supportive housing

Valor on the Fax

CHFA customer
Denver, Colorado

Photo courtesy of Calcon Constructors

Valor on the Fax, Denver

Purpose

The 72-unit supportive housing development is for homeless individuals with brain injuries. Resident referrals will come from OneHome Coordinated Entry and Brain Injury Alliance of Colorado (BIAC). The building uses trauma-informed design principles.

Who the Project Serves

The property serves individuals and families exiting homelessness earning 30 percent of the Area Median Income (AMI), with supportive services provided by BIAC. Services for residents not impacted by a brain injury will be provided by Mental Health Center of Denver and the Colorado Division of Vocational Rehabilitation.

Community Impact

The development’s sponsor, Brothers Redevelopment, Inc. is a Denver-based nonprofit with a mission to provide housing and related services for Colorado’s low-income, older adult, and disabled residents. Of the approximately 4,000 individuals experiencing homelessness that are accounted for through the OneHome Coordinated Entry System, 519 reported that a head injury has impacted their housing.

Project Partners

• Brain Injury Alliance of Colorado
• Brothers Redevelopment, Inc.
• City and County of Denver
• Colorado Division of Housing
• Denver Housing Authority
• OneHome Coordinated Entry
• Wells Fargo

How We Got the Deal Done

• $7,300,000 CHFA Sizeable Multifamily Affordable Risk Share Tool (SMART) loan with 40-year term and FFB Risk Share mortgage insurance
• $600,000 CHFA Capital Magnet Fund (CMF) loan
• $120,000 CHFA CMF grant $1,299,870 in federal 9 percent Housing Tax Credits
• Other funds provided by Colorado Division of Housing, City and County of Denver, and Wells Fargo Priority Community Grant

Pair with These CHFA Programs

SMART loans can be paired with CHFA Housing Opportunity Fund (CHFA HOF) and CMF (when available) as subordinate debt, so long as the debt coverage and other underwriting terms conform to CHFA Credit Policy.