Cris White, CHFA Executive Director and CEO

Throughout 2022, CHFA fulfilled its mission despite continued economic challenges and by working to see dynamic possibilities become realities. The ongoing effects of the pandemic and rising interest rates affected our customers and industry; however, CHFA’s resiliency persevered, and we made many strides in serving Colorado.

In January 2022, the Affordable Housing Transformational Task Force released its recommendations for how to reshape the state's housing system through investment of $400 million in federal American Rescue Plan Act (ARPA) funds, and I was honored to serve on the Task Force on behalf of CHFA. Outcomes included $25 million allocated to CHFA's Middle-income Access Program to support affordable rental housing. Another critical resource to support affordable rental housing, the state Affordable Housing Tax Credit, was extended by the Colorado General Assembly through 2031.

Additionally, the first permanent, dedicated statewide fund for affordable housing was created from ballot initiative Proposition 123. CHFA is pleased to be working with the Colorado Office of Economic Development to serve as its fund contract administrator.

Also significant in 2022 were CHFA’s outreach efforts to engage and learn from community. Notably, CHFA’s engagement with the Black and African American community led to the creation of a roadmap to help expand access to homeownership and bridge the homeownership gap over time.

In this Community Report, you'll learn more about how CHFA has invested, grown programs, and laid groundwork towards making a lasting impact across Colorado in 2023 and the years ahead.

CHFA’s 2022 Community Investment

CHFA invested $3 billion to support affordable housing and community development across Colorado.


invested in homeownership


invested in rental housing


awarded in federal and state Housing Tax Credits


invested in loans to support businesses and nonprofits


invested in community partnerships

Along with providing homebuyer education, home loan, and down payment assistance programs to serve Coloradans, CHFA focused on assisting its homeownership customers experiencing hardship as effects of the pandemic lingered, and expanded efforts to help others achieve homeownership.

Hardship Assistance

As the foreclosure moratoriums ended, CHFA increased outreach and communications to homeownership customers, providing guidance for those facing hardship. Customers were encouraged to contact CHFA to discuss options and seek resources such as housing counseling and mortgage payment assistance programs supported by ARPA funds available through the Colorado Division of Housing.

Community Outreach

CHFA, in partnership with the African American Trade Association, held a seven-event engagement series with members of Colorado’s Black and African American community. These events increased awareness of CHFA and its homebuying resources and allowed CHFA to listen to community and learn how CHFA can help bridge the homeownership gap. In conclusion of this outreach, CHFA and participants developed a roadmap that includes initiatives launching in 2023.

Manufactured Housing

ROC USA® Capital and Thistle Community Housing collaborated with banks and nonprofits to secure a $55 million capital pool to help Colorado homeowners in manufactured home communities successfully purchase their neighborhoods when they come up for sale. CHFA contributed $10 million to this innovative resource.

Habitat for Humanity

To support the new construction and preservation of housing stock in rural communities, CHFA expanded its partnership with Habitat for Humanity of Colorado, increasing financial support available to Habitat affiliates. CHFA increased its revolving line of credit to $3 million and loan purchase commitment to $4 million and provided a new $100,000 grant to support rural housing preservation.

Celize and family, CHFA homeownerhip customer

Celize and E.J.

Celize and E.J. are CHFA homeowners who live with their three children in Colorado Springs. The couple had a long-term goal of becoming homeowners and worked with CHFA Participating Lender Debbie Havens at Cornerstone Lending to make their dreams come true.

I wanted to create generational wealth for my children and be an example to them of what you can accomplish when you set a goal and plan accordingly,” said Celize. “Every time I walk in the door, I am reminded of how blessed I am and how we just changed our children’s lives forever.”

2022 Homeownership Investment


invested in first mortgage loans


invested in down payment assistance


households served with CHFA-sponsored homebuyer education


customers served with CHFA home mortgage purchase loans

Last year was key for new and expanded investment to support the state’s continued unmet demand for affordable rental housing. CHFA created a new program to preserve existing housing stock and programs, such as the state Affordable Housing Tax Credit (state AHTC), Middle-income Access Program (MIAP), and Capital Magnet Fund (CMF) received support from state and federal entities due to their strong track records serving significant needs in the state.  

Housing Tax Credits

The Colorado General Assembly extended the state Affordable Housing Tax Credit (state AHTC) program, authorizing its continuation through December 31, 2031, and allowing CHFA to allocate $10 million in state credits annually. In 2022, state AHTC supported the new construction or preservation of 1,463 affordable apartments, the second largest number of units supported in a single year in the program’s history. View the complete list of developments supported with state and/or federal Housing Tax Credits.

Middle Income

As affordable rental housing continues as a challenge not just for households with low income, but moderate income as well, CHFA remained committed to supporting developments that serve such renters. CHFA’s Middle-income Access Program was boosted with $25 million in state funds, strengthening its ability to support developments that will serve households with incomes between 80 to 120 percent of Area Median Income across the state.


CHFA created the Colorado Affordable Housing Preservation Fund to support the preservation of existing affordable rental housing in need of renovation and/or at risk of no longer remaining affordable.

Capital Magnet Fund (CMF)

CHFA was awarded a $9 million CMF grant to fill gaps in funding needed to construct or preserve affordable rental housing, targeted for deployment in rural and economically distressed areas. This is the largest and fifth consecutive CMF award that CHFA has received, bringing the total award amount to more than $33.6 million since 2018.

Wintergreen Apartments in Keystone, CO

Wintergreen Apartments

Located in Keystone, Wintergreen Apartments provides 196 affordable rental housing units to residents with incomes at 30 to 100 percent of Area Median Income (AMI), supporting local resort employees and those who work an average of 30 hours or more per week in Summit County. CHFA was proud to support Wintergreen Apartments by awarding federal Housing Tax Credits and providing $2.86 million in financing through its Middle-income Access Program.

Without the innovative financing from CHFA and the partnership of Summit County, the vision for Wintergreen would not have been feasible. Since opening to our residents in 2020, Wintergreen has maintained a full occupancy and long waiting list, demonstrating our ability to meet local housing demand,” said Kimball Crangle, Colorado Market President of Gorman & Company, developer of Wintergreen Apartments.

2022 Rental Housing Investment


invested in multifamily loans and other financing


federal Housing Tax Credits awarded


state Housing Tax Credits awarded


units supported

As many businesses and nonprofit organizations worked to recover from the pandemic, grow, and support jobs, new resources to support their needs were key in 2022.

Energize Colorado Gap Fund Grant

The Energize Colorado Gap Fund Grant Program, administered by CHFA, was created in 2020 to support businesses that were impacted by the economic effects of the pandemic. In 2022, CHFA completed deployment of the grant funding, bringing the total award amount to $39 million, supporting 4,364 applicants, a majority of which are based in economically disadvantaged areas.

New Markets Tax Credits (NMTC)

The Colorado Growth and Revitalization Fund (CGR Fund), administered by CHFA, received a $50 million award. The CGR Fund uses NMTC to support projects such as community facilities, mixed-use developments, and businesses that pay living wages. This was the fifth consecutive NMTC award received.

State Small Business Credit Initiative

The State of Colorado received a State Small Business Credit Initiative (SSBCI) grant, resulting in more than $100 million to leverage $1 billion in private financing to help Colorado’s small businesses access capital and support more than 11,000 jobs across the state. SSBCI funding supports programs such as Cash Collateral Support and the CLIMBER Loan Fund, administered by CHFA.

New Community Transformation Fund

CHFA invested in the New Community Transformation Fund, a $50 million venture capital fund to support minority-owned businesses. The fund is available to businesses in industries such as aerospace, e-commerce, financial, and manufacturing.

Man working with drywall

Hotel St. Cloud

In 2022, CHFA awarded $5.75 million in New Markets Tax Credits to support the renovations of Cañon City’s historic Hotel St. Cloud. Built in 1883 and relocated to Cañon City in 1887, the property will feature the Fremont Public House, a steak and seafood restaurant called 1887, a hotel bar, and will offer a four-star boutique hotel experience in one of the property's 36 upgraded rooms. The development of Hotel St. Cloud will create more than 60 permanent jobs and strengthen tourism to downtown Cañon City, catalyzing further job growth and economic development.

"Without the New Market Tax Credits, this would not be possible. Programs like these help us further our mission to restore people and places by preserving the integrity and majesty of these old buildings and creating jobs at every stage of the project,” said Stan Bullis, Founding Partner of Unbridled, developer of Hotel St. Cloud.

2022 Business Lending Investment




jobs directly created or retained


businesses and nonprofits supported

Affordable housing and community development needs are widespread throughout Colorado, though they vary, requiring the kind of local focus that CHFA provides through its engagement, investment, and philanthropic Community Partnership programs.

Statewide Regional Engagement

Through convenings and listening tours in 2022, CHFA connected with stakeholders and community members around the state to listen and learn about local needs and priorities. The valuable feedback helped CHFA identify trends and cultivate ideas to integrate in its strategic planning and product innovation.

To expand CHFA’s Community Partnerships focus through local engagement, CHFA hired Trisha Herman, based in Holyoke, to serve as CHFA’s Eastern Colorado Community Relationship Manager.

Small-scale Housing Technical Assistance

CHFA’s Small-scale Housing Technical Assistance program successfully transitioned from a pilot to a permanent statewide program. The program, which provides pro bono consulting to small-scale developers of affordable housing, supported a total of 24 developments.

Building the Future Scholarship

CHFA launched its Building the Future Scholarship Fund in 2022, which dedicates $1.2 million to support college education across Colorado. The multiphase, multiyear fund will provide up to 260 scholarships to be awarded over 10-year periods. CHFA created the fund to strengthen Colorado’s future workforce, advance equity in education access, and promote leadership in affordable housing and economic development. Click here to learn more about the scholarship fund.

Direct Effect Awards

CHFA’s Direct Effect Awards recognize Colorado nonprofit organizations whose missions align with CHFA’s, providing immediate funding of community-based needs. In 2022, CHFA donated more than $2.2 million in Direct Effect Awards, supporting a total of 161 Colorado nonprofits. Awards were selected in three application rounds. Click below to view nonprofits supported.

Nonprofit Fundraisers

CHFA held two fundraising events for mission-aligned nonprofits.

CHFA’s annual David W. Herlinger Golf Tournament raised $75,000 for the nonprofit Rocky Mountain MicroFinance Institute (RMMFI). RMMFI invests in entrepreneurs’ personal and business development and has supported the launch or expansion of over 370 businesses, 90 percent of which are owned by women and/or people of color.

In addition, CHFA donated $5,210 to the Center for African American Health (CAA Health) as a result of its annual Like It Forward campaign that promoted the organization on social media and raised $5 for each like and share of all posts. CAA Health is a leading metro-Denver health equity and family resources nonprofit organization. Learn more about both organizations below.

a person holding a video camera

Ute Mountain Ute Tribe

To support the Ute Mountain Ute Tribe (UMUT), CHFA established a multi-year contingent funding and technical assistance partnership in 2022. CHFA will provide up to $1.5 million over three years to help UMUT address issues identified by Tribal Leadership that include infrastructure, housing, economic development, health, and financial security.

The investment from CHFA for $500,000 in 2022 allowed the Tribe to leverage an estimated $4.5 million in grant funding from HUD to construct 11 new homes for our members, and the $500,000 pledged for 2023 will allow us to apply for $7.5 million in a competitive Indian Housing Block Grant to build and repair an estimated 35 more homes by 2025,” said UMUT Chairman Manuel Heart.

2022 Community Partnerships Investment


organizations supported


total giving


corporate giving (donated directly or in-kind)


regional community investment grants


technical assistance investment


technical assistance hours supported


donations made by CHFA staff, a portion matched by CHFA


staff volunteer hours

CHFA aspires to see that everyone in Colorado will have the opportunity for housing stability and economic prosperity. In 2023, CHFA will continue to move its vision forward to help address various challenges across the state.

CHFA’s efforts in the year ahead include:

  • identifying solutions to help homebuyers overcome current market conditions,
  • helping developers obtain more gap financing to eliminate barriers in preserving and increasing Colorado’s affordable rental housing stock,
  • strengthening engagement and collaboration in the business community, and
  • enhancing partnerships within underserved communities and strategic areas of focus through outreach and investment.

These mission-driven focuses will help CHFA strive to meet demands across the housing and community development spectrums, making Colorado stronger now and for the future.

Download the 2022 CHFA Community Report

Download a PDF version of this report.