We are writing to you today to provide an update on the state of CHFA in terms of the current market. As you are no doubt aware, the financial market situation has affected the entire lending and credit market. The municipal bond market is currently frozen and few bonds are being issued. We at CHFA are continually monitoring the situation but it remains unclear how long it will last.

Due to this financial market situation, the capital CHFA currently uses to fund many of our business finance loans is inaccessible at this time. Therefore, we have made the very difficult decision to pause some of our business finance lending activity. This will not impact our Rural Development Loan Program or our Renew Loan Program. However, all other business finance lending is being placed on hold. We will of course honor all commitment letters which have already been issued. All other loans in the pipeline for which no commitment has been issued will be tabled while we explore new capital sources. We are absolutely committed to looking for new sources of sustainable, reliable capital to fund this line of business, which we recognize is a fundamental part of our mission, and the pause will be lifted the moment we have those sources identified, or when the situation in the financial market changes.

We value the partnerships we have built over the years, both with lending institutions and customers across the state. We appreciate your patience during this trying time.

Please contact Jaime Gomez at 303.297.7440 or Cris White at 303.297.7373 with any questions that you or your CHFA customers may have.