chfa monthly impact report
October Report: Data from January 1 to September 30, 2024
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
3,967
Total homeowners served with loans
Financial Education Series Launched
As part of CHFA’s Own Your Tomorrow efforts to expand access to homeownership by providing equitable homeownership resources, CHFA launched a four-module financial education series in September. The series is aimed at providing information on key principles of personal finance including credit, debt, savings, setting goals, and building wealth. Courses are provided virtually and hosted by Savings Collaborative, a Colorado-based nonprofit organization.
The series was launched as a pilot program, with space limited to 25 spots and registrations accepted on a first-come, first-served basis. Individuals who complete all four sessions and submit a final survey about their experience will earn a financial investment of $1,000 to open a savings account with Savings Collaborative. The goal of the series is for participants to walk away with newfound knowledge, and a path forward to building their financial capacity.
$1,450,365,016
First Mortgage Loans
$471,928
Down Payment
Assistance Grants
$55,837,983
Down Payment
Assistance Seconds
5,258
Homebuyer Education
Customers Served
Customers
$368,207
Median Loan Amount
694
Median Credit Score
$101,368
Median Income
130%
Median AMI
92%
First-time Homebuyers
rental housing
2,909
Units supported with loans, PAB, and/or Housing Tax Credits
Village at Solid Rock Celebrates Grand Opening
CHFA recently had the privilege of taking part in a grand opening and ribbon-cutting celebration for Village at Solid Rock in Colorado Springs. Developed by Commonwealth Development Corporation and Solid Rock Community Development Corporation, Village at Solid Rock includes 77 affordable rental housing units, serving households with incomes from 30 percent to 80 percent of Area Median Income (AMI). The development is built on land in southeast Colorado Springs that was formerly owned by Solid Rock Church. It features common areas for activities, a fitness center, and a computer center.
To support the development, CHFA was proud to award $973,245 in state Affordable Housing Tax Credits and $766,869 in federal 4 percent Housing Tax Credits in 2020. Caroline Trani, Community Relationship Manager for Southern Colorado, attended the celebration and delivered remarks.
36
Total Developments Supported
$334,541,980
Total Loan Production
$185,399,091
Multifamily Loan Commitments
Customers
2,024
Individual/Family Housing Units
318
Supportive Housing Units
542
Older Adult Units
10
Special Population Units
384
Preservation Units
15
Veteran Units
325
Rural Housing Units
business lending
468
Total businesses served
New Markets Tax Credits Awarded
On September 19th, the United States Department of the Treasury announced that it has allocated $65 million in New Markets Tax Credits (NMTCs) to the Colorado Growth and Revitalization (CGR) Fund. CHFA administers NMTCs through the CGR Fund, a Community Development Entity that operates in partnership with the City and County of Denver, and for which CHFA is the managing member.
Awarded annually by the federal government, NMTCs attract private capital for local development and revitalization efforts in underserved and low-income communities. The $65 million award marks the sixth consecutive year that the CGR Fund has received NMTCs, and ties last year’s record for the largest one-year allocation in the CGR Fund’s history. It is also the highest award amount allocated to qualified applicants this year. Recent developments in Colorado supported by CGR Fund through NMTCs include the Food Bank of the Rockies Western Slope Etkin Family Distribution Center, the Urban Peak Mothership, and the Durango Integrated Healthcare facility.
3,142
Total Jobs Impacted
$120,178,935
Dollars Invested
Customers
35%
Women-owned
43%
Minority-owned
16%
Women- and
Minority-owned
$35,000
Median Loan Amount
community partnerships
285
Organizations supported
CHFA Receives National Award for Community Partnerships Platform
CHFA was recognized among its peers at the annual conference for the National Council of State Housing Agencies (NCSHA) held in Phoenix. CHFA received NCSHA’s Award for Internal Operations Management Innovation. The award recognizes CHFA’s Community Partnership platform, including efforts focused on statewide engagement with communities to learn about unique needs, inform investment, and build capacity.
Several CHFAians were invited to participate in panel presentations during the annual conference, including:
• Steve Johnson, Chief Operating Officer, “Leveraging State and Local Partnerships to Find More Funding”
• Jerilynn Francis, Chief Communications and Community Partnerships Officer, “Best of CHFAs: Internal Operations”
• Debbie Herrera, Director, Human Resources, “Best of HFAs: Human Resources”
• Renee Saia, Senior Project Manager, “Inclusive Housing for People with Developmental, Intellectual, and Cognitive Disabilities”
$4,207,389
Total Giving
$1,100,675
Corporate Giving
(direct and in-kind)
$1,799,712
Regional Community
Investment Grants
$1,306,252
Technical Assistance
880
Staff Community Involvement Leave
and Day of Service Hours
1,363
Technical Assistance Hours
$750
Staff Donation Drives
and Giving and Match
spotlight
CHFA Tours Heart of the Rockies
From September 4th to 6th, CHFA Community Relationship Managers Chris Lopez and Kaylee Romero led CHFAians on a regional tour focused on Buena Vista and Gunnison. The tour focused on housing and economic development needs in the region, as well as CHFA’s investment and impact. Tour stops included a visit to modular housing manufacturer Fading West, tours of affordable housing developments, meetings with local officials, and conversations with nonprofit organizations.
Loan Supports Housing Preservation
CHFA recently provided construction to permanent financing for the acquisition and rehabilitation of Weatherstone Apartments in Aurora. The loan was provided through CHFA’s Construction and Permanent Affordable Bond Loan (CAPABLE) program and supports the rehabilitation and preservation of affordable housing. Upon completion, Weatherstone Apartments will include 204 units serving families with incomes at 60 percent of Area Median Income (AMI).
San Luis Valley Hosts Rural Philanthropy Days
CHFA sponsored and attended the San Luis Valley Rural Philanthropy Days (RPD) conference held September 11th to 13th in Alamosa and Monte Vista. RPD convenes nonprofits from throughout the region to discuss community needs, connect nonprofits with funders, help organizations build capacity, and promote collaboration toward shared goals. CHFAians John Plakorus, Kaylee Romero, and Kristen Soroko participated in the conference.
Photos:
Hero: Mountain Valley Developmental Services, Glenwood Springs
Rental housing: Village at Solid Rock, Colorado Springs
Business Lending: Urban Peak Mothership courtesy of Urban Peak, Denver
Community Partnerships: National Council of State Housing Agencies (NCSHA), Phoenix
Spotlight, left: CHFA Heart of the Rockies Tour
Spotlight, right: San Luis Valley Rural Philanthropy Days, Alamosa