2021 investment report
January 1 to March 31, 2021
about this report
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
Multifamily
Business Lending
Community Investments
homeownership
May
1,941
Total homeowners served with loans
serving more hispanic homebuyers
Since 2018, CHFA has been conducting outreach to the Hispanic community to better understand its housing experiences and needs, while providing information about homeownership. Through focus groups, advertising, a Spanish-language website, radio interviews, podcasts, and other resources, CHFA has increased awareness of homeownership opportunities for Hispanic Coloradans and served more Hispanic homebuyers as illustrated below.
$579,254,755
First Mortgage Loans
$340,102
CHFA Grants
$22,098,555
CHFA DPA Seconds
1,263
Homebuyer Education Customers Served
Customers
$302,322
Median Loan Amount
677
Median Credit Score
$66,576
Median Income
96%
Median AMI
91%
First-time Homebuyers
rental housing
May
885
Units Served with Loans, PAB, or Housing Credit
unique financing helps address housing needs of the “missing middle”
Coloradans whose incomes are too high to qualify for rent-restricted rental housing, but too low to afford market-rate rental housing are known as the “missing middle.” Many are working families who can’t afford to live near their jobs and face other financial burdens as a result.
In recent years, CHFA has worked to develop an innovative financing option to support affordable developments that serve households with Area Median Incomes between 80 and 120 percent. CHFA offers subordinate l ending (mezzanine) that is flexible to meet project needs and financing gaps.
Below are developments that have been supported with CHFA’s mezzanine financing:
Spring Creek Village, Gypsum
66 units at 80% AMI; 66 units at 120% AMI
$3 million
Sunlight Crossing, Steamboat Springs
45 units at 80% AMI, 23 units at 120% AMI
$3 million
Wintergreen Apartments, Keystone
156 units at 100% AMI
$2.9 millionElevate at Peña Station, Denver
55 units at 80% AMI; 163 units at 100% AMI
$4 million
10
Total Developments Supported
$42,212,132
Total Loan Production
$31,700,000
Multifamily Loan Commitments
Customers
319
Family Housing Units
0
Homeless Housing Units
0
Senior Housing Units
0
Special Needs Units
90
Rural Housing Units
72
Preservation Units
business lending
May
33
Total Business Served
colorado coalition for the homeless to build new medical facility supported with nmtc
CHFA was proud to award $7 million in New Markets Tax Credits (NMTC) to support the Colorado Coalition for the Homeless’ (CCH) new Medical Respite Center in Denver. CCH is a nonprofit organization that advocates for and provides a continuum of housing and various services to improve the health, well-being, and stability of those experiencing homelessness.
The NMTC will support the new construction of a 42,394 square-foot facility that will include 50 beds to serve patients with acute needs to recuperate following hospital discharge, and 25 beds for “step-down” care that is less medically intensive, allowing patients to recuperate while connecting with housing and other services. The center will serve a majority-minority client base that is experiencing homelessness and mental health conditions, and is expected to serve 500 patients annually. Care will be offered at one-tenth the cost of services provided in a hospital setting.
The building will include a 98-unit supportive housing development, Renaissance Legacy Lofts, that CHFA awarded federal 4 and 9 percent Housing Credits in 2020.
180
Total Jobs Impacted
$2,534,111
Dollars Invested
Customers
$309,210
Median Loan Amount
674
Median Credit Score
$67,180
Median Income
96%
Median AMI
community investment
May
6
Organizations Supported
chfa donates $145,000 to housing counseling partners
CHFA recently donated $145,000 to support five HUD-approved housing counseling partner agencies helping Coloradans with housing needs in response to COVID-19. In December 2020, CHFA sent a survey to its HUD-approved housing counseling partners to actively seek their input on the barriers and challenges they were experiencing as a result of the pandemic. Respondents ranked the need for additional rent and mortgage assistance funds, marketing and outreach support, and lack of staff as top barriers to meeting current demands. CHFA invited survey participants to apply for grant funds to support the hiring of additional staff, staff training, or technology or equipment purchases. Five funding requests were received and supported by CHFA as follows:
Brother’s Redevelopment Colorado Housing Connects Helpline: $50,000 to maintain existing staffing support
Boulder County Personal Finance Program: $20,000 to maintain existing staffing support
Housing Resources of Western Colorado: $20,000 to hire additional staffing support
NEWSED Community Development Corporation: $50,000 to hire additional staffing support
SouthWest Improvement Council: $5,000 to upgrade technology
$37,585
Total Giving
$37,200
Corporate Giving (direct and in-kind)
$0
Housing Solution Grants
$0
Regional Community Investment Grants
385
Volunteer committee donation drives, Chfaians day, and "employee giving and match"
35.5
Staff Community Involvement Leave (CIL) and CHFA Day of Service hours
spotlight
May
martin luther king, jr. business awards
CHFA was a proud sponsor of the 36th Annual Martin Luther King, Jr. Business Awards, which occurred on January 15th. Each year, awards are presented to individuals, corporations, and nonprofit organizations for their exceptional community service endeavors in honor and memory of Dr. King. Proceeds from this year’s virtual event were donated to Denver Kids, Inc., who will select and award Martin Luther King, Jr. Scholarships to underserved, minority, and non-traditional Colorado students.
denver housing authority’s wall of fame
On January 21st, Denver Housing Authority (DHA) and Friends of DHA hosted the 2021 Virtual Wall of Fame event. The Virtual Wall of Fame celebrated DHA programs and partnerships to prevent COVID and keep residents safe. CHFA was a proud sponsor of the event.
report: community land trusts and lihtc
Urban Land Conservancy (ULC) recently released a report, The Benefits of Using Community Land Trusts with Low Income Housing Tax Credits. According to ULC, the report is the first of its kind and explores ULC’s experiences in combining its unique community land trust model with Housing Credits to develop permanently affordable housing throughout Metro Denver. It highlights project examples, Walnut Street Lofts and Sheridan Station Apartments.