rental housing

multifamily financing supports manufacturing housing community co-op

CHFA purchased a $2.46 million participation in a permanent loan to support the conversion of a mobile home community to a resident-owned co-op. The Animas View mobile home community is located approximately one quarter of a mile from downtown Durango and comprised of 120 homes owned by residents plus two rental units. The newly formed co-op structure allows residents to have an ownership interest in the land on which their manufactured homes reside, which eliminates their risk of displacement, provides control over lot rent fluctuations, and preserves affordable housing in Durango.

Partners in this effort include ROC USA Capital, Thistle Communities, and National Cooperative Bank. This transaction was made possible, in part, by the Opportunity-to-Purchase legislation (HB20-1201) passed in 2020 and is the first conversion of its kind in La Plata County. It is also the second conversion in which CHFA has invested and the fourth conversion in Colorado for ROC USA.

Customers

business lending

chfa supports new food hall for start-up restaurants in pueblo

The Holmes Hardware Building is a three-story historic property in downtown Pueblo that is being renovated to provide affordable housing and ground-floor commercial space. The first-floor space is being purchased by Fuel and Iron Food Hall to serve as an incubator, providing five kiosks for restaurants to rent, along with one bar to serve patrons of each restaurant and event space. This model provides opportunities for local restauranteurs to receive technical assistance and test new concepts for two to three years before moving into their own locations. The property includes land that the business plans to use to create an urban farm to harvest seasonal produce for the restaurants and community residents in need.

Fuel and Iron Food Hall received a $500,000 loan from the Colorado Historic Revolving Loan Fund, administered by CHFA, to support the real estate purchase and renovation. In addition, the business used the Cash Collateral Support (CCS) program to leverage $1 million in private financing to support the project.

Customers

community partnerships

grant helps provide water access to rural households

CHFA provided a $50,000 grant to the Rio Blanco Water Conservancy District (RBWCD) to support the development of a new water supply system that will serve western Rio Blanco County. CHFA’s grant leverages other funding to support the $3 million project and costs associated with permitting, easements, engineering, and construction.

This rural water system will provide pipeline distribution to rural areas and properties in Rio Blanco County adjacent to the Town of Rangely. It will serve approximately 250 existing individuals and create water infrastructure for future housing and rural development needs.

“This grant means the world to our project, said Alden Vanden Brink, District Manager of the Rio Blanco Water Conservancy District. “Creating the right water capture, storage, and distribution systems for our rural communities is an immense financial challenge. This grant helps us leverage and stretch dollars to complete the necessary planning work and move into the building phase.”