chfa monthly impact report

June Report: Data from January 1 to May 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

2,075

Total homeowners served with loans

CHFA Partners With Habitat for Humanity

Over the course of more than 20 years, CHFA has purchased 255 Habitat for Humanity of Colorado and Habitat of Metro Denver mortgage loans totaling over $32 million. This has given Habitat for Humanity greater financial flexibility to fast-track the construction of new homes throughout the state. In addition, CHFA has invested in the following Habitat for Humanity of Colorado initiatives:

Revolving Loan Fund: CHFA’s $3 million investment can be used towards construction costs and materials purchases and facilitates the construction of new Habitat homes. Habitat of Humanity Vail Valley recently drew down $500,000 from the Fund to support the development of 24 homes in Eagle County.

Rehabilitation Reimbursement: CHFA’s $100,000 grant investment supports Habitat’s rural rehabilitation program, helping rural homeowners build their futures in safe, secure homes. CHFA invests in these Habitat programs to increase and revitalize housing for rural Colorado.

$733,932,945

First Mortgage Loans

$201,071

Down Payment
Assistance Grants

$28,070,859

Down Payment
Assistance Seconds

2,622

Homebuyer Education
Customers Served

Customers

$360,352

Median Loan Amount

682

Median Credit Score

$94,848

Median Income

120%

Median AMI

92%

First-time Homebuyers

 

rental housing

2,136

Units supported with loans, PAB, or Housing Tax Credits

2023 Round One Housing Tax Credit Awards

In the first Housing Tax Credit round of 2023, 12 developments were awarded a reservation of federal 9 percent Housing Tax Credits to support the new construction of 605 affordable rental housing units. These developments will serve a variety of housing needs in Colorado including supporting individuals and families, households who are exiting homelessness, older adults, and veterans.

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

  • 10th and Sheridan, Denver
    Developer: Mental Health Center of Denver dba WellPower

  • The Benedict, Glenwood Springs
    Developer: Archdiocesan Housing, Inc.

  • Brigit’s Village, Frederick
    Developer: Jon Peterson

  • Diagonal Plaza, Boulder
    Developer: Boulder Housing Partners

  • Henninger Legacy Homes, Denver
    Developer: Atlantis Community Foundation

  • Jacoby Meadows, Windsor
    Developer: Windsor Housing Authority and Loveland Housing Authority

  • Mineral Point, Crested Butte
    Developer: TWG Development, LLC

  • Point of the Pines Villas, Colorado Springs
    Developer: MEJansen Development Company

  • Rifle Apartments, Rifle
    Developer: Evergreen Real Estate Group

  • StarRise at North Weld Village, Greeley
    Developer: High Plain Housing Development Corp

  • Trails at Pagosa Springs, Pagosa Springs
    Developer: Generation Housing Partners, LLC

  • Williams Pointe, Lakewood
    Developer: Metro West Housing Solutions

Pictured: a photoreal rendering of Mineral Point in Crested Butte, courtesy of TWG Development.

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Total Developments Supported

$174,158,105

Total Loan Production

$49,339,500

Multifamily Loan Commitments

Customers

                                        1,659

Family Housing Units

                                            178

Supportive Housing Units

                                        268

Older Adult/Senior Units

20

Assisted Living Units

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                                        331

Rural Housing Units

25

Special Population Units

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206

Preservation Units

                                            10

Veteran Units

business lending

224

Total businesses served

Axis Health and Bright Beginnings

Axis Health

CHFA allocated $11,500,000 in New Market Tax Credits to Axis Health, a nonprofit integrated healthcare provider serving La Plata County. The Tax Credits will support Axis Health’s acquisition and renovation of an 81,000 square foot commercial building in Durango that will be converted into a state-of-the-art medical center, enabling Axis to serve up to 6,000 patients each year.

Bright Beginnings

CHFA also provided a $250,000 loan through the Colorado Growth and Revitalization Community Impact Fund to Bright Beginnings, a preschool program serving the Montrose area, which lacks adequate childcare supply. This loan, alongside various grants, will finance a brand new facility that will add 70 full-time childcare spots and up to 18 full-time jobs.

1,997

Total Jobs Impacted

$63,615,755

Dollars Invested

Customers

38%

Women-owned

35%

Minority-owned

15%

Women- and
Minority-owned

$253,449

Median Loan Amount

community partnerships

133

Organizations supported

Home Builders Foundation Blitz Build

Each year, The Home Builders Foundation mobilizes volunteer crews to build home wheelchair ramps for people living with disabilities. In May, for this year’s Blitz Build, a hardworking crew of CHFAians spent a day building and installing a wheelchair ramp on a home in the Denver area. Home Builders Foundation is a nonprofit organization based in Englewood whose mission is to build independence, provide opportunities, and elevate lives for individuals and families with disabilities. One of the primary ways they live out their mission is by creating home modifications to enable greater access, safety, and mobility for residents. The Home Builders Foundation is the beneficiary for CHFA’s 2023 David W. Herlinger Golf Tournament held on July 19th.

Pictured: CHFA volunteers place the finishing touches on a wheelchair ramp for a resident in Denver, courtesy of Steve Boice.

$2,606,742

Total Giving

$444,100

Corporate Giving
(direct and in-kind)

$282,045

Regional Community
Investment Grants

$1,880,393

Technical Assistance

328

Staff Community
Involvement Leave and Day
of Service Hours

349

Technical Assistance Hours

$204

Staff Donation Drives
and Giving and Match

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NAHRO Conference

The Colorado chapter of NAHRO (National Association of Housing and Redevelopment Officials) held its annual conference May 9-12 in Vail. CHFA was proud to be a partner sponsor, and a number of CHFAians delivered presentations and participated in panels as subject matter experts centered on practical skills and timely topics in affordable housing and community development. CHFA Board Secretary and Treasurer Steve Cordova and Board member Julie Brewen were also presenters at this year’s conference.

Colorado Counties Incorporated

CHFA was proud to be the District Meeting Sponsor of the Colorado Counties Incorporated 2023 Summer Conference, connecting with over 300 county decision makers on pressing issues impacting housing and economic development, including The Future of Water in Colorado, Proposition 123, and more. All five of CHFA’s Community Relationship Managers were in attendance along with Jerilynn Francis, Chief Communications and Community Partnerships Officer, who took part in a panel discussion on Proposition 123.

Habitat for Humanity Camp Colorado

The largest gathering of Habitat for Humanity affiliates in the Rocky Mountain Region, Camp Colorado, was held May 3-5 following a five-year hiatus. CHFA was an event sponsor, and several CHFAians were in attendance. The annual gathering convenes professionals, volunteers, Habitat homeowners, and community and business partners to learn together, strengthen connections, and build capacity to accomplish Habitat’s mission.