An example of a CHFA Multifamily Lending Rural project.
The Iron Horse
CHFA Customer
Alamosa, Colorado
Pictured: Rendering of The Iron Horse, courtesy of CSHQA, Inc.
The Iron Horse, Alamosa
Purpose
New construction of 41 family units
Who the Project Serves
Families with incomes between 30 percent to 50 percent of Area Median Income.
Community Impact
The Iron Horse provides 40 affordable units and one manager unit to serve very-low-income households. Project amenities include a clubhouse with fitness center, computer room, laundry room, community garden, picnic area, and playground. The owner plans to hold two tailored resident events per year through partnerships with several local food and health providers. The property is located across the street from the high school.
Project Partners
- Northwest Real Estate Capital Corporation
How We Got the Deal Done
- $675,000 permanent loan from CHFA Capital Magnet Fund (CMF) and CHFA Housing Opportunity Fund (CHFA HOF) sources, with a 17-year term and 35-year amortization
- $150,000 CHFA CMF grant
Pair with These CHFA Programs
CMF and CHFA 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.