An example of a CHFA Multifamily Lending Senior and Family project.
Hatler May Village
Colorado Springs, Colorado
Hatler May Village, Colorado Springs
Purpose
New construction of 77 units for senior households
Who the Project Serves
Senior households aged 62 and older earning up to 60 percent Area Median Income
Community Impact
The project was developed on a previously vacant site in north Colorado Springs. A community health center for older adults is located one block from the property.
Comprehensive social services provide life-enhancing support and activities for all residents, and other services for those who are frail or at-risk. Project amenities include a large outdoor patio, raised planter boxes for resident gardens, fitness center, crafts room, social services office, a computer center, and a transportation van to take residents to and from appointments and shopping.
Project Partners
Christian Church Homes
How We got the Deal Done
- $1,450,000 CHFA Sizeable Multifamily Affordable Risk Share Tool (SMART) loan with a 30-year term
- CHFA HOF loan that functioned as an interest rate subsidy with a 30-year term
Pair with these CHFA Programs
SMART can be paired with CHFA's Housing Opportunity Fund (CHFA HOF) and Capital Magnet Fund (CMF) as subordinate debt, so long as the debt coverage and other underwriting terms conform to CHFA Credit Policy.