chfa monthly impact report

June Report: Data from January 1 to May 31, 2022

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

2,983

Total homeowners served with loans

Homebuyer education

Homebuyer education chart

$1,028,871,891

First Mortgage Loans

$850,295

Down Payment
Assistance Grants

$39,181,963

Down Payment
Assistance Seconds

3,410

Homebuyer Education
Customers Served

Customers

$347,652

Median Loan Amount

682

Median Credit Score

$74,880

Median Income

97%

Median AMI

91%

First-time Homebuyers

 

rental housing

2,070

Units supported with loans, PAB, or Housing Tax Credits

2022 round one housing tax credit awards

In the first Housing Tax Credit round of 2022, 12 developments were awarded a reservation of federal 9 percent Housing Tax Credits to support the new construction of 592 affordable apartments. These developments will serve various housing needs, including supporting individuals and families who are transitioning out of homelessness, older adults, and veterans. The following is a list of the developments that have been awarded federal 9 percent Housing Tax Credits.

The following is a list of the developments that have been awarded federal 9 percent Housing Tax Credits. Full descriptions may be viewed here, and the award report may be viewed here.

  • Bluebird Longmont, Longmont
    Developer: Element Properties

  • Brush Village II, Brush
    Developer: Northpointe Development II Corporation

  • Fruita Mews, Fruita
    Developer: Indibuild LLC

  • The Ives, Wheat Ridge
    Developer: Foothills Regional Housing

  • Launchpad Apartments, Colorado Springs
    Developer: Cohen- Esrey Development Group

  • The Osborn, Rocky Ford
    Developer: Total Concept

  • Puwagaan Kaan, Cortez
    Developer: The Piñon Project and Blueline Development

  • Residences at Dry Cedar Creek, Montrose
    Developer: RealAmerica Development LLC

  • Silver Key Senior Apartments, Colorado Springs
    Developer: Silver Key Senior Services

  • SP Crossing, Commerce City
    Developer: Nesbitt Development LLC and Brinshore Development

  • St. Stephen Apartments, Denver
    Developer: MGL Partners

  • Willoughby Corner Phase IA Senior, Lafayette
    Developer: Boulder County Housing Authority

Pictured: rendering of Fruita Mews, courtesy of Indibuld LLC

26

Total Developments Supported

$154,363,723

Total Loan Production

$4,900,000

Multifamily Loan Commitments

Customers

1,365

Family Units

202

Homeless Units

490

Senior Units

0

Special Needs Units

369

Preservation Units

13

Veteran Units

279

Rural Units

business lending

252

Total businesses served

Update: CLIMBER Loan Fund supports Colorado businesses

The Colorado Loans to Increase Mainstreet Business Economic Recovery (CLIMBER) Loan Fund was created in the wake of the pandemic to support small businesses in Colorado. CLIMBER is a partnership between CHFA; the State of Colorado, including the State Treasurer’s Office and the Office of Economic Development and International Trade; and CLIMBER’s private investors.

To date, CLIMBER has provided $2.6 million in loans to small businesses and $7.5 million in affordable loan capital to participating nonprofit lenders. The types of businesses supported by CLIMBER have included accounting, administrative management and consulting, community housing services, household appliance stores, individual and family services, mobile food services, physical therapy, social advocacy, waste management, and water supply and irrigation. These businesses are located in Alamosa, Arapahoe, Archuleta, Jefferson, La Plata, Larimer, Montezuma, Montrose, and Saguache counties.

1,628

Total Jobs Impacted

$19,473,428

Dollars Invested

Customers

39%

Women-owned

30%

Minority-owned

14%

Women- and
Minority-owned

$47,151

Median Loan Amount

community partnerships

125

Organizations supported

Technical assistance services and grants awarded to support small-scale housing development

CHFA recently completed the first 2022 application round for its Small-scale Housing Technical Assistance program. The program helps catalyze small-scale affordable housing developments by providing access to pro bono affordable housing consulting and pre-development grant assistance.

In this round, seven projects were supported. These developments are being planned in Broomfield, Del Norte, Grand Junction, Holyoke, Julesburg, Mancos, and Rancho Creede.

Small-scale Housing Technical Assistance 2022 Round Two pre-applications will open in Fall 2022. Click here to learn more.

$2,090,808

Total Giving

$947,170

Corporate Giving
(direct and in-kind)

$275,000

Housing Solution Grants

$739,000

Regional Community
Investment Grants

$6,310

Staff Donation Drives
and Giving and Match

$123,328

Technical Assistance

400

Staff Community
Involvement Leave and Day
of Service Hours

385

Technical Assistance Hours

spotlight

Pancratia Hall Lofts opens

On May 12th, a grand re-opening and open house was held to celebrate Pancratia Hall Lofts. This development involved the conversion of a historic vacant school and dormitory building at the former Loretto Heights college campus into 72 units of affordable rental housing for Denver families with incomes between 30 and 80 percent of the Area Median Income. Several historic elements of the building were preserved. CHFA supported Pancratia Hall Lofts with federal 4 percent Housing Tax Credits, Private Activity Bonds, and financing.

2022 state legislative session adjourns

On Wednesday, May 11th, the 73rd Colorado General Assembly adjourned their second legislative session. Among the housing bills that successfully passed were two that allocated additional investment in key CHFA programs. HB22-1051 extended the state Affordable Housing Tax Credit (AHTC) program for seven years through December 31, 2031, and allows CHFA to allocate $10 million in state credits annually and additional tax credits to support disaster recovery. SB22-146 will direct $25 million in general funds to support CHFA’s Middle-income Access Program.

Pictured: HB22-1051 bill signing, May 27, 2022

CHFA awarded health and housing grant

CHFA was awarded a $150,000 grant to advance strategic partnerships with health organizations to support affordable housing in Colorado. The grant was awarded by the National Council of State Housing Agencies (NCSHA) and funded by the Robert Wood Johnson Foundation. “Affordable housing is a major contributor to a stable and healthy quality of life. This grant will support our work to advance strategic partnerships within the health care, housing, and philanthropic community to support affordable housing options and improved health outcomes for Coloradans,” said Cris White, CHFA Executive Director and CEO. Read the news release to learn more.