​​ chfa enews
chfa enews
October/November 2014
In this issue:

CHFA Launches $10,000 David W. Herlinger Direct Effect Awards to Honor Nonprofits

CHFA is pleased to announce our David W. Herlinger Direct Effect Awards, a program that celebrates CHFA’s 40th anniversary with our nonprofit partners. The awards will recognize four nonprofit organizations doing work in Colorado whose missions align with CHFA’s work to support affordable homeownership, the development or preservation of affordable housing, or growth and investment in Colorado businesses.

The contest is named after David W. Herlinger, CHFA’s esteemed Executive Director between 1977 and 2000. His directness, as well as his passion, inspired lasting partnerships to meet the needs of Colorado’s underserved populations, leaving an indelible mark on the state for years to come. These awards serve as a reminder of the impact that we can make together.

To be considered for the $10,000 award, a nonprofit (whose mission aligns with CHFA’s mission), must apply and describe how it has supported the Colorado community, and how it will use the award to further its mission. Applicants must also include proof of their nonprofit status.

The deadline for all applications to be received or postmarked by is November 7, 2014. Winners will be announced online at chfainfo.com by December 31, 2014.

Visit chfainfo.com/directeffect to download an application and for more information.


Low Income Housing Tax Credit (LIHTC) Awards Support 13 Affordable Housing Developments in 2014

CHFA recently completed our allocation of competitive Low Income Housing Tax Credits for 2014. A total of 13 developments were awarded federal Low Income Housing Tax Credit this year. Collectively, these developments will provide 668 units of affordable rental housing across Colorado. Among the developments supported were three developments in counties impacted by the 2013 floods.

All of the developments supported will address diverse affordable housing needs across the state, including homeless housing, senior housing, farm worker housing, transit oriented development, and workforce housing.

Throughout the year, 44 applications were received seeking nearly $42 million in housing credit combined. Colorado’s authorized allocation amount for this year was $12 million. CHFA fully allocated these resources, however given that demand outpaced resources by seven-to-two, many worthwhile projects were not awarded credit.

The following is a list of all developments awarded competitive credit in 2014.

Caddis Flats, Crested Butte
Developer: Gunnison Valley Regional Housing Authority in partnership with Housing Resources of Western Colorado.

Caddis Flats will provide 30 new units of family workforce housing in the heart of Crested Butte. Crested Butte’s tourism economy relies on its significant service and retail workforce, which is desperately in need of stable and quality affordable rental housing. The annual credit awarded totals $539,165.

Falcon Ridge, Estes Park
Developer: Estes Park Housing Authority in partnership with City of Loveland Housing Authority

Falcon Ridge is a 45-unit new construction affordable development that will include one-, two-, and three-bedroom units. Even prior to the 2013 floods, housing market studies for the Estes Park area indicated the need for 100 additional income-qualified rental units by 2015 to support local economic development needs. Following the flood, the need has only grown. The annual credit awarded totals $912,694.

Hatler-May Village, Colorado Springs
Developer: Christian Church Homes

Hatler-May Village will provide 77 new affordable apartments to seniors, offering one- and two-bedroom units. A comprehensive social services plan will be implemented to provide life-enhancing services and activities for all residents, and supportive services for those who are frail or at risk. The annual credit awarded totals $1,228,589.

Mariposa Phase VI, Denver
Developer: Denver Housing Authority

Mariposa Phase VI is the 94-unit, sixth phase of Denver Housing Authority’s South Lincoln Homes HOPE VI Revitalization Plan development. Phase VI is a new construction project that will include 36 public housing/LIHTC units, 29 non-subsidized LIHTC units, and 29 market rate units. The annual credit awarded totals $1,178,762.

Sol Naciente, Fort Morgan – a Farm Labor Project
Developer: Community Resources and Housing Development Corporation

Sol Naciente will provide 50 units of affordable rental housing for Fort Morgan agricultural workers. The developer is partnering with USDA to obtain rental subsidies to support the project’s intent to serve very lowest income populations. The annual credit awarded totals $882,402.

Town Center North Apartments, Wheat Ridge
Developer: Wazee Partners

Town Center North Apartments will be a 50-unit affordable senior housing development. Wheat Ridge has the most senior citizens in Jefferson County and demand for affordable housing in Wheat Ridge is significant, with a current interest/waitlist exceeding 670 seniors for both the existing Wheat Ridge Town Center Apartments, and the proposed project. The annual credit awarded totals $965,327.

Yale Station, Denver
Developer: Mile High Development and Koelbel and Company

Yale Station Family Apartments will consist of 66 affordable, family workforce housing units located adjacent to the Yale Station light rail station in Denver. The development will include one-, two-, and three-bedroom units. The annual credit awarded totals $1,109,303.

Grove Street Apartments, Denver
Developer: Gorman & Company, Inc.

Grove Street Apartments will be a mixed-use development in Denver's Westwood neighborhood, incorporating 42 units of affordable rental housing and the primary office space for a local community nonprofit. The annual credit awarded totals $915,504.

Mission Village of Greeley, Greeley
Developer: Commonwealth Development Corporation

Mission Village of Greeley will provide 50 new, family-sized units in an increasingly tight rental market in a county that was devastated by the 2013 floods. The annual credit awarded totals $990,000.

Oakshire Trails, Pueblo
Developer: Four Corners Development

Oakshire Trails will be a newly constructed residential community for moderately active, independent seniors ages 55+. Featuring 62 one- and two-bedroom units, Oakshire Trails will be designed to promote active engagement among residents. The annual credit awarded totals $1,107,010.

Pathways Village, Grand Junction
Developer: Cardinal Capital Management, Inc.

Pathways Village will be a new 40-unit development for homeless individuals and families. Developed in partnership with Homeward Bound of the Grand Valley, Inc., this supportive housing project will be the first of its kind along Colorado's Western Slope. All 40 units will be supported by Project-based Section 8 rental subsidies from the Grand Junction Housing Authority, ensuring that units will be available to serve the lower income residents. The annual credit awarded totals $785,116.

South Fork Heights Apartments, South Fork
Developer: Belmont Development Company

South Fork Heights Apartments is a 34-unit property, originally constructed in 1990 in southwestern Colorado. Today, the property requires significant investment to update the project. Without this additional investment, funding from Rural Development could be at risk. The annual credit awarded totals $312,589.

Spring Creek Apartments, Longmont
Developer: Longmont Housing Development Corporation

Spring Creek Apartments is a proposed 60-unit affordable senior housing development within the Prairie Village subdivision in Longmont. The development has been ranked as the top rental housing priority within Boulder County for receipt of CDBG-DR funds available to support flood recovery efforts. The project will be managed by the Longmont Housing Authority and will serve extremely low income seniors. The annual credit awarded totals $888,948.

For more information about CHFA’s allocation of federal LIHTC, please visit our website.


CHFA Honored with Denver Housing Authority Wall of Fame Award

CHFA was honored at the Denver Housing Authority’s (DHA) 10th annual Wall of Fame Awards Ceremony on September 18. CHFA was bestowed a 2014 Wall of Fame Award in recognition of making outstanding contributions to DHA in two crucial areas: homeownership program assistance and support, and for being a significant and creative affordable housing financing partner.

“Receiving the Denver Housing Authority’s Wall of Fame Award is an honor. Helping local housing authorities, such as DHA, further their outreach and impact on our community is important to CHFA’s mission,” said Cris White, CHFA executive director and CEO. “What DHA has done with the projects we’ve been honored to partner on has been, and continues to be impressive and vital to residents. We appreciate this honor and look forward to continuing our partnership.”

According to Ismael Guerrero, DHA executive director, “CHFA has been providing a unique and highly impactful service to DHA’s residents who aspire to the American Dream of homeownership. CHFA also supports DHA’s housing counseling center services, which allows us to reach even more families in Denver. CHFA is a strategic, long-term partner and their recognition at this year’s Wall of Fame is well deserved.”

CHFA began its partnership with DHA more than 30 years ago and has been fundamental to many of DHA’s housing development initiatives. During this long-term partnership, DHA has created 31 developments and 3,149 units with Low Income Housing Tax Credits (LIHTCs) allocated by CHFA.

Pictured Above: Mayor Michael Hancock and DHA Executive Director Ismael Guerrero present the Wall of Fame Award to CHFA COO, Jaime Gomez.


Cut the Ribbon! Grand Openings Around the State

InnovAge Senior Housing, Thornton
InnovAge Senior Housing, which received a $961,517 LIHTC Round Two award in 2012, opened on September 24. Its Welcome Home reception included special guests such as the City of Thornton Mayor and City of Thornton City Manager.

The property is an affordable 72-unit, four-story residential community featuring large one- and two-bedroom apartments for seniors 55 and older, who earn $36,840 or below annually for a two-person household in Adams County.



Apex Meridian Apartments, Englewood

Apex Meridian Apartments, which received a $730,786 LIHTC award in 2013, also opened on September 24. It held a ribbon cutting ceremony at its clubhouse.

The property (pictured right) is a 156-unit affordable community featuring one-, two-, and three-bedroom apartments for residents earning $36,840 or below annually for a two-person household in Douglas County.


Villa Sierra Madre II, Silverthorne

Catholic Charities and Archdiocesan Housing hosted a grand opening of Villa Sierra Madre II on October 2 in Silverthorne. Villa Sierra Madre II is a 64-unit affordable housing development for families and received a $1,174,762 Round Two LIHTC award in 2012.

The event began with a plaque dedication, followed by a ribbon cutting and official grand opening and ended with a meet-and-greet reception and tours of the facility.


Volunteers at CHFA Help Build Playground

On Tuesday, September 30, volunteers from CHFA staff joined several others, including a few Denver Broncos, to help build a new playground for Rocky Mountain Communities (RMC).

The playground was built at RMC’s Garden Court Community at 1150 Syracuse Street in Denver. The build required approximately 250 volunteers. RMC partnered with KaBOOM! and The CarMax Foundation to lead the community-built playground project.

Pictured above: (left to right, back row): Denver Broncos guard Louis Vasquez; Denver Broncos center Manny Ramirez (left to right, front row): CHFA staff member and RMC Board member Gary Dominguez, and RMC Board member Dani Kimlinger.



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

questions?

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


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