chfa monthly impact report
October Report: Data from January 1 to September 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
6,448
Total homeowners served with loans
chfa partners with bank of america on enote initiatives
In February 2021, CHFA became the first state HFA, as well as the first correspondent lender in the nation, to electronically accept, purchase, and deliver an electronic mortgage promissory note (eNote). CHFA has been piloting the eNote process with Fairway Mortgage for conventional, first-lien loans for delivery to Fannie Mae and Freddie Mac®. CHFA is actively expanding the eNote option for government loans, in addition to down payment assistance second loans in 2022.
In September 2021, CHFA contracted with Bank of America, which is the leading issuer of eNotes in the nation. With this partnership, any CHFA Participating Lender that utilizes Bank of America as its warehouse lender will be approved to deliver and sell loans with eNotes to CHFA for delivery to the GSEs.
“Using cutting-edge technology, CHFA is glad to be a trailblazer in prototyping this process for others in the industry to follow, which will significantly increase the speed and efficiency of mortgage loan funding. Our innovative partnership with warehouse lenders advances our eNote capabilities, saves costs for all parties, and increases our footprint in the eNote universe. Ultimately, we are establishing the industry standard for the future,” said Dan McMahon, CHFA Home Finance Director.
$2,032,692,646
First Mortgage Loans
$1,681,530
Down Payment
Assistance Grants
$77,334,278
Down Payment
Assistance Seconds
5,725
Homebuyer Education
Customers Served
Customers
$319,113
Median Loan Amount
677
Median Credit Score
$68,489
Median Income
89%
Median AMI
92%
First-time Homebuyers
rental housing
4,357
Units supported with loans, PAB, or Housing Tax Credits
chfa supports affordable housing development in aspen
Castle Creek Apartments (fka Aspen Affordable Housing) provides families and individuals an affordable home in the highest-cost area of the state that is in dire need of affordable housing for its workforce. According to an Economic and Planning Systems, Inc. study conducted in 2019, there was a shortage of more than 480 housing units in 2017 for households with incomes at 60 percent of the Area Median Income or below. Therefore, Castle Creek is critical to helping meet some of that need.
The property offers 24 apartments (14 one-bedroom and 10 two-bedroom units) to households with annual incomes at or below 60 percent of the Area Median Income. Castle Creek opened in January 2021.
CHFA was proud to support Castle Creek by providing $1,125,000 in permanent financing using CHFA’s SIMPLE loan program. In addition, CHFA awarded federal 4 percent and state Housing Tax Credits in 2018 and issued $7.1 million in Private Activity Bonds.
47
Total Developments Supported
$90,012,132
Total Loan Production
$44,000,000
Multifamily Loan Commitments
Customers
3,374
Family Housing Units
245
Homeless Housing Units
653
Senior Housing Units
60
Special Needs Units
25
Veteran Units
525
Rural Housing Units
753
Preservation Units
business lending
426
Total businesses served
chfa supports renovation of mixed-use historic property in florence
Renovations are underway to preserve a historic building in Florence, Colorado, that has first-floor commercial space and a vacant second floor that will be converted to market-rate apartments. The building was originally built in 1913 and is located in the Downtown Florence Historic District.
The commercial tenants of the building are Florence Brewing Company and Special Forces Motorcycle Club. The new rental housing portion of the project will include eight one-bedroom apartments and one studio apartment. This will help address the area’s high demand for quality rental housing opportunities in the region.
The project is being supported by providing a $750,000 loan through the Colorado Historic Revolving Loan Fund, administered by CHFA.
2,165
Total Jobs Impacted
$73,321,257
Dollars Invested
Customers
39%
Women-owned
29%
Minority-owned
11%
Women- and
Minority-owned
$20,000
Median Loan Amount
community partnerships
113
Organizations supported
golfers raise $75,000 for second chance center
CHFA’s annual David W. Herlinger Golf Tournament raised $75,000 for Second Chance Center, Inc. (SCC) on Wednesday, September 29th, 2021. SCC's mission is to help formerly incarcerated people transition to lives of success and fulfillment.
“In 2017, CHFA entrusted Second Chance Center with the wherewithal to develop Providence at the Heights, our 50-unit Permanent Supportive Housing development in Aurora. We are beyond grateful that you still find us worthy of support. There is so much work still to do. Thank you so much,” said Hassan Latif, Executive Director for Second Chance Center.
SCC’s comprehensive housing program includes emergency shelter, transitional housing, affordable workforce housing, and Permanent Supportive Housing. The organization’s training, apprenticeship, and employment program is geared to generate “mortgage-paying” salaries in partnership with local employers to fill the skilled labor gap. SCC serves approximately 1,800 people every year.
Read the news release to learn more.
$1,428,764
Total Giving
$860,240
Corporate Giving
(direct and in-kind)
$65,000
Housing Solution Grants
$379,486
Regional Community
Investment Grants
$4,417
Staff Donation Drives
and Giving and Match
$119,621
Technical Assistance
437
Staff Community
Involvement Leave and Day
of Service Hours
361
Technical Assistance Hours
spotlight
denver metro village celebrates grand opening
On September 14th, a grand opening was held to celebrate Denver Metro Village, an affordable rental housing development serving older adults that has been renovated and expanded. The project involved the rehabilitation of 191 existing units, parking and amenity space additions, and the construction of 19 new units.
CHFA supported Denver Metro Village by:
awarding $2,775,554 in federal 4 percent Housing Tax Credits in 2019;
providing $41.5 million in construction financing and $19.3 million in permanent financing via CHFA’s CAPABLE loan program;
issuing $41.5 million in tax-exempt Private Activity Bonds to fund the construction-to-permanent financing;
providing a $600,000 Capital Magnet Fund loan; and
awarding a $150,000 Capital Magnet Fund grant.
rural philanthropy days spotlights housing
In light of the overwhelming housing crisis facing many Colorado communities, Community Resource Center hosted a Housing Panel at its Heart of Colorado Rural Philanthropy Days held September 21st-23rd in Cañon City. The forum explored the current regional housing market landscape; available funding for housing at the federal, state, and philanthropic levels; engagement opportunities for local governments; and highlight innovative solutions being implemented across the region.
Executive Director of Total Concepts and CHFA Board Member, Steve Cordova, and CHFA Director of Marketing and Community Relations, Jerilynn Francis, spoke on the panel alongside colleagues from the Colorado Division of Housing, Colorado Health Foundation, Gates Family Foundation, Colorado Center on Law and Policy, and local community leaders.
chfa donates to colorado gives day incentive fund
Colorado Gives Day is an annual statewide movement to celebrate and support Colorado nonprofits through online giving. This year it’s happening on Tuesday, December 7th. Colorado Gives Day’s $1 million Incentive Fund is made possible by Community First Foundation, FirstBank, and other partners and increases the value of every donation made through Colorado Gives Day.
CHFA was proud to donate $50,000 to support the Colorado Gives Day Incentive Fund. As a sponsor, CHFA Executive Director and CEO, Cris White, was invited to interview with Denver7 and share why this fund and Colorado Gives Day is so important to Colorado nonprofits. Clips from the interview aired on multiple Denver7 broadcasts, one of which can be viewed here.