Home Rental Housing Multifamily Lending Project Examples

Rural

An example of a CHFA Multifamily Lending Rural project.

Salida Ridge Apartments
Salida Ridge Apartments
CHFA customer
Salida, Colorado

Salida Ridge, Salida

Purpose

New construction of 48 affordable apartments

Who the Project Serves

Individuals and families in Salida with incomes between 30 percent to 50 percent of the Area Median Income (AMI).

Community Impact

Salida Ridge offers a mix of one-, two-, and three-bedroom apartments close to the Arkansas River and recreation activities. The apartments are located within the larger Confluent Park Planned Development which includes single family homes, multifamily projects, and a small commercial area.

Project Partners

  • City of Salida
  • Commonwealth Development Corporation

How We Got the Deal Done

  • $750,000 CHFA Capital Magnet Fund (CMF) loan
  • $646,000 CHFA Housing Opportunity Fund (HOF) loan
  • $1,220,000 in federal 9 percent Housing Tax Credits

Pair with These CHFA Programs

CMF and HOF are flexible funding sources that can be structured as senior or subordinate debt or paired with other programs to leverage more overall debt to a project.

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