​​ chfa enews
chfa enews
May/June 2015
In this issue:

cecilia sanchez de ortiz named chair of chfa’s board of directors

CHFA welcomes Cecilia (Cec) Sanchez de Ortiz as our 2015-2016 Board Chair. Cec has devoted her professional career to community and economic development, and has held several leadership and consulting positions in local and state government, private business, and the nonprofit sectors. She currently is co-owner of ConfluenceDenver LLC, a consulting firm that specializes in community and economic development project management services in Latino communities.

As Board Chair, one of Cec’s goals is to increase outreach, part of which is to give the Board opportunities to visit and see CHFA customer facilities. On May 28, CHFA’s Board gathered at Tapiz at Mariposa (formerly known as 1099 Osage) for its monthly meeting. Tapiz at Mariposa is an affordable rental housing development for seniors and disabled households in west Denver, which received a five year $1.25 million per year set aside in annual Low Income Housing Tax Credit (LIHTC) from CHFA in 2010. Cec has set forth a goal to hold additional board meetings at customer locations throughout the next year.

CHFA also welcomes our newest Board Member, State Representative Max Tyler. Max has served as State Representative for Colorado House District 23 since 2009. He is currently chairman of the House Transportation and Energy Committee and vice chair of the Joint Technology Committee. Tyler also serves on the Public Health Care and Human Services and State Veterans and Military Affairs Committees. Tyler has a background as a small business owner, and served on the board of directors for the Denver Chamber of Commerce.

David Myler and Jody Kole have also been newly appointed to Board Chair Pro-Tem and Secretary/Treasurer, respectively.

We would also like to acknowledge Sam Betters, Executive Director for the Loveland Housing Authority. Sam has given eight years of dedicated service to CHFA’s Board of Directors and is term limited. His contributions as a Board member have enhanced CHFA’s work and partnership with housing authorities across the state. We are grateful for his dedication and good humor. Sam’s term on will end on June 30.

low income housing tax credit awards announced

CHFA, in partnership with the Department of Local Affairs (DOLA-DOH), recently announced the award of $7.2 million in federal Low Income Housing Tax Credits (LIHTC), $8.3 million in state LIHTC, and $24.7 million in Community Development Block Grant-Disaster Recovery (CDBG-DR) funds to support the construction of 1,035 new affordable rental units in areas most impacted by the 2013 floods. More than 14,500 homes were damaged in Boulder, Larimer, and Weld Counties, displacing thousands of Coloradans. More than 950 people still seek a permanent housing solution.

The awards were selected through a joint review process conducted by CHFA and DOLA-DOH. The collaborative effort was designed to ensure that local, state, and federal housing resources available through both organizations were efficiently deployed and leveraged.

The following nine developments were selected and are estimated to generate $450 million in economic impact, and support more than 2,000 temporary and 350 permanent jobs. Each will give priority to households displaced by the floods.
  • Kestrel, Louisville
  • Centennial Park Apartments, Longmont
  • Copper Peak, Longmont
  • Crisman Apartments, Longmont
  • The Edge, Loveland
  • Guadalupe Apartments, Greeley
  • Oakridge Senior Apartments, Fort Collins
  • Village on Redwood Apartments, Fort Collins
  • Windsor Meadows II, Windsor
“The flood of 2013 displaced many families in Northern Colorado and contributed to an already historically tight housing market, especially for families with lower incomes,” said Sam Betters, executive director of the City of Loveland Housing Authority, sponsor of The Edge in Loveland, and partner sponsor of Windsor Meadows II in Windsor. “I think one of the important takeaways from this round of funding will be the demonstration of what can be accomplished when state and federal resources are applied in a strategic way, and how dramatically it can impact lives and communities.”

Willa Williford, deputy director at Boulder County Housing Authority, and sponsor of Kestrel in Louisville said, “We are so grateful for the support of CHFA and the coordinated effort with Colorado Division of Housing staff. This collaboration is central to the work we’re doing to build high quality affordable housing, and support our community’s effort to be more resilient in the face of future disasters.”

To learn more visit: CHFA-LIHTC or DOLA_CDBG-DR.

Earlier this year, CHFA also completed its review process for non-disaster related state LIHTC. We received nine applications requesting more than $10.5 million in annual state LIHTC. Five million dollars in annual state LIHTC was available for this round, of which just under $4.5 million was awarded to five projects. The remaining balance of state LIHTC will be used to support future applicants in 2015.

The following five developments were awarded non-disaster state LIHTC:
  • 13th Avenue Apartments II, Aurora
  • Ash Street Apartments, Denver
  • Broadway Station Lofts, Englewood
  • Montbello VOA Elderly Housing II, Denver
  • Northfield at Stapleton Apartments, Denver
Pictured above: conceptual rendering of Centennial Park Apartments, courtesy of Summit Housing Group

chfa’s down payment assistance becomes a grant

CHFA is excited to announce that we have changed how we offer down payment assistance (DPA) within our home mortgage loan programs. CHFA has replaced the CHFA Second Mortgage Loan with a CHFA DPA Grantsm. The CHFA DPA Grants:
  • are non-repayable,
  • are in an amount of 3 percent of the first mortgage loan, and
  • assist with down payment, closing costs, and/or prepaids.
The CHFA DPA Grant is now available under the following home mortgage programs:
  • CHFA Preferred Plussm
  • CHFA SmartStep Plussm
  • CHFA HomeOpener Plussm
  • CHFA SectionEight Plussm
Since launching the CHFA DPA Grant in February of this year, more than 400 households have taken advantage, with more than $2 million granted to help these Coloradans achieve homeownership. To learn more, click here.

To help increase awareness of the new Grant, CHFA is launching a Facebook contest on June 10. Contestants will submit a photo showing a freedom they would grant themselves with homeownership, i.e., planting a garden or painting walls. Contestants must be 18 years of age or older, and Colorado residents.

The contest will run June 10-August 31, with three separate opportunities to enter and win during June, July, and August. CHFA will randomly select one winner per month. The winner will receive a $500 gift card to one of the following stores of their choice: Walmart, Target, Home Depot, IKEA, or Lowe’s.

chfa awarded over $500,000 in housing grants

On April 14, 2015 the U.S. Department of Housing and Urban Development (HUD) announced that CHFA has been awarded $367,875 to support comprehensive housing counseling efforts throughout Colorado. CHFA will sub-allocate the grant funds to 13 housing counseling agencies in rural and urban areas of the state. This is the third year that CHFA has received this award. Between 2013 and 2014, more than 8,700 Colorado households received counseling funded by this program. Comprehensive housing counseling efforts include rental and utility assistance, reverse mortgage, mortgage default, delinquency, and credit and debt counseling.

Additionally, NeighborWorks America announced that CHFA will receive a National Foreclosure Mitigation Counseling (NFMC) grant award of $209,740. The NFMC grant funds are sub-allocated to 11 agencies that provide foreclosure prevention counseling to homeowners in Colorado. Although the foreclosure rate has dropped in many areas of the state, there are various regions where homeowners are struggling to keep their home. Since 2008, more than 18,000 households in urban and rural areas of the state have received counseling services through this program. The majority of households have been able to avoid foreclosure through the efforts of the housing counseling agencies.

2015 housing credit summit coming in june

The 2015 Housing Credit Summit, Building Partnerships, takes place on June 16 at the Hyatt Regency Denver at Colorado Convention Center. This unique, one-day event will provide an opportunity for Colorado’s Low Income Housing Tax Credit developers, and affordable housing stakeholders to share ideas and network with local and national investors.

Michael Novogradac will serve as the event’s keynote speaker. For more information, please visit http://www.chfainfo.com/hcs.

housing forum colorado kicked off in pueblo

On Thursday, May 14, Housing Forum Colorado kicked off in Pueblo. The event educates lending and real estate professionals on programs, products, and services designed to help them attract and support new clients. Those who attended learned about the breadth of housing programs and assistance available through CHFA, FHA, VA, USDA/Rural Development and CHAC. The event was held at the Pueblo Public Library.

More Housing Forum Colorado events will be held across the state over the next few months. Upcoming events scheduled include: Denver on June 10; Grand Junction on June 17; Fort Morgan on July 14, and Longmont on July 16.

two new enewsletters from chfa coming soon – subscribe now

CHFA is excited to announce it is offering two new eNewsletters to keep our customers, partners, and other stakeholders best informed and engaged.

CHFA: Your Road Home
If you are considering homeownership, and are looking for tips on how to become a confident, empowered, and successful homeowner, subscribe now to CHFA: Your Road Home, our biweekly eNewsletter.

CO4F Quarterly News
Want to help eliminate food deserts across Colorado? Subscribe to CO4F Quarterly News to stay informed about the Colorado Fresh Food Financing Fund (CO4F). Learn about customers being served by the Fund and policy issues of impact to this important issue.

Want to know more about CHFA? Visit www.chfainfo.com.


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


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