An example of a CHFA Multifamily Lending Middle-income Access Program project.
Sunlight Crossing
Steamboat Springs, Colorado
Sunlight Crossing, Steamboat Springs
Purpose
New construction of 90 units to serve middle-income workforce households in Steamboat Springs
Who the Project Serves
68 middle-income renters earning between 80 and 120 percent of Area Median Income, along with 22 market-rate units
Community Impact
As a rural resort community, housing in Steamboat Springs is beyond reach for many residents who provide local services. The project provides a new community with modern amenities and rents affordable to service industry workers, allowing them to live where they work. Each unit features amenities such as microwaves and in-unit washers and dryers, and the community features a coworking space, community room, playground, and dog park.
Project Partners
- Gorman and Company
- Hunt Mortgage Capital
- Yampa Valley Housing Authority
How We got the Deal Done
$3,000,000 second loan from the CHFA Middle-income Access Program (MIAP) at 6 percent interest. The MIAP loan was a construction-to-permanent loan with a 15-year term.
Pair with these CHFA Programs
We would not likely pair more than one CHFA program with a MIAP loan. These would generally be funded with CHFA Housing Opportunity Fund (CHFA HOF).