​​ chfa enews
chfa enews
January 2015
In this issue:

CHFA’s Down Payment Assistance Becomes a Grant

Coming Soon! CHFA will be offering our popular down payment program as a grant instead of a loan. The CHFA Down Payment Assistance Grant (CHFA DPA Grant) will be:
  • non-repayable,
  • be in an amount of 3% of the first mortgage loan, and
  • can be used to assist with down payment, closing costs, and/or prepaids.
The Down Payment Grant option will soon be available under the following home mortgage programs:
  • CHFA Preferred Plussm
  • CHFA SmartStep Plussm
  • CHFA HomeOpener Plussm
  • CHFA SectionEightsm Homeownership Plus
We currently anticipate that the CHFA DPA Grant option will be effective for all loans reserved on or after February 2, 2015.

Colorado Top State to Deploy SSBCI Funds to Small Businesses

The U.S. Treasury Department recently released a report detailing how its State Small Business Credit Initiative (SSBCI) has helped small businesses grow and create jobs, naming Colorado as a top state in fund deployment. Colorado’s SSBCI funding is distributed through programs administered by CHFA and the Colorado Office of Economic Development and International Trade (OEDIT). These funds support local economic development, and Colorado is reported as the Number 4 state to deploy the most SSBCI funds by percentage of allocation.

Colorado was awarded a total of $17.2 million through the SSBCI program in October 2011, which it received in three separate disbursements. Colorado received its third disbursement in June 2014 after successfully lending out $5.7 million, or 100 percent of its second disbursement. The federal funds have generated $60 million in private sector financing to Colorado businesses and have impacted more than 2,000 jobs throughout the state.

More than $1.1 billion in SSBCI funds has been disbursed to participating states since the beginning of the program.

Colorado's SSBCI funding is distributed through the Colorado Capital Access (CCA) and Cash Collateral Support (CCS) programs, administered by CHFA. The programs are designed to help businesses with 750 or fewer employees obtain loans from their local bank for working capital, inventory, real estate or equipment purchases, or lines of credit.

Businesses can obtain more information about CCA and CCS, including a complete list of Colorado Capital Access participating lenders, at chfainfo.com.

CHFA Meets $487 Million Annual Loan Production Goal

We are pleased to announce CHFA met its 2014 goal of $487 million in loan production before the year ended. The impact of this production translates to 332 affordable rental units developed or preserved, 3,462 families achieving homeownership, and 4,414 jobs.

In helping low and moderate income Coloradoans achieve homeownership, this loan production also translates to more than $430 million invested in loans, and more than $350 million in CHFA Statewide Mortgage Credit Certificates (CHFA MCCsm) issued. Meeting CHFA’s loan production goal also means strengthening Colorado’s economic development by providing finance to businesses, with more than $50 million invested in loans to hundreds of businesses across the state.

“Our commitment to our customers guides our persistence to meet these goals. In 2015, we will continue to strive to meet and exceed goals that achieve our mission and strengthen communities across Colorado,” said Jaime Gomez, CHFA Chief Operating Officer.

David W. Herlinger Direct Effect Awardees Announced

Four nonprofit organizations whose work strengthens affordable housing and economic development across Colorado each received a $10,000 award from CHFA.

The nonprofits:
  • La Plata Homes Fund, Inc.;

  • The Residences at Eaton Senior Communities;

  • Rocky Mountain Community Land Trust; and

  • San Luis Valley Development Resources Group
are all winners of CHFA’s inaugural David W. Herlinger Direct Effect Awards, created in honor of CHFA’s 40th anniversary to recognize Colorado nonprofits whose work aligns with CHFA’s mission to support affordable homeownership, the development or preservation of affordable rental housing, and investment in Colorado businesses.

“As we reflected on the work CHFA has done throughout our 40-year history, it was important to us that we honor those nonprofits who we have been working alongside within their respective communities,” said Cris White, CHFA executive director and CEO.

Ninety-six applications were received, each providing compelling overviews about how the award could aid each unique nonprofit in advancing their mission. Winners were selected by a panel of judges comprised of CHFA staff and board members.

About the Direct Effect Award Winners

La Plata Homes Fund, Inc., Durango
The La Plata Homes Fund was created in 2008 following a community-led initiative to address the need for workforce housing in La Plata County.

“We empower working families with the tools and resources to achieve homeownership. In Durango, where we have a high cost housing market and relatively low wages, homeownership can be especially challenging,” said Executive Director, Karen Iverson.

The funds will help La Plata Homes Fund design and conduct a financial literacy and homebuyer education class to support the Southern Ute Indian Tribe as they launch an in-house home mortgage program for their members.

The Residences at Eaton Senior Communities, Lakewood
As a senior living community based in Lakewood since 1980, The Residences at Eaton Senior Communities provides affordable housing and supportive services to low to moderate income seniors. The community, which has two facilities totaling 227 units, provides services that include individual health and wellness assessments, and a wellness program that brings additional services and education onsite.

With its $10,000 award, Eaton Senior Communities plans to purchase equipment for its wellness program, including portable dentistry equipment, portable massage equipment, walkers, and wheelchairs.

“Because of our numerous partnerships with service providers who come onsite, we are able to offer wellness services generally found in high-end retirement communities, in a way that is affordable and accessible to our income-challenged residents,” said President and CEO, David Smart. “The $10,000 award from CHFA will enable Eaton Senior Communities to purchase a wish list of equipment that will expand and enhance the services provided through our wellness program. We are honored, humbled, and overjoyed to be recognized by CHFA with the Direct Effect Award.”

Rocky Mountain Community Land Trust, Colorado Springs
Based in Colorado Springs, and serving all of El Paso County, Rocky Mountain Land Trust (RMCLT) partners with low income families in homeownership. When partnering with families to invest in home purchases, the home becomes permanently affordable, which helps reduce rising costs and shrink the affordability gap for future generations. RMCLT also collaborates with other nonprofit organizations to provide necessary housing support in the community, such as low income rentals and transitional housing units.

Executive Director, Nate Clyncke said, “The Direct Effect Award will allow us to rehab a home in the RMCLT program that has been relinquished by the family. This townhome, located in Colorado Springs, has been in the RMCLT inventory for 14 years, and our initial investment has helped three families so far. We will use the $10,000 provided by CHFA to carpet, paint, and repair the home as we prepare to sell it to the next low income family.”

San Luis Valley Development Resources Group, Alamosa
The San Luis Valley Development Resources Group promotes economic and community self-development for the 18 communities and six counties in the San Luis Valley by administering state, federal, and citizen-initiated programs. These programs offer tax incentive credits, new and existing business loans, and other important tools that strengthen economic development.

The organization plans to use its award fund to improve its marketing tactics, which include developing an online business loan application and providing relevant regional educational information and links to strategic partnerships such as nonprofits, education institutions, and government agencies.

“The mission of the San Luis Valley Development Resources Group is to promote and facilitate economic and community development. This generous award will provide the opportunity to reach more local businesses and citizens,” said Business Development Director, Sarah Stoeber. “Thanks CHFA for being such a great partner for so many years!”

Project Homeless Connect Gets Help from CHFA Volunteers

Thirteen volunteers from CHFA joined more than 1,000 other volunteers at Project Homeless Connect 14 at the Colorado Convention Center on Monday, November 17. This event gathered homeless, or those at risk of becoming homeless individuals to access many different resources.

According to one of the event’s organizers, Mile High United Way, nearly 1,000 individuals benefited from attending the event. More specifically:
  • 750 received needed clothing
  • 145 got their eyes checked
  • 380 attended the job fair
  • 230 received haircuts
  • 147 received help for their pets
  • 60 created résumés at the résumé lab
  • And much more including housing and ID services, VA assistance, healthcare, childcare, and benefits assistance
In addition, one of the tasks assigned to volunteers was to translate from English to Spanish. Translators wore blue t-shirts as demonstrated in the above photo by Mike Pacheco, CHFA Tax Credit Officer.

It was reported that the event received a record-breaking number of volunteers. CHFA volunteers were impressed with the level and amount of resources available to help those struggling in our community.

Pictured above (left to right) Pam McClune, CCEP; and Mike Pacheco, Tax Credit Officer.

Want to know more about CHFA? Visit our newly redesigned website at www.chfainfo.com.


Jerilynn Martinez
Marketing and Communications Manager
jmartinez@chfainfo.com or 303.297.7427


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