An example of a CHFA Multifamily Lending Small-scale Permanent Loan Program project.
Ute Creek
Fort Garland, Colorado
Ute Creek, Fort Garland
Purpose
New construction of 10 units in a small, rural Colorado community to provide affordability with modern construction
Who the Project Serves
Family households earning between 80 and 120 percent of Area Median Income
Community Impact
Ute Creek Apartments provides new middle-income housing to a small community in rural Colorado. The units vary between one, two, and three bedrooms to serve various household sizes.
Project Partners
Adonis Holdings, Louis Lukondi, Sole Managing Member
How We Got the Deal Done
$970,000 CHFA Small-scale Permanent Loan (PDF) with 20-year term, funded through the CHFA Housing Opportunity Fund (CHFA HOF).
Pair with These CHFA Programs
For projects utilizing the Small-scale Permanent Loan Program, we would not likely pair more than one CHFA program due to the inability of these smaller properties to support much debt. These loans are generally funded with the CHFA HOF.