chfa monthly impact report
May Report: Data from January 1 to April 30, 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
1,524
Total homeowners served with loans
Black and African American Homeownership and Engagement Efforts
At the conclusion of CHFA’s 2022 Black and African American community engagement sessions, CHFA developed several initiatives, in tandem with participants, to support bridging the homeownership gap. In addition to the goal of increasing the number of households served by CHFA homeownership programs, these sessions determined that targeted intentional outreach, in-community education, and increased resource allocation were key to making a meaningful impact.
In furtherance of those goals, to date in 2023, CHFA has increased representation on its Lender Advisory Group, is preparing to launch a series of one-on-one meetings with key stakeholders, and kicked off the personalized Own Your Tomorrow marketing campaign. Throughout the summer, CHFA will hold four in-community Homebuyer 101 workshops and attend several festivals and community events.
$532,415,332
First Mortgage Loans
$135,269
Down Payment
Assistance Grants
$20,375,007
Down Payment
Assistance Seconds
1,833
Homebuyer Education
Customers Served
Customers
$353,081
Median Loan Amount
682
Median Credit Score
$93,828
Median Income
120%
Median AMI
92%
First-time Homebuyers
rental housing
1,341
Units supported with loans, PAB, or Housing Tax Credits
Ridgway Space to Create
In April, CHFA provided a $1.4 million Small Multifamily Permanent Loan (SIMPLE) loan and a $500,000 Healthy Housing Fund loan for the Ridgway Space to Create development. In 2020, CHFA was pleased to award the development $800,018 in federal 9 percent Housing Tax Credits. The project is part of the Space to Create Colorado program under the Office of Economic Development and International Trade (OEDIT), which works in partnership with Colorado Creative Industries and Artspace, Inc., to promote projects across various areas of the state. Ridgway Space to Create features 30 units serving families at 30 to 80 percent of Area Median Income in addition to a community space available to the public. The property is in Ridgway’s creative district, and a grand opening celebration will be held in June.
Photo courtesy Artspace, Inc. and Brenda Metheny Photography.
16
Total Developments Supported
$173,408,105
Total Loan Production
$49,300,000
Multifamily Loan Commitments
Customers
1,168
Family Units
0
Homeless Units
173
Senior Units
0
Special Needs Units
88
Preservation Units
0
Veteran Units
153
Rural Units
business lending
192
Total businesses served
CHFA Supports Welton St. Café and Just Living Recovery
CHFA provided Cash Collateral Support Plus and Cash Collateral Support credit enhancements of $100,000 each to support a $401,825 loan to Welton Street Café, a Black family-owned soul food restaurant in Denver’s Five Points neighborhood, to relocate their now closed operation. These funds will support a move to a new facility that will increase the restaurant’s seating capacity twofold, as well as provide ample parking, a working HVAC system, and frontage that aligns with the ownership’s vision.
CHFA was also pleased to provide a Housing Opportunity Fund loan of $212,000 for Just Living Recovery (JLR), refinancing an existing private loan. JLR, a nonprofit organization based in Lakewood, helps meet a need for safe and affordable residential options for people in recovery from substance abuse, particularly for those from marginalized communities.
1,482
Total Jobs Impacted
$37,066,752
Dollars Invested
Customers
40%
Women-owned
37%
Minority-owned
17%
Women- and
Minority-owned
$175,672
Median Loan Amount
community partnerships
98
Organizations supported
Downtown Colorado Inc. (DCI) In the Game Conference
CHFA was proud to sponsor and take part in the Downtown Colorado Inc. (DCI) In the Game Conference from April 11-14 in Loveland. Each year, DCI convenes experts and leaders in community development for a conference to share ideas, educational opportunities, and interactive workshops designed to inspire problem solving and creative action as it pertains to Colorado’s downtowns and commercial districts. Three of CHFA’s Community Relationship Managers—Caroline Trani, Jeff Owsley, and Trisha Herman—took part in this year’s conference alongside CHFA Manager of Business Finance Steve Boice and CHFA Commercial Loan Officer Ryan TerBush. During the conference, CHFA hosted two “Dine Around Sessions,” which are opportunities for attendees to dive deeper on topics of interest. CHFA’s sessions were entitled “Rural Housing Partners” and “Small-scale Housing Support.”
$2,435,529
Total Giving
$327,400
Corporate Giving
(direct and in-kind)
$242,345
Regional Community
Investment Grants
$1,865,784
Technical Assistance
117
Staff Community
Involvement Leave and Day
of Service Hours
294
Technical Assistance Hours
$0
Staff Donation Drives
and Giving and Match
spotlight
Brian Miller in DC for HUD Listening Session
In April, CHFA Asset Management Director Brian Miller participated in a listening session convened by HUD in Washington, D.C., to discuss the Project Based Contract Administrator (PBCA) program. Miller was among nine housing finance agency (HFA) representatives invited to represent all HFAs nationwide as HUD considers next steps in its ongoing PBCA contract solicitation and renewal process. Also participating in the listening session were representatives from various public housing authorities. CHFA will continue to engage with NCSHA and serve as a leading voice as this dialogue with HUD continues and next steps are determined.
Paul Washington Honored at Blackstone Entrepreneurs Event
Former CHFA Board member Paul Washington was awarded the 2023 Impact Award at the inaugural Blackstone Entrepreneurs Network (BEN) Celebration of Entrepreneurship event held Wednesday, April 26th, at the History Colorado Center in Denver. Mr. Washington served on the Board of Directors from 2014 to 2021 and is currently the Executive Vice President of IMA Financial Group. He is also a founding partner of the Denver ScaleUp Network (DenSUN), which supports Colorado entrepreneurs with personal and professional advice and guidance, as well as networking opportunities. Congratulations Paul!
Proposition 123 Engagement Activities
Through the end of April 2023, CHFA participated in 11 targeted engagement events related to Proposition 123. This includes partnerships with the Department of Local Affairs (DOLA), Division of Housing (DOH), and the Office of Economic Development and International Trade (OEDIT) as well as stakeholder organizations such as the Metro Mayors Caucus and the Colorado Mountain Housing Coalition. These activities will continue throughout the year as CHFA seeks to inform and hear feedback from local governments and other key stakeholders ahead of and during the program launch later this summer.