economic profile

2018

district 6Representative Mike Coffman

what is chfa?

CHFA’s mission is to strengthen Colorado by investing in affordable housing and community development. We offer loan programs and homebuyer education to support responsible homeownership. We provide loans and tax credits to developers of affordable rental housing, so all Coloradans may have access to a place to call home; and we help business owners access the capital they need to grow and support jobs.

CHFA is self-funded. We are not a state agency. CHFA’s operating revenues come from loan and investment income, program administration fees, loan servicing, and gains on sales of loans. CHFA receives no direct tax appropriations, and its net revenues are reinvested in its programs and used to support bond ratings. This document was designed and printed in-house without the use of state general fund dollars.

CHFA’s work revitalizes neighborhoods and creates jobs. Visit www.chfainfo.com for more information.

Pictured top to bottom:

Molly Dubois, CHFA homeownership customer, Denver, Colorado

Nancy Parra Escobedo and her children, residents at The Reserves at Steamboat Springs, CHFA rental housing customer, Steamboat Springs, Colorado

David Wilcove and Duke (service dog) residents at Anthracite Place, CHFA rental housing customer, Crested Butte, Colorado

Husmann Family, Smiling Aviation, CHFA business finance customer, Delta, Colorado

historic investment in district 6 1974 to 2017

homeownership

households served 12,089

dollars invested $1.8 billion

mortgage credit certificates (MCC) issued $262.2 million

statewide homebuyer education households served 134,970

statewide homebuyer education investment $5.3 million

affordable rental housing

developments in portfolio 69

affordable units in portfolio 5,875

dollars invested $217.8 million

federal LIHTC units supported 7,551

federal LIHTC awarded $43.5 million

business

businesses served 366

dollars invested $59.1 million

jobs directly supported 2,981

economic impact

total investmentjobs indirectly

supportedfiscal impact

homeownership $1.8 billion 11,205 $2.3 billion

affordable rental housing $217.8 million 1,951 $338.9 million

business $59.1 million 451 $85.8 million

Jennifer WrightAurora, Colorado

When Jennifer Wright was ready to buy a home, she turned to CHFA.

Jennifer says, “After renting apartments for over 15 years, CHFA made the dream of homeownership possible! Thanks to their down payment and closing cost assistance, I now own a beautiful home in Aurora, Colorado,” said Jennifer. “Without this program it would have taken years to be able to save and afford my own home. Thank you CHFA for changing my life!”

CHFA Participating LenderPeoples National Bank

Homebuyer Education ProviderDenver Housing Authority Online

homeownership in district 6

homeownership at-a-glance

CHFA customer median loan amount

CHFA customer median annual income

$257,744 $62,580

median home price in district

annual income to afford median home

$414,000 $104,600

top CHFA participating lenders

1 Fairway Independent Mortgage Corporation

2 American Financing Corporation

3 Guild Mortgage Company

4 Universal Lending Corporation

5 Citywide Home Loans

Cornell Senior ApartmentsAurora, Colorado

The City of Aurora 2015-2019 Consolidated Plan states that 9,085 renters are severely housing cost-burdened, including nearly 900 seniors. Cornell Senior Apartments aims to help address this issue. It will be a 50-unit affordable rental housing property serving seniors ages 62 and older. This transit-oriented development will be located 0.3 miles from RTD’s Nine Mile Station and 325 feet from an RTD bus stop. Across the street from the project is the Regatta Plaza redevelopment, which will include a new King Soopers, retail, offices, and residential units.

At Cornell Senior Apartments, 10 of its units will be set aside for people with special needs, and case management and support services will be provided. Services will be provided by Developmental Pathways, AllHealth Network, Arapahoe House, and the developer’s Community Navigator.

rental housing in district 6

DeveloperCommunity Housing Development Association

Project TypeNew Construction, Senior

Number of Units50

AMIs Served*30 Percent: $20,160; 40 Percent: $26,880; 50 Percent: $33,600; 60 Percent: $40,320

Bedroom Mix34 One-bedroom; 15 Two-bedroom; 1 Employee Unit

Estimated Completion/Placed-in-service (PIS)September 2019

LIHTC Type and Amount Allocated9 Percent LIHTC: $992,180

Tax Credit InvestorWells Fargo

ArchitectParikh Stevens Architects

Construction Lender Bank of the West

Permanent Lender Colorado Housing and Finance Authority (CHFA)

General ContractorB.C. Builders

Total Development Costs$13,671,469

Economic Impact$13,671,469

*Reflects maximum income for a two-person household in the county served based on 2017 maximum rent and income limits

Stanley MarketplaceAurora, Colorado

The former Stanley Aviation building in Aurora, once home to a factory and airplane hangar, was founded by pilot and entrepreneur Bob Stanley. When the 144,000 square-foot building was purchased, remediation of the site’s environmental issues was required to repurpose the property. The owners received a $744,000 Colorado Brownfields Revolving Loan Fund loan, administered by CHFA, to finance the costs of the remediation.

The site has since been transformed into Stanley Marketplace, a commercial hub comprised of 53 local businesses including restaurants, fitness centers, shops, salons, and more. The owners partnered with numerous stakeholders in Aurora to ensure that nearby residents would benefit from job creation efforts. Stanley Marketplace is on track to create more than 500 jobs.

Photo courtesy of From the Hip Photo

business finance in district 6

Owner Westfield Development Company

Business TypeRetail Development

Number of Employees500

Year Established 2014

Purpose of Bond IssuanceEnvironmental clean up of contaminated site of the former Stanley Aviation Building. The building was converted into The Stanley Marketplace, which offers dining, shopping, and recreational facilities.

Product Brownfields Revolving Loan Fund

Loan Amount$1,447,763

Economic Impact$1,447,763

CHFA’s 2018 legislative priorities

Tax PolicyPreserve and strengthen tax-exempt Private Activity Bonds (PAB) and their ability to support affordable homeownership finance, mortgage credit certificates, rental housing finance, and manufacturing real estate and equipment finance.

Support the Modernizing American Manufacturing Bonds Act S. 773 and H.R. 1115.

• Expands the definition of manufacturing to include both tangible and intangible manufacturing production

• Eliminates the restrictions on functionally related and subordinate facilities• Increases the maximum bond size limit from $10M to $30M• Increases the capital expenditure limit from $20M to $40M

Preserve and strengthen the 4 percent and 9 percent Low Income Housing Tax Credits (LIHTC) programs.

Support the Affordable Housing Credit Improvement Act S. 548 and H.R. 1661.

• Permanently fixes the 4 percent credit floor• Allows for income averaging• Allows bond-financed projects to be eligible for 30 percent basis boost• Increases the 9 percent per capita cap by 50 percent, phased in over five years (S. 548)

AppropriationsPreserve U.S. Department of Housing and Urban Development (HUD) funding for:

• HOME and CDBG;• Section 8 vouchers and project-based contract renewals; and • Housing counseling funds.

Banking and Financial Services Preserve HFAs’ ability to partner with the GSEs, FHA, and Ginnie Mae for purposes of supporting affordable homeownership and rental housing finance.

Monitor GSE Reform legislation and support:

• A federal backstop to ensure liquidity in the housing finance market;• A focus on providing access to affordable mortgages for creditworthy borrowers across all income levels, and a focus

on serving rural and other underserved markets; and • Maintaining a role for HFAs as affordable housing partners, thus allowing HFAs to maximize their investment potential

and respond to their states’ unique affordable housing needs.

Support Ginnie Mae Securitization of HFA Risk Share Multifamily Loans, and ensure continued access to the FHA-HFA Risk Sharing Federal Financing Bank Initiative (FFB) until this matter is resolved by Congress.

Small Business and Economic DevelopmentLeverage CHFA’s established partnerships and successful track record as a funds administrator by seeking opportunities that will increase access to capital for small- and medium-sized businesses and encourage investment in Colorado’s underserved communities.

Support CHFA’s 2017 Capital Magnet Fund Award application.

Support CHFA’s application for New Markets Tax Credits in 2018.

Support the Small Business Access to Capital Act of 2018 S. 1897.

• Reauthorizes the State Small Business Credit Initiative (SSBCI) • Allocates $500M to eligible participating states

denver

1981 Blake Street Denver, Colorado 80202

303.297.chfa (2432) 800.877.chfa (2432)

www.chfainfo.com

western slope

348 Main Street Grand Junction, Colorado 81501

970.241.2341 800.877.8450

We are proud to invest in Colorado’s success. Economic impact assessments made by CHFA using IMPLAN. Visit www.implan.com for more information.

With respect to its programs, services, activities, and employment practices, Colorado Housing and Finance Authority does not discriminate on the basis of race, color, religion, sex, age, national origin, disability, or any other protected classification under federal, state, or local law. Requests for reasonable accommodation, the provision of auxiliary aids, or any complaints alleging violation of this nondiscrimination policy should be directed to the Nondiscrimination Coordinator, 1.800.877.2432, CHFA, 1981 Blake Street, Denver, Colorado 80202-1272, available weekdays 8:00am to 5:00pm.

We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status or national origin.

Cover pictured top to bottom:

The Skonning Family, CHFA homeownership customers, Wellington, Colorado

Emelinda Walker, resident of Meadows at Montbello, CHFA rental housing customer, Denver, Colorado

Erron Vanderlugt, employee of TANCO Engineering, CHFA business finance customer, Loveland, Colorado

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