chfa enews
chfa enews
January/February 2018
In this issue:

colorado’s housing needs drive record activity at chfa



The need for affordable housing in Colorado has reached new heights and was reflected in record levels of production at CHFA in 2017. CHFA invested a record $2.3 billion in programs to support affordable homeownership and affordable rental housing, helping more than 8,000 Coloradans become homeowners, and supported the development or preservation of more than 6,000 units of affordable rental housing in 2017. Both figures are at their highest levels yet according to CHFA, which was created in 1973.

“CHFA is a mission-based organization, so our production growth is directly aligned to the growing needs of those we serve. In the last three years, CHFA’s investment in affordable housing has increased 182 percent compared to 2011 through 2013, with 2017 being our most historic year yet in terms of production. This demonstrates that demand for affordable housing options in Colorado, whether purchasing or renting, is at an all-time high. CHFA is pleased to play a role in meeting this demand, and help as many Coloradans as possible, because everyone should have the opportunity for housing stability and economic prosperity,” said Cris White, Executive Director and CEO.

Read CHFA's news release to learn more.

Pictured: Northfield at Stapleton Apartments, CHFA LIHTC customer, Denver


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state lihtc extension bill introduced in colorado general assembly



The Colorado General Assembly convened on January 10 for the 2018 legislative session. Among the first bills introduced was SB18-007, which proposes to extend the state Low Income Housing Tax Credit (LIHTC) program through 2024. It also proposes to rename the program the Colorado Affordable Housing Tax Credit to coincide with renaming efforts at the federal level.

SB18-007 was approved by the Senate Finance Committee on a 3-2 vote and will be considered by the Senate Appropriations Committee next.

Why the state affordable housing tax credit program should be extended:

The program is already helping to stimulate over $1.57 billion in economic impact within just three years of operation.

Since 2015, the state credit has:
  • Stimulated over $465 million in private sector equity into Colorado;
  • Directly supported the development of 4,263 affordable rental housing units for Colorado's seniors, workforce, veterans, homeless, and special needs population; and
  • Leveraged $33 million in federal 4 percent LIHTC that otherwise would be unused.
As Colorado's housing needs continue to grow, this program is uniquely positioned to help our fellow Coloradans maintain quality of life, business competitiveness, and provide safety and security for our most vulnerable residents.

In the past years, Colorado has enjoyed great bipartisan support for the Housing Credit program. Likewise, this year's bill is sponsored by Sen. Jack Tate (R) and Sen. Minority Leader Lucia Guzman (D), Speaker of the House Crisanta Duran (D), and Rep. Jon Becker (R). Please join with us and them, by signing onto our coalition of supporters.

Click here to sign in support of extending the Colorado Affordable Housing Tax Credit program through 2024.


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breaking ground: affordable rental housing



Three affordable rental housing properties supported with Low Income Housing Tax Credits (LIHTC) recently celebrating groundbreakings:
  • Eaton Street Apartments will be a 118-unit affordable rental housing development serving individuals and workforce families in the developing downtown Westminster, located at the former Westminster Mall site. The project is a partnership of Mile High Development, Koelbel and Company, and Longs Peak Advisors. CHFA was proud to support Eaton Street Apartments by awarding $1,267,527 in federal 4 percent LIHTC this year, and issuing $17 million in tax-exempt private activity bonds. CHFA Executive Director and CEO, Cris White, spoke at the groundbreaking.

  • Baker School Apartments, developed by Delwest, will be a 142-unit affordable rental housing development serving individuals and families in Denver. In 2017, CHFA was proud to support Baker School Apartments by awarding $1,213,203 in federal 4 percent LIHTC.

  • Uplands Townhomes will be a 72-unit affordable rental housing development serving families in Pueblo, and is being developed by the Pueblo Housing Authority. CHFA was proud to support Uplands Townhomes by awarding $1,250,000 in federal 9 percent LIHTC this year, and $1,106,000 in permanent financing.
Pictured: Cris White speaking at the Eaton Street Apartments groundbreaking ceremony


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chfa supports partners



CHFA was proud to sponsor and participate in recent events hosted by our national and local partners, including:
  • Action 22, Club 20, and Progressive 15’s 2018 “Voices of Rural Colorado”
  • Housing Colorado 2018 Legislative Luncheon
  • National Council of State Housing Agencies HFA Institute, Washington, D.C.
  • Martin Luther King, Jr. 2018 Business Awards, Denver
  • Jack and Jill of America, Inc. 34th Annual Beautillion, Denver
Pictured: CHFA staff attend Martin Luther King, Jr. 2018 Business Awards


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staff volunteers to support local organizations



CHFA values community engagement and our staff regularly coordinates volunteer opportunities to further connect with partners and customers we serve. Recent volunteer activities included:
  • Beans and Rice for Bienvenidos
    For 10 years in a row, CHFA staff has organized an event to bag and donate rice and beans for Bienvenidos Food Bank. Ten CHFA staff members participated in the most recent event, bagging and packing 600 pounds of beans and rice for Bienvenidos. The food bank serves 200 northwest Denver families per week.

  • Madonna Plaza Holiday Party
    A group of five CHFA staff members volunteered at Madonna Plaza in Commerce City, which is an affordable housing property serving seniors, owned by Archdiocesan Housing. The group helped facilitate a holiday party for residents, serving food and bringing gifts that were distributed in a raffle. Archdiocesan Housing provides affordable, service-enriched housing for individuals and families.
Pictured: CHFA staff gathering donations for Bienvenidos Food Bank.


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upcoming events

February 10
Art Students League Art and Soul Gala, Denver

February 18

Saint Francis Apartments at Cathedral Square Grand Opening, Denver

March 5-7

NCSHA 2018 Legislative Conference, Washington D.C.

March 24

Rep. Perlmutter's 2018 Housing Resource Fair and Discussion Panel, Wheat Ridge

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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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