CHFA First Look is a pilot program designed to help support affordable housing efforts by allowing community-based housing organizations the opportunity to purchase certain of CHFA's foreclosed and other real estate owned (REO) single family homes in Colorado.
CHFA First Look
Keeping Single Family Homes Affordable
In addition to keeping single family homes in homeownership, the CHFA First Look program is intended to help stabilize neighborhoods by facilitating the purchase, rehabilitation, and resale of homes by mission-driven organizations to maintain the homes’ affordability.
How it Works
- Once CHFA has exhausted all options available to keep the current homeowner in the property, the property will go into foreclosure.
- CHFA will send weekly email notifications to qualifying nonprofits listing:
- CHFA foreclosures scheduled for the following week, allowing participating nonprofits to view the property (exterior only) prior to the sale and to determine interest.
- Post-foreclosure sale properties that are available for immediate purchase.
- Interested nonprofits will need to contact CHFA with a proposal to purchase a property within five days of the foreclosure sale due to FHA guideline restrictions.
- CHFA will review proposals based on a variety of factors, including estimated value, repair costs, use of property after purchase, targeted population or AMI to be served, and period of affordability, if any.
- Once the purchase price and terms are agreed-upon, a loan closing will typically occur within 30 days.
Note: CHFA is not required to sell any property listed and, until a signed purchase and sale agreement is in place. CHFA reserves the right to cancel, withdraw, or postpone any sale at any time and for any reasons.