chfa monthly impact report
September Report: Data from January 1 to August 31, 2023
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
3,921
Total homeowners served with loans
Average Loan Amount and Down Payment Assistance by Year
As market conditions have become more challenging for buyers, CHFA’s investment in homeownership lending has seen a corresponding increase. This table displays the average home loan amount by year, alongside the average Down Payment Assistance (DPA) provided per loan, as well as the percentage of loans that included DPA. This data excludes refinancing production as well as any production where DPA was not offered.
*As of August 31, 2023
$1,409,032,991
First Mortgage Loans
$322,919
Down Payment
Assistance Grants
$52,716,102
Down Payment
Assistance Seconds
5,013
Homebuyer Education
Customers Served
Customers
$363,298
Median Loan Amount
686
Median Credit Score
$96,380
Median Income
123%
Median AMI
92%
First-time Homebuyers
rental housing
3,346
Units supported with loans, PAB, or Housing Tax Credits
Warren Village III Breaks Ground
CHFA was proud to take part in a groundbreaking celebration for Warren Village III in Denver. The 89-unit development will serve individuals and families between 30 and 60 percent of Area Median Income (AMI). It will be the first Permanent Supportive Housing (PSH) development in Denver with a focus on single-parent households exiting homelessness or at risk of homelessness. The development will include onsite childcare services and will be the first to use project-based vouchers from the City of Denver’s Department of Housing Stability (HOST).
CHFA awarded Warren Village III $1,000,000 in state Affordable Housing Tax Credits and $2,484,288 in federal 4 percent Housing Tax Credits in 2022, along with $26.6M of Private Activity Bonds. CHFA Executive Director and CEO Cris White delivered remarks on CHFA’s behalf at the groundbreaking.
Photo: Warren Village III groundbreaking
44
Total Developments Supported
$266,017,851
Total Loan Production
$81,276,808
Multifamily Loan Commitments
Customers
2,654
Family Housing Units
242
Supportive Housing Units
484
Older Adult/Senior Units
20
Assisted Living Units
670
Rural Housing Units
25
Special Population Units
414
Preservation Units
1
0
Veteran Units
business lending
351
Total businesses served
CHFA Supports Quality Center
A $643,000 CHFA Direct Loan was issued to support Quality Center, a minority-owned grocery store that will serve East Littleton. The grocery store will provide culturally relevant products to surrounding communities composed of Hispanic, Middle Eastern, South Asian, Somali, and Afghani populations. Quality Center will also provide prepared foods and contain a small café.
Although it is a new business, the borrower has over 24 years of experience in operating and managing various grocery stores including mini-markets, fresh markets, and medium to large size grocery stores. The project is expected to provide 5 full-time and 6 part-time jobs over the next 5 years with an average annual wage of $70,000 for full-time positions.
2,556
Total Jobs Impacted
$77,773,649
Dollars Invested
Customers
42%
Women-owned
35%
Minority-owned
16%
Women- and
Minority-owned
$200,448
Median Loan Amount
community partnerships
194
Organizations supported
$942,000 Donated to 85 Nonprofits
CHFA announced its first round of Direct Effect Awards in August, recognizing Colorado nonprofit organizations whose missions align with CHFA’s work to strengthen Colorado by investing in affordable housing and community development.
Eligible Direct Effect Award recipients include nonprofit and not-for-profit organizations including public housing authorities, cities, counties, and local municipalities. In Round One of 2023, CHFA donated $942,060 to 85 recipients. The average grant awarded in Round One was $11,083 and the maximum grant award amount was $20,000. Including this latest round of awards, CHFA has donated more than $4.6 million in Direct Effect Awards to more than 300 Colorado organizations since 2021.
$3,011,149
Total Giving
$732,350
Corporate Giving
(direct and in-kind)
$334,756
Regional Community
Investment Grants
$1,943,663
Technical Assistance
776
Staff Community
Involvement Leave and Day
of Service Hours
716
Technical Assistance Hours
$380
Staff Donation Drives
and Giving and Match
spotlight
Days of Service Recap
Each summer, CHFA organizes Days of Service in partnership with mission-aligned nonprofit organizations. This year, CHFAians volunteered with Habitat for Humanity of Metro Denver, Food Bank of the Rockies, and Project Angel Heart. In total, over 80 CHFAians participated in 10 Days of Service this summer.
Pino Nuche Art Market
CHFA was a proud sponsor of the 2023 Pino Nuche Indigenous Art Market and Juried Show at the Southern Ute Cultural Museum in Ignacio. Chris Lopez, Community Relationship Manager for Southwest Colorado, delivered remarks at the event, which showcased talented Tribal artists with a focus on traditional, quality arts and crafts handmade one at a time by Native Americans.
Mission Expedition Fort Collins
On Tuesday, August 22nd, 30 CHFAians loaded up a bus for a daylong Mission Expedition to the Fort Collins area. Mission Expedition provides staff with an opportunity to view CHFA’s work in action. Participants had a chance to tour and hear presentations from Elevation Community Land Trust (ECLT), Neighbor to Neighbor (N2N), and FoCo Café.