​​ CHFA eNews: Tax Credit
chfa enews - business finance 
March 19, 2015

In thi​​s eNews

  • CHFA Awards State Credits with 4 Percent Federal Low Income Housing Tax Credits (LIHTCs) to Five Projects
  • Disaster Recovery Round

CHFA Awards State Credits with 4 Percent Federal Low Income Housing Tax Credits (LIHTCs) to Five Projects

CHFA is pleased to announce the completion of the review process for the first round of applications for State Credits. CHFA received nine applications requesting over $10.5 million in annual State Credits. Five million dollars in annual State Credits was available for this round of which just under $4.5 million was awarded to five projects. The remaining balance of State Credits will be used to support future applicants in 2015. The award report can be accessed here.

Following is a brief description of the awardees:
  • 13th Avenue Apartments II in Aurora – sponsored by Solvera Developers, a for-profit developer
    • A 177-unit project serving individuals and families at 50 percent and 60 percent of the Area Median Income (AMI) and located on the southern boundary of the Anschutz Medical Campus and the Fitzsimons Life Science District in Aurora. The project is the second of a two-phase community in an area that will employ over 44,000 people once the campus is built out.

  • Ash Street Apartments in Denver – sponsored by Mile High Development and Koelbel and Company, for-profit developers
    • A 112-unit project serving workforce individuals and families at or below 60 percent AMI that will be located at the redevelopment site of the former CU Health and Sciences Center. The site is within walking distance to many grocery stores, restaurants, and medical facilities.

  • Broadway Station Lofts in Englewood – sponsored by Medici Communities, a for-profit developer
    • A 111-unit project serving individuals and families at or below 60 percent AMI in Englewood. The project will be located on South Broadway in the heart of downtown Englewood on a major bus route and less than a mile from the Englewood light rail station.

  • Montbello VOA Elderly Housing II in Denver – sponsored by Volunteers of America, a nonprofit developer
    • This 86-unit project will serve seniors at 30, 50, and 60 percent AMI in northeast Denver. The sponsor will partner with Denver Urban Gardens and the Center for African American Health to promote a healthy lifestyle for the residents, offering community gardens, exercise, walking paths, and other health initiatives.

  • Northfield at Stapleton Apartments in Denver – sponsored by Northeast Denver Housing Center, a nonprofit developer
    • This 84-unit project will serve individuals and families earning 30, 40, 50, and 60 percent AMI in Stapleton’s newest redevelopment area, Conservatory Green. The project will offer many services for families and school-age children and will be within walking distance of shopping, parks, schools, and restaurants.

Disaster Recovery Round

CHFA received 12 applications for the Disaster Recovery Round, requesting over $11.8 million in annual State Credits. CHFA has $8.3 million in annual State Credits available to award in this round.

A list of the applicants for the Disaster Recovery Round can be found here. The project narratives will be posted on CHFA’s website soon.

CDOH and CHFA will coordinate closely on the review and underwriting of all LIHTC applications for developments in designated state disaster areas that are concurrently applying for State Credits and CDBG-DR funds. Each application will be evaluated for how closely the project meets the QAP requirements and for:
  • Feasibility;
  • Readiness-to-proceed; and
  • Project priority level based upon the local community’s disaster priorities.
For questions regarding the recent awards of State Credits, contact Tasha Weaver at 303.297.7429 or tweaver@chfainfo.com.

Questions regarding the Disaster Recovery Round can be directed to Tasha Weaver or Alisa Wilson at 303.864.7815 or alisa.wilson@state.co.us.






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