In 2023, CHFA’s commitment to its mission was evident across several significant milestones and accomplishments. A few are included below.
- CHFA issued a record-high $1.53 billion in single family and multifamily housing bonds, placing CHFA first in the nation for single family bond issuances by a state housing finance agency and second for combined single family and multifamily issuances.
- To support the development and preservation of affordable rental housing, CHFA invested over $510 million in total lending—the highest on record. CHFA also completed 21 multifamily loan commitments totaling $163 million―the second-highest total in CHFA’s history.
- CHFA’s $120 million investment made through its business finance programs represents another annual record, as does its receipt of $65 million in New Markets Tax Credits to invest in underserved communities.
- Through its Direct Effect Awards program, CHFA completed its largest ever single round of awards, investing more than $1 million in grants to mission-aligned nonprofits in a single round and more than $2 million total throughout the year.
As new milestones were reached throughout its core programs, CHFA had the pleasure of partnering with the Office of Economic Development and International Trade (OEDIT) to implement new programs established by Proposition 123. This involved listening to feedback from stakeholders at more than 30 events across Colorado, developing a dedicated website, and evaluating 113 Letters of Intent and 78 applications for Proposition 123 funding.
Throughout this report, through data, photos, and stories of organizations, families, and individuals with whom we’ve had the pleasure of working, you will learn more about CHFA’s investments made throughout the year. In 2024, CHFA’s 50th year in operation, we look forward to continuing to carry out our mission to strengthen Colorado.
CHFA’s 2023 Community Investment
CHFA invested $2.7 billion to support affordable housing and community development across Colorado.
As Colorado homebuyers faced challenging market conditions throughout the year, CHFA’s investment in homeownership programs remained strong, offering competitive rates and down payment assistance to support homebuyers. Furthermore, CHFA offered educational opportunities and resources to support and equip Coloradans on their homebuying journeys.
Own Your Tomorrow
CHFA’s Home Finance team led community engagement efforts to support Black and African American homeownership, including 12 one-on-one meetings with community leaders and stakeholders, sponsorship of 14 events, and four in-community homebuyer workshops. These efforts were part of CHFA’s Own Your Tomorrow campaign, which acknowledges the importance and power of homeownership to build wealth and community for the future.
Homebuyer’s Roadmap
As part of its ongoing efforts to equip first-time homebuyers with educational resources, CHFA launched an online, interactive resource called the Homebuyer’s Roadmap at chfainfo.com/homebuyer-roadmap. This digital tool delves into aspects of the homebuying journey, including understanding credit, selecting a lender, inspections, and appraisals.
Improved Lending Efficiency
With the goal of continuously improving operational efficiencies, CHFA began working with document preparation service providers DocMagic and Encompass. Through these providers, lenders utilize CHFA forms that have been integrated directly into their document preparation systems, providing faster processing times, a reduction in data errors, and a superior customer experience for Participating Lenders and homebuyers.
Promoting Housing Stability
To provide ongoing support to homeowners facing hardship, CHFA continued its efforts to promote housing stability and prevent foreclosures by counseling borrowers on loan modifications, partial claims, and other loss mitigation options. CHFA’s loan servicing team also worked in partnership with the Colorado Division of Housing to connect qualified borrowers with state and federal mortgage assistance resources.
Terri and Lamont
Terri and Lamont are CHFA homeowners living in Aurora. When they decided it was time to purchase a place of their own, they learned about CHFA from their Realtor®, La Shon Carter at Corcoran Perry & Co. They then worked with CHFA Participating Lender Brynn Warner at Summit Funding, Inc., to realize their vision of becoming homeowners.
“For us, homeownership means that we have something that we can pass onto our kids,” said Terri. “It will show our children that they can own something too―that it’s possible to have something of their own.”
2023 Homeownership Investment
CHFA’s investment in the development of affordable rental housing for Coloradans in 2023 was significant, including over $510 million in total lending―a record one-year investment. Multifamily loan commitments of $163 million was the second highest on record, while demand for federal and state Housing Tax Credits was robust.
Multifamily Lending
In 2023, CHFA made 21 multifamily loan commitments totaling $163 million in financing to support 1,776 affordable housing units across the state. This is the second-highest total financing invested in multifamily loans in CHFA’s history. Also, CHFA fully committed the $25 million authorized by the Colorado General Assembly to advance CHFA’s innovative Middle-income Access Program, which provides capital for middle-income rental housing.
Housing Tax Credit
Even amid challenging and rapidly evolving macroeconomic conditions, demand for Housing Tax Credits was strong, illustrating the power of state and federal credits to enable the development and preservation of quality, affordable housing for Coloradans. CHFA’s second competitive allocation round, which awarded state credits alongside federal 4 percent credits, received a record-breaking 35 applications seeking more than $37 million in state credit. Developments seeking credits are increasingly energy efficient, and 20 out of 22 competitively awarded projects in 2023 will be fully electric or electrification-ready.
Supporting Energy Efficiency
CHFA spearheaded the development of the Colorado Multifamily Affordable Housing Electrification Hub, an interactive website for developers of affordable multifamily housing. The Hub was built in collaboration with a steering committee of industry experts, and includes technical resources, case studies, and a searchable database of financing and incentive opportunities. The Hub is online at multifamily-ehub.chfainfo.com.
Proposition 123 Rental Housing Programs
CHFA worked to implement the Proposition 123 Concessionary Debt and Equity programs to support the development and preservation of affordable rental housing throughout the state in partnership with the Office of Economic Development and International Trade (OEDIT). As the Concessionary Debt program opened to its first round of applicants, CHFA evaluated 38 applications seeking more than $113 million in funding requests from the new program.
Salida Ridge Apartments
Salida Ridge Apartments provides 48 affordable rental housing units to residents of Salida with incomes between 30 to 50 percent of the Area Median Income. Developed by Commonwealth Development Corporation, Salida Ridge offers a mix of one-, two-, and three-bedroom apartment homes located close to the Arkansas River and recreation amenities. CHFA was proud to support Salida Ridge Apartments with a reservation of $1,220,000 in federal 9 percent Housing Tax Credits in 2020 and $1,611,000 in permanent financing in 2021.
“Without the Housing Tax Credits from CHFA as well as the financing they provided, Salida Ridge Apartments would not have been possible,” explained Ted Goltzman, Vice President of Development at Commonwealth Development Corporation. “Particularly in rural and mountain towns, these financial tools are critical to enable the development of quality affordable housing.”
City: Commerce City
Developer: Prospect
Total Units: 93
Housing Tax Credit Type: Federal 4 Percent Credit
Name: 901 Navajo Street
City: Denver
Developer: Mercy Housing Mountain Plains
Total Units: 190
Housing Tax Credit Type: State and Federal 4 Percent Credit
Name: Albion Affordable Apartments
City: Denver
Developer: Delwest Development Corporation
Total Units: 169
Housing Tax Credit Type: State and Federal 4 Percent Credit
Name: Artspace Colorado Springs
City: Colorado Springs
Developer: Artspact Projects, Inc.
Total Units: 51
Housing Tax Credit Type: Federal 4 Percent Credit
Name: Arvada House
City: Arvada
Developer: Arvada Senior Housing, LP
Total Units: 88
Housing Tax Credit Type: Federal 4 Percent Credit
Name: Ascent at Hover Crossing
City: Longmont
Developer: Pennrose LLC
Total Units: 75
Housing Tax Credit Type: State and Federal 4 Percent Credit
Name: Belmar Groves Apartments
City: Lakewood
Developer: Metro West Housing Solutions
Total Units: 118
Housing Tax Credit Type: Federal 4 Percent Credit
Name: Benedict
City: Glenwood Springs
Developer: Archdiocesan Housing
Total Units: 34
Housing Tax Credit Type: Federal 9 Percent Credit
Name: Brigit's Village
City: Frederick
Developer: Jon Peterson
Total Units: 40
Housing Tax Credit Type: Federal 9 Percent Credit
Name: Chrysalis Apartments
City: Denver
Developer: The Empowerment Program, Inc
Total Units: 70
Housing Tax Credit Type: State and Federal 4 Percent Credit
Name: Denver Dry Goods
City: Denver
Developer: Perry Rose LLC
Total Units: 106
Housing Tax Credit Type: State and Federal 4 Percent Credit
Name: Diagonal Plaza
City: Boulder
Developer: Boulder Housing Partners
Total Units: 73
Housing Tax Credit Type: Federal 9 Percent Credit
Name: Edge III
City: Loveland
Developer: Loveland Housing Authority
Total Units: 66
Housing Tax Credit Type: State and Federal 4 Percent Credit
Name: Gateway Village
City: Fort Morgan
Developer: Rocky Mountain Communities
Total Units: 120
Housing Tax Credit Type: State and Federal 4 Percent Credit
Name: Henninger Legacy Homes
City: Denver
Developer: Atlantis Community Foundation
Total Units: 60
Housing Tax Credit Type: Federal 9 Percent Credit
Name: Jacoby Meadows
City: Windsor
Developer: Loveland Housing Authority
Total Units: 62
Housing Tax Credit Type: Federal 9 Percent Credit
Name: King's Crossing
City: Aurora
Developer: Community Development Partners
Total Units: 179
Housing Tax Credit Type: State and Federal 4 Percent Credit
Name: Mineral Point
City: Crested Butte
Developer: TWG Development, LLC
Total Units: 34
Housing Tax Credit Type: Federal 9 Percent Credit
Name: Overlook at Thornton
City: Thornton
Developer: Maiker Housing Partners
Total Units: 160
Housing Tax Credit Type: Federal 4 Percent Credit
Name: Overlook at Uplands
City: Westminister
Developer: St. Charles LIHTC Investors, LLC
Total Units: 247
Housing Tax Credit Type: Federal 4 Percent Credit
Name: Point of the Pines Villas
City: Colorado Springs
Developer: MEJansen Development Company
Total Units: 30
Housing Tax Credit Type: Federal 9 Percent Credit
Name: Rendezvous
City: Montrose
Developer: VOA National Services
Total Units: 52
Housing Tax Credit Type: State and Federal 4 Percent Credit
Name: Residences at Durango
City: Durango
Developer: Durango TWG, LLLP
Total Units: 120
Housing Tax Credit Type: Federal 4 Percent Credit
Name: Residences at Willow Park
City: Aurora
Developer: Aurora Housing Authority
Total Units: 86
Housing Tax Credit Type: Federal 4 Percent Credit
Name: Retreat at Brighton Ridge Apartment Homes
City: Brighton
Developer: Pedcor Investments, A Limited Liability Company
Total Units: 264
Housing Tax Credit Type: Federal 4 Percent Credit
Name: Rifle Apartments
City: Rifle
Developer: Evergreen Real Estate Group
Total Units: 60
Housing Tax Credit Type: Federal 9 Percent Credit
Name: Royal Pine Apartments
City: Colorado Springs
Developer: DBG Properties LLC
Total Units: 232
Housing Tax Credit Type: Federal 4 Percent Credit
Name: Ruby Vista
City: Denver
Developer: Gorman & Company, LLC
Total Units: 98
Housing Tax Credit Type: Federal 4 Percent Credit
Name: Sheridan on 10th
City: Denver
Developer: Mental Health Center of Denver d/b/a WellPower
Total Units: 60
Housing Tax Credit Type: Federal 9 Percent Credit
Name: Spine Road Apartments
City: Boulder
Developer: Koelbel and Company
Total Units: 65
Housing Tax Credit Type: Federal 4 Percent Credit
Name: StarRise at North Weld Village
City: Greeley
Developer: High Plain Housing Development Corp
Total Units: 58
Housing Tax Credit Type: Federal 9 Percent Credit
Name: Trails at Pagosa Springs
City: Pagosa Springs
Developer: Generation Housing Partners, LLC
Total Units: 50
Housing Tax Credit Type: Federal 9 Percent Credit
Name: Village at Homewood Point - Phase II
City: Colorado Springs
Developer: CS Pike Senior II L.P.
Total Units: 83
Housing Tax Credit Type: State and Federal 4 Percent Credit
Name: Village on Impala
City: Fort Collins
Developer: Housing Catalyst
Total Units: 86
Housing Tax Credit Type: Federal 4 Percent Credit
Name: Village on Main
City: Longmont
Developer: Longmont Housing Authority
Total Units: 72
Housing Tax Credit Type: Federal 4 Percent Credit
Name: Williams Pointe
City: Lakewood
Developer: Metro West Housing Solutions
Total Units: 44
Housing Tax Credit Type: Federal 9 Percent Credit
City: Commerce City
Developer: Prospect
Total Units: 93
Name: Artspace Colorado Springs
City: Colorado Springs
Developer: Artspact Projects, Inc.
Total Units: 51
Name: Arvada House
City: Arvada
Developer: Arvada Senior Housing, LP
Total Units: 88
Name: Belmar Groves Apartments
City: Lakewood
Developer: Metro West Housing Solutions
Total Units: 118
Name: Overlook at Thornton
City: Thornton
Developer: Maiker Housing Partners
Total Units: 160
Name: Overlook at Uplands
City: Westminister
Developer: St. Charles LIHTC Investors, LLC
Total Units: 247
Name: Residences at Durango
City: Durango
Developer: Durango TWG, LLLP
Total Units: 120
Name: Residences at Willow Park
City: Aurora
Developer: Aurora Housing Authority
Total Units: 86
Name: Retreat at Brighton Ridge Apartment Homes
City: Brighton
Developer: Pedcor Investments, A Limited Liability Company
Total Units: 264
Name: Royal Pine Apartments
City: Colorado Springs
Developer: DBG Properties LLC
Total Units: 232
Name: Ruby Vista
City: Denver
Developer: Gorman & Company, LLC
Total Units: 98
Name: Spine Road Apartments
City: Boulder
Developer: Koelbel and Company
Total Units: 65
Name: Village on Impala
City: Fort Collins
Developer: Housing Catalyst
Total Units: 86
Name: Village on Main
City: Longmont
Developer: Longmont Housing Authority
Total Units: 72
City: Glenwood Springs
Developer: Archdiocesan Housing
Total Units: 34
Name: Brigit's Village
City: Frederick
Developer: Jon Peterson
Total Units: 40
Name: Diagonal Plaza
City: Boulder
Developer: Boulder Housing Partners
Total Units: 73
Name: Henninger Legacy Homes
City: Denver
Developer: Atlantis Community Foundation
Total Units: 60
Name: Jacoby Meadows
City: Windsor
Developer: Loveland Housing Authority
Total Units: 62
Name: Mineral Point
City: Crested Butte
Developer: TWG Development, LLC
Total Units: 34
Name: Point of the Pines Villas
City: Colorado Springs
Developer: MEJansen Development Company
Total Units: 30
Name: Rifle Apartments
City: Rifle
Developer: Evergreen Real Estate Group
Total Units: 60
Name: Sheridan on 10th
City: Denver
Developer: Mental Health Center of Denver d/b/a WellPower
Total Units: 60
Name: StarRise at North Weld Village
City: Greeley
Developer: High Plain Housing Development Corp
Total Units: 58
Name: Trails at Pagosa Springs
City: Pagosa Springs
Developer: Generation Housing Partners, LLC
Total Units: 50
Name: Williams Pointe
City: Lakewood
Developer: Metro West Housing Solutions
Total Units: 44
City: Denver
Developer: Mercy Housing Mountain Plains
Total Units: 190
Name: Albion Affordable Apartments
City: Denver
Developer: Delwest Development Corporation
Total Units: 169
Name: Ascent at Hover Crossing
City: Longmont
Developer: Pennrose LLC
Total Units: 75
Name: Chrysalis Apartments
City: Denver
Developer: The Empowerment Program, Inc
Total Units: 70
Name: Denver Dry Goods
City: Denver
Developer: Perry Rose LLC
Total Units: 106
Name: Edge III
City: Loveland
Developer: Loveland Housing Authority
Total Units: 66
Name: Gateway Village
City: Fort Morgan
Developer: Rocky Mountain Communities
Total Units: 120
Name: King's Crossing
City: Aurora
Developer: Community Development Partners
Total Units: 179
Name: Rendezvous
City: Montrose
Developer: VOA National Services
Total Units: 52
Name: Village at Homewood Point - Phase II
City: Colorado Springs
Developer: CS Pike Senior II L.P.
Total Units: 83
2023 Rental Housing Investment
Business finance investments set a record in 2023, with more than $120 million invested across CHFA’s business lending programs. This is the highest one-year total in CHFA’s history. Business finance teams also worked in partnership with state agencies on the implementation of several programs enacted by Colorado voters and the Colorado General Assembly to support affordable housing and economic development.
New Markets Tax Credits
CHFA’s Colorado Growth and Revitalization Fund (CGR Fund) received an award of $65 million in federal New Markets Tax Credits (NMTCs) in 2023, the highest award amount allocated to qualified applicants. This represents the fifth consecutive year that CGR Fund has received credits, and it is the largest one-year allocation in CGR Fund’s history. Since its inception, CGR Fund has deployed more than $228 million in NMTCs, supporting more than 3,000 jobs throughout Colorado.
Native American Bank
CHFA was proud to support Native American Bank through a $5 million deposit, the proceeds of which will help fund commercial loans made by the bank in Colorado. Headquartered in Denver with a location on the Blackfeet Reservation in Browning, Montana, Native American Bank has a vision to create a national bank to serve all Native people, communities, governments, and enterprises across the country.
Proposition 123 and Innovative Housing Incentive Program (IHIP)
CHFA’s Business Finance team implemented and administered the Land Banking and Modular Finance programs established by Proposition 123 and the Innovative Housing Incentive Program (IHIP) established by HB22-1282 in partnership with the Office of Economic Development and International Trade (OEDIT). The Land Banking program provides grants and forgivable loans for the acquisition and preservation of land for affordable housing, while Proposition 123 Modular Finance and IHIP finance the development or expansion of innovative housing manufacturing facilities. CHFA evaluated 113 Letters of Intent (LOIs) and 26 applications for the Land Banking program, as well as 26 applications for Proposition 123 Modular Finance and IHIP.
CLIMBER Loan Fund
In 2023, CHFA opened a second tranche of private loan capital for the CLIMBER (Colorado Loans to Increase Mainstreet Business Economic Recovery) Loan Fund, a statewide program that provides working capital loans to small businesses. CHFA administers the program in partnership with the State Treasurer’s Office and the Office of Economic Development and International Trade (OEDIT). As of the end of 2023, the program had invested $41 million across 172 loans to Colorado businesses, supporting 1,281 existing jobs and 101 new jobs.
Food Bank of the Rockies
CHFA supported the development of a 50,400 square foot facility for Food Bank of the Rockies’ Western Slope operations through an allocation of New Markets Tax Credits (NMTC) in 2021. The newly completed Etkin Family Distribution Center in Grand Junction helps meet the growing need across the region, as it offers substantially increased cooler and freezer capacity as well as additional docks for receiving and distributing food. It also provided the space and resources needed to launch a dehydrator program, converting nourishing produce sourced from the region into convenient, healthy snacks.
“During the pandemic, and even leading up to it, we saw an increasing need on the Western Slope,” said Sue Ellen Rodwick, Director, Western Slope at Food Bank of the Rockies. “Our previous location just did not have the space to meet that need. Thanks to New Markets Tax Credits and our new facility, we’ve substantially increased our capacity to provide nutritious food to our clients and our hunger relief partners throughout the region.”
2023 Business Lending Investment
Significant strides were made to build and strengthen relationships with partners and communities across the state in 2023. This included continued engagement and investment in rural and Native American communities, building capacity for nonprofit organizations, supporting more than 1,300 hours of pro bono technical assistance for small-scale housing developments, and launching partnerships with healthcare organizations working to support the development of affordable housing.
Nonprofit Capacity Building
CHFA invested $150,000 in Community Resource Center (CRC) and Resilia to support nonprofit capacity-building efforts. These investments sponsor access to skills training, grant coaching, and consultation services for small nonprofits. Additionally, CHFA invested $95,000 in the Community Investment Alliance BIPOC Community Impact Fellowship program, which trains and equips a pipeline of diverse leaders to advance housing solutions in their local communities.
Health and Housing Innovation
CHFA continued its work with the Healthy Housing, Healthy Communities (HC3) Initiative to facilitate partnerships with hospitals and health systems to finance affordable housing. HC3 was launched in 2022 by the National Council of State Housing Agencies (NCSHA), from whom CHFA received grant funding to support this work. In 2023, CHFA completed the first phase of its statewide engagement and plan development, collaborating with 20 healthcare providers and affordable housing developers across Colorado.
Tribal Investments
In 2023, CHFA furthered its investment and strategic partnerships with Colorado’s two federally recognized tribes, the Southern Ute and Ute Mountain Ute Indian Tribes, through grant funding, strategic planning, sponsorships, scholarships, and technical assistance. CHFA also continued its participation in the Native American Housing Circle (NAHC) in Denver. CHFA has had the distinct pleasure of supporting various aspects of NAHC’s work over the last few years to provide culturally appropriate housing and services to Native Americans in Denver.
Direct Effect Awards
Direct Effect Awards recognize Colorado nonprofit organizations whose missions align with CHFA’s, providing immediate funding of community-based needs. In 2023, CHFA donated more than $2 million to 178 nonprofit organizations across the state. The second round of Direct Effect Awards, completed in December, was the single largest in the program’s history, investing $1,070,050 across 93 mission-aligned nonprofits.
David W. Herlinger Golf Tournament
CHFA’s annual David W. Herlinger Golf Tournament raised $85,000 for Home Builders Foundation, a nonprofit organization based in Englewood whose mission is to build independence, provide opportunities, and elevate lives for individuals and families with disabilities.
Like It Forward
CHFA donated $33,255 to Kids at Their Best through the annual Like it Forward social media fundraising campaign, the highest total ever raised since the annual campaign began in 2015. Kids at Their Best is a nonprofit organization located in Fort Morgan focused on inspiring, educating, and empowering young people from families earning low incomes to build resilience and strengthen their life trajectory.
Family and Intercultural Resource Center
Based in Dillon, Family and Intercultural Resource Center (FIRC) is a nonprofit providing essential services and resources for residents of Summit County. These include financial education, parenting support, and access to nutritious groceries at no cost. CHFA was proud to invest in the work of FIRC with a $20,000 Direct Effect Award in 2023 to support their Community Food Markets program, which serves nearly 4,000 unique households every year.
“I am incredibly thankful to CHFA for the generosity to FIRC’s Community Food Markets,” said Brianne Snow, Executive Director of FIRC. “With CHFA’s $20,000 award, FIRC can provide $200,000 worth of fresh produce to local workers and families in our community. Underwriting the cost of food allows community members to alleviate hunger as well as financial pressure to achieve stability in our challenging mountain region.”
2023 Community Partnerships Investment
In 2024, CHFA is celebrating 50 years of strengthening Colorado by investing in affordable housing and community development. Since 1974, CHFA has had the privilege to collaborate with valuable partners, innovators, and changemakers to build stronger communities through investments to support homeownership, business growth, affordable rental housing development, and mission-aligned nonprofits. Throughout the year, CHFA will celebrate its impact as well as the partners who have made the work possible and laid the foundation for future efforts.
Visit CHFA’s 50th anniversary webpage and interactive CHFA timeline to learn more about CHFA’s history and investment in Colorado over the last five decades.