In this issue:
state’s housing needs drive surge in chfa activity
Last year, demand for CHFA’s programs was significant as communities worked to address the growing need for affordable housing. As a result, CHFA broke our all-time records in home mortgage loan production, homebuyer education enrollment, multifamily loan production volume, and the number of Permanent Supportive Housing (PSH) units supported.
In 2015, we exceeded our previous home mortgage loan production record by over 150 percent, investing $745 million to help Coloradans achieve their dreams of homeownership. CHFA also served 9,048 households through our statewide homebuyer education program, the highest annual enrollment on record.
With historically low vacancy rates and rising rents in 2015, CHFA was as committed as ever to increasing and preserving affordable rental housing. CHFA leveraged its resources and partnerships to support the new construction or preservation of 4,972 affordable rental housing units, which was a 126 percent increase over 2014. In addition, 282 of these units will be PSH units serving those experiencing homelessness—the most supported in any single year in our history.
new home refinance product available from chfa
CHFA recently launched a new home mortgage refinance program to help Coloradans reduce their monthly mortgage payments. This new product, called CHFA Preferredsm Refinance, includes a competitive, 30-year fixed rate mortgage and below-market private mortgage insurance. With CHFA Preferred Refinance, borrowers can choose to either pay their mortgage insurance premiums monthly, or via a single upfront premium. In addition, borrowers who pay their premiums monthly can request to have their mortgage insurance cancelled once the outstanding principal balance on their loan reaches an 80 percent loan-to-value ratio, and certain other requirements under federal law are met.
Click here to read the complete announcement.
chfa releases 2015 state lihtc allocation report
On December 31, 2015, CHFA submitted the
Colorado State Low Income Housing Tax Credit (LIHTC) 2015 Allocation Report to the Colorado General Assembly.
In just one year, the state LIHTC program has supported the development of 1,902 affordable rental housing units and leveraged $185 million in new private sector investment into Colorado’s affordable housing needs. The construction of these 1,902 units is estimated to generate nearly $593.8 million in economic impact and support 3,361 jobs. These results would not have been possible without state LIHTC. Yet without legislative action, the program will expire at the end of 2016.
Join our efforts by signing onto the State LIHTC Extension Coalition.
Click here to add your organization's name to the official list of supporters. Click
here to view the Coalition List.
Renderings courtesy of: RNL Design Rendering of Northfield at Stapleton Apartments in Denver; Northeast Denver Housing Center and Cuningham Group Architecture, Inc.; Boulder County Housing Authority and Wenk Associates, Inc.; and David Nakhjovani and Gus Robbato/Lewis Himes & Associates.
cgr fund supports new legacy charter high school
A new charter school and early childhood education center was recently supported by the Colorado Growth and Revitalization (CGR) Fund’s Community Impact Fund, administered by CHFA. New Legacy Charter High School is tailored for pregnant and parenting youth ages 14-21. The school includes an early childhood education center for the students’ infants and preschool-aged children. The school was developed by Urban Land Conservancy (ULC), a nonprofit organization that invests in real estate to benefit Colorado communities. The CGR Community Impact Fund supported the project with a $500,000 loan.
The school is located in Original Aurora, an Aurora neighborhood where 83 percent of children are on the free/reduced lunch program, household median income is $34,000, and the poverty level is 43 percent for families with children. New Legacy opened in August 2015, serving 80 students and 45 children.
lihtc allocation software system upgraded
CHFA recently hosted a webinar to introduce Low Income Housing Tax Credit (LIHTC) applicants and multifamily property developers to CHFA’s new web-based system for submitting LIHTC applications.
The system is designed to offer a user-friendly software platform to upload LIHTC applications and all supporting documents. The system will increase transparency and simplify communications.
“We are excited about the new system! It is easy to use and will allow the applicants to keep communications and documents submitted between themselves and CHFA in one place,” said CHFA Tax Credit Manager, Tasha Weaver.
Pictured above: LIHTC customer, Lumien Apartments in Durango
2016 david w. herlinger golf tournament beneficiary selected
CHFA has named Volunteers of America Colorado Branch as its 2016 David W. Herlinger Golf Tournament beneficiary. Volunteers of America Colorado Branch is a nonprofit organization that helps approximately 200,000 Coloradans each year through various human service programs, including those that focus on housing and healthcare.
“The board and staff of Volunteers of America Colorado Branch are very excited to be selected by CHFA as the 2016 David W. Herlinger Golf Tournament beneficiary. Volunteers of America has enjoyed a long partnership with CHFA over many years, and we are honored and gratified to be able to work with CHFA in yet another venue,” said Dianne Kunz, president and CEO of Volunteers of America Colorado Branch.
This year’s event will be held on July 12 at Fossil Trace Golf Course in Golden.
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