chfa enews
chfa enews
September/October 2018
In this issue:

CHFA announces round two LIHTC awards



CHFA has announced the Low Income Housing Tax Credit (LIHTC) awards for the second and final allocation round of 2018. CHFA is the allocating agency of federal and state LIHTC in Colorado. In this round, CHFA received 33 applications requesting $35.9 million in annual 9 percent federal LIHTC.

CHFA is awarding $17,128,412 in 9 percent federal LIHTC to sponsors of 15 developments, which will support the new construction of 814 affordable rental housing units in Colorado. Earlier this year, in recognition of the severe housing crisis facing the nation, Congress approved a temporary increase to the amount of 9 percent federal LIHTC available for states to allocate. In Colorado, that increase has resulted in $2.1 million more cap available for allocation in 2018. This increase helped CHFA support two additional developments, or 181 more affordable rental housing units, this year compared to 2017. This temporary increase will be available each year through 2021.

The following developments have been awarded federal LIHTC from CHFA. Full descriptions may be viewed here.

Alpenglow Village, Steamboat Springs
Gateway North and South, Denver
Garden Walk of Gunnison, Gunnison
Kappa Tower II, Denver
Karis Permanent Supportive Housing Apartments, Grand Junction
Libretto Senior II, Brighton
Mason Place, Fort Collins
Mirasol III, Loveland
Mission Village of Evans, Evans
River Bend Residences, Idaho Springs
Sage Corner, Lakewood
Senior Residences at Three Springs, Durango
Tungsten Village, Nederland
Uplands Townhomes Phase II, Pueblo
Veterans Renaissance Apartments at Fitzsimmons, Aurora


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$500 for 5: three homeowners win CHFA contest



CHFA’s $500 for 5 contest was very popular with CHFA homeowners this summer! The contest invited current CHFA homeownership customers to share what homeownership means to them in five words or less, and submit an accompanying photo, for a chance to win a $500 gift card. One winner was selected at random during the months of June, July, and August. A total of 297 entries were received.

Congratulations to each of our contest winners! Pictured above are the photos they submitted, along with the words they used to describe what homeownership means to them.


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colorado credit reserve supports over $100 million in loans



Colorado Credit Reserve (CCR), a capital access program for small- and mid-sized businesses, recently surpassed the $100 million mark in loans supported since 2009. CCR is administered by CHFA and funded by the Office of Economic Development and International Trade. The program is designed to encourage banks to extend credit for loans up to $500,000 by creating a reserve account at each participating lender. To date, 3,016 loans have been registered into the CCR program, leveraging $104,295,767 million in lending.

Over the years, business owners throughout Colorado have shared how CCR has impacted their companies:

Advanced Traffic Services LLC, Aurora
“It allowed me to not only pay my employees but allowed me to purchase equipment and operate my business. I probably would have been out of business in three months without that stability and the loan that they provided me. There’s no way I would’ve made it without the loan.” – Duran Hill

CRG Construction, Inc., Bayfield
“The loan helped us modify our long-term payables, freeing up and helping with cash flow during times when it was needed.” – Corey Gosney

Knotty Tie Co., Denver
“We could’ve continued going with little or no money but that really makes growth very difficult because you can’t test new ideas or do much of anything when you’re barely paying the bills. The $10,000 we got with the help of the program really enabled us to break out of that. We bought a new computer, so we were able to start improving our website and our design skills. We were able to buy a new workbench, and some supplies that helped us expand our manufacturing capacity.” – Jeremy Priest

Motor Diagnostic Systems, Loveland
“Without the CCR, it would’ve been an extreme struggle. We needed the extra funding to support us to launch and make it a success.” – Jack Hamilton

Pictured: Knotty Tie Co., courtesy of Knotty Tie Co.


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village at wintergreen breaks ground



A unique project that will support affordable workforce housing in Keystone recently celebrated its groundbreaking. Wintergreen Apartments will offer affordable rental housing for workers in Summit County who are currently living in overcrowded or distant housing. This is the first LIHTC project in Keystone.

Wintergreen Apartments is a portion of a 196-unit mixed-income development called Village at Wintergreen, which will offer LIHTC units (Wintergreen Apartments), seasonal units, and year-round rent-restricted units for residents with incomes at 100 percent of the Area Median Income or below.

CHFA was proud to support Village at Wintergreen by awarding $831,000 in federal 9 percent Low Income Housing Tax Credits in 2017. CHFA is also supporting this development with a $2,865,000 construction/permanent, uninsured, second mortgage “project” loan from the CHFA Housing Opportunity Fund (HOF).

Deputy Executive Director and COO, Jaime Gomez, spoke at the event on behalf of CHFA.

Pictured: (CHFA staff left to right) Jaime Gomez, Joycelyn Gardner, Meghen Brown, Terry Barnard, and Jerilynn Martinez.


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LIHTC developments open doors



Congratulations to the following affordable rental housing developments that have recently celebrated grand openings!

Fifty Eight Hundred is a new 152-unit affordable rental housing development serving individuals and families in Lakewood. The development offers units ranging from studios to three-bedrooms. CHFA was proud to support Fifty Eight Hundred by awarding $1,287,726 in federal LIHTC and $800,000 in state LIHTC in 2016.

Collegiate Commons Apartments provides 48 units of affordable rental housing for families and the workforce of Buena Vista. It will be the first LIHTC-supported development in the town, and will help mitigate the severe lack of affordable housing in the area. CHFA was proud to support the development by awarding $1,010,769 in federal LIHTC in 2016, and providing $2,060,000 in permanent financing.


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staff builds wheelchair ramp for veteran

A team of eight CHFA staff members recently volunteered to build a wheelchair ramp for a veteran homeowner who lives in Larkspur. This day-long effort, in addition to many planning hours, was part of the Home Builders Foundation’s Eighth Annual Blitz Build, which gathered more than 200 volunteers to build 20 residential wheelchair ramps over three days. CHFA has participated in this event four consecutive years. CHFA also donated $250 to support the Blitz Build.

Please read the news release to learn more.




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CHFA supports partners

CHFA was proud to sponsor and/or participate in recent events hosted by local and national partners including:
  • Women’s Foundation of Colorado Annual Luncheon, Denver
  • Center for Work Education and Employment Harvesting Opportunities, Denver
  • Colorado Cross-Disability Coalition ADA Access Awards, Denver
  • Metro Brokers Convention, Denver
  • Arvada Housing Resource Fair, Arvada
  • Colorado Center on Law and Policy 2018 Pathways from Poverty, Denver
  • Mercy Housing Live in Hope Breakfast, Denver
  • West Metro Veterans Fair, Lakewood
  • National Council of Housing Market Analysts Annual Meeting, Denver
  • NEWSED Civil Rights Awards, Denver
  • Independent Bankers of Colorado Annual Convention, Vail
  • Colorado Mountain Housing Coalition Rural Conference, Mount Princeton Hot Springs
  • Latino Community Foundation Statewide Forum, Denver
  • Warren Village Taking Flight Gala, Denver
  • EarthLinks, Inc. Imagine 2018, Denver
  • Denver Housing Authority Wall of Fame Awards, Denver
  • Neighbor to Neighbor 2018 Polo Championship, Fort Collins
  • Denver Business Journal Outstanding Women in Business Awards, Denver
  • San Luis Valley Economic Summit, Montrose
Pictured: Jaime Gomez and CHFA Board member, Cecilia Sanchez de Ortiz, attending the Latino Community Foundation of Colorado Statewide Forum


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upcoming events

October 13-16
National Council of State Housing Agencies Annual Conference, Austin TX

October 13
Colorado LGBTQ Chamber of Commerce 2018 Power Gala, Denver

October 18
Pro 15 Fall Conference, Greeley

October 18
Northern Colorado Women's Small Business Conference, Greeley

October 19
mpowered 2018 Impact Breakfast, Lakewood

October 19
Latinas Honoring Latinas 2018, Denver

October 22
Metro Brokers Annual Convention and Expo

October 24-26
EDCC Drive|Lead|Succeed Conference, Estes Park

October 24
Traditions at Colorado Springs Grand Opening, Colorado Springs


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Want to know more about CHFA? Visit www.chfainfo.com.

questions?

Jerilynn Martinez
Director, Marketing and Community Relations
jmartinez@chfainfo.com or 303.297.7427


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