chfa monthly impact report
June Report: Data from January 1 to May 31, 2024
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
2,086
Total homeowners served with loans
Rent Reporting for Credit Pilot Program Wins Eagle Award
Given CHFA’s mission to strengthen Colorado by investing in affordable housing and economic development, CHFA was named to oversee Colorado’s Rent Reporting for Credit Pilot Program established by the state legislature in 2021. The program is an innovative housing solution designed to help credit-invisible renters and renters with weak credit potentially build credit by reporting timely rent payments to consumer reporting agencies. CHFA’s Home Finance Division oversaw the program’s administration, which concluded April 2024. CHFA delivered a program report to the Colorado General Assembly, which reported an average tenant credit score increase of 62 points during the course of the program.
At this year’s Housing Colorado Eagle Awards, held May 30th in Denver, CHFA received an award for its efforts administering the program. The Eagle Award represents one of the highest achievements for the Colorado housing community, celebrating extraordinary accomplishments and outstanding leadership in housing and support services.
$755,545,692
First Mortgage Loans
$182,700
Down Payment
Assistance Grants
$28,691,074
Down Payment
Assistance Seconds
2,510
Homebuyer Education
Customers Served
Customers
$363,298
Median Loan Amount
694
Median Credit Score
$100,704
Median Income
129%
Median AMI
91%
First-time Homebuyers
rental housing
1,839
Units supported with loans, PAB, or Housing Tax Credits
Round One Housing Tax Credit Awards Announced
In the first Housing Tax Credit round of 2024, CHFA awarded 13 developments a reservation of federal 9 percent Housing Tax Credits along with an award of federal 4 percent credit to a paired development. In total, these developments will support 703 affordable rental housing units to serve various housing needs in Colorado including supporting individuals and families who are transitioning out of homelessness, individuals with intellectual and developmental disabilities (IDD), older adults, and households with low and moderate incomes. The total private sector equity investment estimated to be generated from the federal tax credits awarded exceeds $158.9 million.
The following is a list of the developments receiving award reservations. For more details, view full development descriptions and the 2024 Round One Award Report on CHFA’s website.
Annex, Boulder - Developer: Grace Commons Church
Aster Place, Battlement Mesa - Developer: Lincoln Avenue Communities
Beeler Park Flats, Denver - Developer: Mile High Development
Current, Grand Junction - Developer: Grand Junction Housing Authority
Iliff Senior Apartments, Denver - Developer: MGL Partners
Kappa Tower III, Denver - Developer: Kappa Housing, Inc.
Montview Flats, Littleton - Developer: South Metro Housing Options
Range View, Saguache - Developer: Northwest Real Estate Development Capital Corp.
Residences at Delta II, Delta - Developer: TWG Development, LLC
Sanctuary on Potomac, Aurora - Developer: Aurora Housing Authority
Sunrise at Shiloh Mesa, Colorado Springs - Developer: Greccio Housing
Viña Senior Residences, Denver - Developer: CV Colorado, LLC
27
Total Developments Supported
$153,169,091
Total Loan Production
$96,299,091
Multifamily Loan Commitments
Customers
1,106
Family Housing Units
223
Supportive Housing Units
390
Older Adult/Senior Units
10
Special Population Units
34
Preservation Units
15
Veteran Units
215
Rural Housing Units
business lending
294
Total businesses served
Cash Collateral Support Benefits United Way of Morgan County
In May, CHFA provided $25,000 through its Cash Collateral Support (CCS) program and $25,000 through its CCS Plus program to support a line of credit for United Way of Morgan County (UWMC). UWMC recently received a grant that will primarily benefit its member agency Morgan County Family Center (MCFC). MCFC serves families in Eastern Colorado by providing information and connections to community agencies and helping families in need navigate systems to find the assistance they need. Additional services offered by MCFC include nutrition education, parenting classes, and emergency financial assistance.
The $50,000 deposit will provide collateral to ensure that UWMC has access to the funds they need to support the work of MCFC while they await reimbursement from the grant. For more than sixty years, United Way of Morgan County has pursued its mission to increase the capacity to care for the people of Morgan County and to create positive changes for its residents through funding local agencies and by working in community partnerships.
440
Total Jobs Impacted
$57,036,816
Dollars Invested
Customers
37%
Women-owned
48%
Minority-owned
19%
Women- and
Minority-owned
$36,000
Median Loan Amount
community partnerships
154
Organizations supported
Legislation to Advance Key Affordable Housing Investments Signed into Law
During the 2024 legislative session, CHFA voiced support for two key bills that will strengthen affordable housing investment in Colorado. Both were passed by the Colorado General Assembly and were signed into law on Thursday, May 30th. CHFA is grateful for the leadership and support of bill sponsors, Governor Jared Polis, and the bipartisan and broad-based coalition of housing, business, and community advocates who championed these important efforts.
HB24-1434, sponsored by Representative Bird, Representative Weinberg, Senator Zenzinger, and Senator Simpson, strengthens and expands Colorado’s state Affordable Housing Tax Credit starting in 2024 and continuing through 2031. The bill also provides a new Transit Oriented Communities (TOC) Tax Credit for deployment beginning in 2025-2029, which works in conjunction with the TOC land use policy authorized in HB24-1313.
HB24-1316, sponsored by Representative Lindstedt, Representative Lindsay, and Senator Bridges, creates a new Middle-income Housing Tax Credit pilot program—the first of its kind in the nation. The Middle-income Housing Tax Credit will be available for deployment in 2025-2029.
$1,874,148
Total Giving
$276,250
Corporate Giving
(direct and in-kind)
$802,567
Regional Community
Investment Grants
$794,731
Technical Assistance
399
Staff Community Involvement Leave
and Day of Service Hours
736
Technical Assistance Hours
$600
Staff Donation Drives
and Giving and Match
spotlight
Colorado NAHRO Conference Held in Vail
The annual Colorado and Mountain Plains National Association of Housing and Redevelopment Officials (NAHRO) Conference was held in Vail May 7-10. CHFA sponsored and attended the event, and several Chfaians took part in presentations and panel discussions. This included Belinda Waldron, chfareach Coordinator; Alyssa Swenson, Davina Ray, and Pricilla Fox, Multifamily Compliance Officers; and Larry Waldron and Roque Gallegos, Physical Inspections Officers.
HUD Grant Supports Housing Counseling
The Department of Housing and Urban Development (HUD) awarded CHFA a $464,414 housing counseling grant. Funds will support 11 HUD-approved housing counseling agencies located throughout Colorado. Housing counseling funded by the grant includes a wide range of services including budgeting and financial education, one-on-one housing counseling for renters and homeowners, education and assistance for unhoused individuals, and assistance for seniors.
CHFA Hosts Regional Housing Summit
CHFA had the privilege of hosting its regional HFA peers at this year’s Mountain Plains Housing Summit in Colorado Springs from May 6-8. Hosted annually by one of the core housing finance agencies in the region, this event convenes housing finance agency executive directors, management staff, and board members to discuss, create awareness of, and share solutions to the affordable housing challenges unique to the people and rural communities of the Mountain Plains region.
Photos:
Hero: Residents at Silvercliffs, CHFA rental housing customer, Silver Cliff
Rental housing: a rendering of Current in Grand Junction, courtesy of Grand Junction Housing Authority and Oz Architecture
Community partnerships: Capitol Square Apartments, CHFA rental housing customer, Denver
Spotlight, left: NAHRO Annual Conference, Vail
Spotlight, right: Mountain Plains Summit, Colorado Springs