chfa monthly impact report
November Report: Data from January 1 to October 31, 2022
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
5,735
Total homeowners served with loans
Home Finance launches advertising campaign
CHFA’s focused advertising campaign to Black and African American Coloradans, began on October 1st and will run through the end of January 2023. This campaign serves to build awareness of CHFA’s mission, vision, and homebuying resources. This campaign was developed in partnership with a cross-divisional team of CHFA staff and representatives from the African American Trade Association, CHFA’s consultant for our Black and African American Marketing and Outreach project.
The campaign theme and content were developed based on focus group and community engagement feedback, which identified hopes, concerns, goals, and obstacles of homebuying and homeownership. The campaign theme, “Own a Home to House Your Dreams. Own Your Tomorrow.” speaks to how homeownership can build generational wealth and support the larger community.
All advertising links to our website at chfainfo.com/own-your-tomorrow. Visit the page to learn more and view the campaign’s customer testimonial.
Pictured above: E.J., Celize, and family, CHFA homeownership customers, Colorado Springs
$2,004,979,602
First Mortgage Loans
$1,221,902
Down Payment
Assistance Grants
$76,852,118
Down Payment
Assistance Seconds
5,910
Homebuyer Education
Customers Served
Customers
$352,111
Median Loan Amount
681
Median Credit Score
$80,080
Median Income
104%
Median AMI
92%
First-time Homebuyers
rental housing
4,484
Units supported with loans, PAB, or Housing Tax Credits
Maxfield Heights supported with CHFA multifamily financing
Maxfield Heights is the first affordable rental housing development supported with Housing Tax Credits to serve older adults in Rifle. The development offers 50 one-bedroom apartments affordable to adults age 55 and older whose incomes range from 30 to 60 percent of the Area Median Income. The property was designed to serve residents with hearing, vision, and mobility challenges. The Rifle Senior Center is located across the street and partnered with the developer, TWG Development, to provide resident services.
CHFA supported Maxfield Heights by providing a $1.85 million SIMPLE loan, a $600,000 Capital Magnet Fund (CMF) loan, and a $150,000 CMF grant. The development was also awarded federal 9 percent Housing Tax Credits by CHFA in 2019.
Pictured above: Residents at Maxfield Heights, Rifle, Colorado
54
Total Developments Supported
$309,820,167
Total Loan Production
$33,353,872
Multifamily Loan Commitments
Customers
3,003
Family Units
337
Homeless Units
1,131
Senior Units
0
Special Needs Units
986
Preservation Units
13
Veteran Units
696
Rural Units
business lending
491
Total businesses served
Fort Collins preservation project provides for-sale housing
Elevation Community Land Trust (ECLT) and Housing Catalyst (Fort Collins’ housing authority) have partnered to create new homeownership opportunities for households with incomes at 80 percent of the Area Median Income or below in Fort Collins. The project involved the purchase, renovation, and sale of former public housing units to create 44 homes for sale.
Home types include duplex, triplex, four-plex, and single family. Qualified buyers purchase the homes and lease the land from ECLT. This structure provides permanently affordable homeownership opportunities for the Fort Collins community.
CHFA is supporting this development by providing ECLT with an $8.8 million loan from CHFA’s Housing Opportunity Fund (HOF). In October, the second tranche closed, providing $1.925 million to support 10 units (two duplexes, one triplex, and three single family homes). Funding will be completed in two more tranches.
3,178
Total Jobs Impacted
$62,850,801
Dollars Invested
Customers
38%
Women-owned
32%
Minority-owned
14%
Women- and
Minority-owned
$84,363
Median Loan Amount
community partnerships
239
Organizations supported
CHFA presents Housing Colorado annual conference
Housing Colorado hosted its annual conference October 12th-14th, in Breckenridge and CHFA was proud to be the presenting sponsor. The conference convened a wide variety of stakeholders who are instrumental in advancing affordable housing, such as local housing authorities, developers, property managers, investors, lenders, state and local government partners, and residents. Many education sessions were provided at the conference, several of which featured CHFA speakers and moderators. Topics range from trends and best practices to policy matters. Several CHFA staff members served as speakers and moderators at conference education sessions.
In addition, CHFA supported 11 registration scholarships for community members and leaders who are new to the housing space, giving them the opportunity to attend the conference for the first time. To enhance the experience for our partners, CHFA also organized a networking dinner for the group to meet and make connections with each other and CHFA.
$3,814,684
Total Giving
$1,979,812
Corporate Giving
(direct and in-kind)
$275,000
Housing Solution Grants
$1,066,512
Regional Community
Investment Grants
$8,580
Staff Donation Drives
and Giving and Match
$484,780
Technical Assistance
1,089
Staff Community
Involvement Leave and Day
of Service Hours
733
Technical Assistance Hours
spotlight
Drive|Lead|Succeed Conference
The Economic Development Council of Colorado (EDCC) hosted its annual Drive|Lead|Succeed Conference October 19th-21st. The conference occurred in Pueblo and offered education and networking among Colorado’s leading economic development professionals, business and nonprofit leaders, government officials, and more. CHFA was the title sponsor.
Groundbreakings and grand openings
Several affordable rental housing developments supported by CHFA with Housing Tax Credits and other programs celebrated grand openings and groundbreakings in October. They included Cadence in Fort Collins, Calkins Commons in Cortez, The Iron Horse in Alamosa, and The Reserves at Green Valley Ranch in Denver. These developments represent 281 units of affordable rental housing.
Pictured: The Iron Horse ribbon cutting, Alamosa, Colorado
Manufactured housing
Nine organizations have partnered to create a financing vehicle that positions homeowners in Colorado manufactured home communities to successfully purchase their neighborhoods when they go up for sale. State law gives Colorado homeowners a short window to organize and secure financing to match a competing offer when their community is for sale. ROC USA® Capital and Thistle Community Housing collaborated with banks and nonprofits to secure a $55 million capital pool last month. CHFA contributed $10 million.