san luis valley regional airport
Founded in 1941, the San Luis Valley Regional Airport provides air service to the region and is owned by Alamosa County and the City of Alamosa. The airport is an essential resource for the area and has experienced recent growth. In 2019, it reached a critical threshold of 10,000 annual enplanements for the first time. Reaching this threshold triggered new federal requirements, which were met by completing projects, including updating the airport’s fuel systems. These updates will provide a significant economic development benefit to the San Luis Valley by preserving and enhancing the airport’s operations. CHFA was proud to support this project by contributing $80,000.
united way of pueblo recognizes caroline trani and chfa
United Way of Pueblo County hosted its 98th Annual Meeting and Honors Reception on May 26th, at which CHFA Community Relationship Manager, Caroline Trani, and CHFA as an organization was presented its LIVE UNITED Champion Award. The organization stated, “Your dedication and support of United Way of Pueblo County and devotion to positively impacting the Pueblo community has stood out as a stellar example of what is possible when we LIVE UNITED!” CHFA’s support included a $25,000 donation to assist with emergency housing assistance for displaced families following a fire at Fenix Apartments in Pueblo.
Photo courtesy of Melissa Perez.
ridgegate affordable housing breaks ground
On May 25th, a groundbreaking celebration was held to recognize the start of construction on RidgeGate Affordable Housing. This 67-unit development will be the first affordable rental housing development supported with Housing Tax Credits built in Lone Tree. RidgeGate Affordable Housing will be located in Lone Tree's City Center, an emerging area that will become Lone Tree's vibrant downtown, supported by commercial, office, residential, and mixed-use districts surrounded by an extensive park and open space network. CHFA was proud to support RidgeGate Affordable Housing by awarding federal 9 percent Housing Tax Credits in 2020.
Pictured: Preliminary rendering of RidgeGate Affordable Housing courtesy of Bryant Flink Architecture