An example of a CHFA Multifamily Lending Permanent Supportive Housing (PSH) project.
Warren Residences
Denver, Colorado
Warren Residences, Denver
Purpose
Adaptive reuse of a former church building to create 48 units of housing for residents who are homeless or at risk of being homeless; an additional employee unit is onsite.
Who the Project Serves
Individuals in the Denver area earning 30 percent of Area Median Income; units are single-room occupancy and will be rent-subsidized through project-based vouchers provided by Colorado Division of Housing
Community Impact
This development was led by the St. Francis Center, whose mission is to serve the homeless. St. Francis Center will provide services that will focus on housing stability, employment, income assistance, mental health, and physical needs from its current capacity as a service provider. The project will also have common area space that will be used to provide services. The project was a collaborative effort of the sponsor and public funders from within the Denver area and was done without Housing Tax Credits.
Project Partners
- St. Francis Center
- Denver Housing Authority
- Colorado Division of Housing
- City and County of Denver
- Federal Home Loan Bank of Topeka
How We Got the Deal Done
- $1,680,000 CHFA Small Multifamily Permanent Loan (SIMPLE) loan with 35-year term
- $600,000 CHFA Capital Magnet Fund (CMF) loan
- $150,000 CHFA CMF grant
- Other funds provided by DHA, City of Denver HOST, CDOH, and FHLB
Pair with These CHFA Programs
SIMPLE 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.