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Frequently Asked Questions
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CHFA’s Asset Management Division:
- ensures the long term affordability of CHFA’s multifamily assets.
- serves as the Section 8 performance-based contract administrator HUD.
- monitors compliance with the Low Income Housing Tax Credit (LIHTC) program and other federal affordable housing programs.
Multifamily portfolio
The Asset Management Division monitors all multifamily developments financed by the Authority in order to preserve their value, ensure they maintain their affordability structure, and protect the quality of housing and supportive services.
The Authority’s current multifamily portfolio consists of approximately 52,000 units in approximately 762 developments throughout Colorado. These include CHFA-owned developments (referred to as the Rental Acquisition Program, or RAP), Section 8 developments, other HUD-insured developments, Low Income Housing Tax Credit developments, and various other affordable housing developments financed through CHFA's Rental Finance programs.
An Asset Manager monitors each development or loan in the portfolio, ensuring compliance with regulatory agreements, land use restrictions, management agreements, LIHTC, Federal Housing Administration/HUD and other federal requirements, as well as Authority procedures. This monitoring process is designed to long term, quality affordable housing to residents and protect the Authority's assets while simultaneously protecting our bondholder's investments.
Section 8 Contract Administration
CHFA administers contracts for these Section 8 properties: Performance-Based Contract Administration PBCA properties – 272 contracts, most of which CHFA began administering in 2001. CHFA also administers contracts for 21 Moderate Rehabilitation properties.
About Section 8
Through the federal Section 8 Housing Assistance Payments (HAP) program, eligible low income tenants pay 30% of their adjusted income toward rent and utilities. The United States Department of Housing and Urban Development (HUD) subsidizes the remainder of the rent.
To be eligible to live in a Section 8 property, a family must have a gross income of less than 30% of the area median income. To find out if a family is eligible, refer to the most recently available current income and income limits.
Multifamily properties participating in this federal program are called Section 8 project-based rental facilities. CHFA is the contract administrator for many of these properties in Colorado.
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| Western Slope Office - 1.800.877.8450 |
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