chfa monthly impact report
October Report: Data from January 1 to September 30, 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
5,177
Total homeowners served with loans
Single family home price vs. median income for homeowners and renters
$1,804,615,169
First Mortgage Loans
$1,186,999
Down Payment
Assistance Grants
$69,062,158
Down Payment
Assistance Seconds
$5,344
Homebuyer Education
Customers Served
Customers
$350,358
Median Loan Amount
681
Median Credit Score
$79,308
Median Income
102%
Median AMI
92%
First-time Homebuyers
rental housing
4,169
Units supported with loans, PAB, or Housing Tax Credits
CHFA supports preservation and reuse of East Colfax motels
CHFA has provided a $2 million loan from its Housing Opportunity Fund (HOF) to support the acquisition of two motels, comprised of 34 units to be used to house households with low income and for those experiencing homelessness. The hotels, Sand & Sage and The Westerner, were built in the 1940s and are located next to each other on East Colfax in Denver. The site will eventually be redeveloped into high-density, newly constructed affordable rental housing.
The Fax Partnership is developing the project and works to promote equity and advocate for development without displacement in diverse communities along the East Colfax corridor.
50
Total Developments Supported
$289,097,239
Total Loan Production
$33,353,872
Multifamily Loan Commitments
Customers
2,738
Family Units
337
Homeless Units
1081
Senior Units
0
Special Needs Units
893
Preservation Units
13
Veteran Units
474
Rural Units
business lending
449
Total businesses served
Energize Colorado Gap Fund Grant Program supports 4,300+ businesses
The Energize Colorado Gap Fund Grant Program, administered by CHFA, was created in 2020 to support businesses that were impacted by the economic effects of the pandemic. In 2020 and 2022, CHFA deployed two rounds of grant funding, awarding $39 million to support 4,364 applicants in total.
Nearly half of the grantees awarded were women-owned businesses (45 percent) and 28 percent of grantees were minority-owned businesses. In addition, in 2020, 56 percent of grants were awarded to businesses based in economically disadvantage areas and in 2022, this portion increased to 68 percent.
2,933
Total Jobs Impacted
$52,342,012
Dollars Invested
Customers
38%
Women-owned
31%
Minority-owned
14%
Women- and
Minority-owned
$74,774
Median Loan Amount
community partnerships
187
Organizations supported
Small-scale housing technical assistance program receives 24 pre-applications
in round two
Round Two of CHFA’s 2022 Small-scale Housing Technical Assistance (TA) program has concluded and marks the transition from the program operating as a pilot program, with limited participation to allow for program testing via a smaller audience, to a permanent program offering that is marketed statewide.
In total, 24 applications to participate in Round Two were received from communities such as Castle Rock, Cortez, Denver, Grand Lake, Ignacio, Julesburg, Lake City, Longmont, Meeker, Ridgway, San Luis, and Walden. CHFA is conducting concept meetings with selected applicants with a goal to support eight programs through the TA program this round.
$2,896,012
Total Giving
$1,456,290
Corporate Giving
(direct and in-kind)
$275,000
Housing Solution Grants
$948,915
Regional Community
Investment Grants
$8,056
Staff Donation Drives
and Giving and Match
$207,751
Technical Assistance
971
Staff Community
Involvement Leave and Day
of Service Hours
572
Technical Assistance Hours
spotlight
CHFA days of service
This year, CHFA was proud to participate in 11 Days of Service benefitting Habitat for Humanity. A total of 85 CHFA volunteers contributed more than 500 hours of service to support Habitat for Humanity of Metro Denver, Habitat for Humanity of Mesa County, and Habitat for Humanity of Teller County. Volunteers built Habitat homes, worked at Habitat ReStore, and helped with home modification needs. Thanks to all of Habitat’s staff and volunteers for their work to bring people together to build homes, communities, and hope.
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 September. They included Capitol Square Apartments in Denver, Grace Apartments in Denver, Northwest Apartments in Broomfield, and Trinidad Space to Create in Trinidad. These developments represent nearly 250 units of affordable rental housing.
Pictured: CHFA Executive Director and CEO, Cris White, speaking at Capitol Square Apartments Grand Opening
Grant supports housing counseling
CHFA was awarded a $501,942 grant from the HUD Office of Housing Counseling to support housing counseling agencies located throughout Colorado. Funds will support a wide array of counseling services including credit repair, rental housing, home purchase, and foreclosure prevention counseling. During the 2021 program year, HUD grant funds administered by CHFA supported housing counseling agencies in serving more than 5,600 households.