chfa monthly impact report
May Report: Data from January 1 to April 30, 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
2,620
Total homeowners served with loans
hardship assistance for chfa homeowners
During the past year, 22 percent of CHFA’s homeownership customers have inquired about hardship assistance. Detailed below are the outcomes of those inquiries.
$789,158,063
First Mortgage Loans
$528,301
Down Payment
Assistance Grants
$29,983,920
Down Payment
Assistance Seconds
1,899
Homebuyer Education
Customers Served
Customers
$306,192
Median Loan Amount
677
Median Credit Score
$67,047
Median Income
96%
Median AMI
91%
First-time Homebuyers
rental housing
945
Units supported with loans, PAB, or Housing Credits
affordable rental housing properties celebrate grand openings
The following developments recently celebrated grand openings.
Olin Hotel Apartments, Denver
Olin Hotel Apartments is an independent senior living property in Denver, originally built as a hotel in 1917 and converted to senior apartments in 1981. Senior Housing Options recently celebrated the property’s grand reopening following an extensive renovation to provide fully upgraded apartments for residents, new indoor and outdoor community amenities, a new roof, and six new one-bedroom units. There is a total of 112 units of affordable rental housing at Olin Hotel Apartments.
CHFA was proud to support Olin Hotel Apartments by awarding federal 4 percent and state Housing Credits in 2018 and by issuing Private Activity Bonds.
Watch this video to learn more.
Residences at Hoffman, Aurora
TWG Development LLC, developer of Residences at Hoffman, released a grand opening video to celebrate its new affordable rental housing property. Residences at Hoffman is an 85-unit development that serves older adults and veterans with incomes at 60 percent Area Median Income or below. The property is located in Aurora within walking distance to the R-Line light rail, VA Medical Center, and Anschutz Medical Campus.
CHFA was proud to support Residences at Hoffman by awarding federal 4 percent and state Housing Credits in 2018.
11
Total Developments Supported
$53,722,132
Total Loan Production
$31,700,000
Multifamily Loan Commitments
Customers
759
Family Housing Units
0
Homeless Housing Units
126
Senior Housing Units
60
Special Needs Units
348
Rural Housing Units
198
Preservation Units
business lending
169
Total businesses served
climber loan fund launched to support small businesses
The Colorado Department of the Treasury, CHFA, and Office of Economic Development and International Trade (OEDIT) launched the Colorado Loans for Increasing Mainstreet Business and Economic Recovery (CLIMBER). CLIMBER is a statewide loan fund that will provide up to $250 million in working capital to Colorado small businesses through 2023.
The CLIMBER Loan Fund, with loans of up to $500,000, is designed to catalyze borrowing that might not otherwise be available. Below-market interest rates and favorable terms provide a secure recovery option for small businesses across Colorado. Special consideration is given to small businesses located in rural, distressed, and underserved areas, including communities with low- to moderate-income.
Visit the CLIMBER website to learn more.
857
Total Jobs Impacted
$11,475,944
Dollars Invested
Customers
29%
Women-owned
22%
Minority-owned
4%
Women- and
Minority-owned
$20,047
Median Loan Amount
community partnerships
49
Organizations supported
chfa supports boulder victims’ families
Following the recent tragic shooting in Boulder, Elevations Credit Union Foundation established a victims’ assistance fund to support the 10 families that lost loved ones. Donors contributed a total of $509,224 and the foundation matched $200,000, bringing the total fund to $709,224. The foundation stated that it is working closely with the Boulder County District Attorney’s Office to ensure that 100 percent of the funds are distributed quickly and equally.
CHFA was honored to contribute $25,000 to the fund.
$444,805
Total Giving
$323,460
Corporate Giving
(direct and in-kind)
$40,000
Housing Solution Grants
$79,350
Regional Community
Investment Grants
$1,995
Staff Donation Drives
and Giving and Match
140
Staff Community Involvement Leave and Day of Service Hours
spotlight
lakewood-west colfax business improvement district developing community hub
With support from the CHFA-administered Cash Collateral Support (CCS) program, the Lakewood-West Colfax Business Improvement District (BID) is purchasing space to serve as a community and cultural hub. The organization received a $385,000 CCS deposit to leverage $1.1 million in private financing from FirstBank to support the purchase of more than 11,000 square feet of property in the Lamar Station Plaza.
The Lakewood West-Colfax BID is developing the site to provide office, meeting, and gallery space for its operations and those of affiliated organizations, in addition to retail, studio, and pop-up event space. Other primary tenants will include 40 West Arts, West Colfax Community Association, The Creativity Lab, Lakewood Arts, and Red Herring Art & Supply.
This project allows for expanded programs to serve youth, older adults, and the overall West Colfax community, and will help sustain the Lakewood West-Colfax BID, which is home to 40 West Arts District, Lakewood’s only state-certified creative district.
Read the news release to learn more.
women’s bean project: ready, set, grow
Women’s Bean Project hosted Ready, Set, Grow, its annual graduation celebration and fundraising event, on April 28th. This 30-minute virtual event invited participants to hear several women’s personal journeys as they learned to stand tall, find their purpose, and break the cycle of poverty. Women’s Bean Project provides stepping stones to self-sufficiency through social enterprise, serving women who are experiencing chronic unemployment and working to make our community stronger.
CHFA was proud to sponsor the event. Click here to learn more and watch Ready, Set, Grow 2021.
minds matter colorado: celebrate
Minds Matter Colorado’s mission is to support the educational dreams of high-achieving high school students from low-income households across the state by providing them with help and guidance to attend and succeed at the college of their choice. On April 24th, Minds Matter hosted CELEBRATE, a virtual, high-energy, fun, and joyous celebration of Minds Matter’s students, their mentors, and their continued 100-percent success rates.
CHFA was a proud sponsor of CELEBRATE. Click here to learn more and watch the event.