The Colorado Housing and Finance Authority invested a record $2.36 billion in affordable housing last year.
The organization helped more than 8,000 Coloradans become homeowners and supported the development or preservation of more than 6,000 units of affordable rental housing. Both figures are at the highest levels ever for CHFA, which was created in 1973.
“CHFA is a mission-based organization, so our production growth is directly aligned to the growing needs of those we serve,” says Cris White, CHFA’s executive director and CEO. “In the last three years, CHFA’s investment in affordable housing has increased 182 percent compared to 2011 through 2013, with 2017 being our most historic year yet in terms of production. This demonstrates that demand for affordable housing options in Colorado, whether purchasing or renting, is at an all-time high.”
To help Coloradans purchase homes affordably, CHFA offers 20-year fixed-rate home loan products at competitive rates, with options for down payment assistance. In addition to grants, CHFA last year launched down payment assistance in the form of a second mortgage. It also offers Mortgage Credit Certificates, a tax credit that can save homeowners 20 percent of their mortgage interest each year.
CHFA also sponsors statewide home buyer education classes, which reached the highest level of enrollment to date in 2017 with 13,224 households served.
To support the development or preservation of affordable rental housing in Colorado, CHFA allocates federal and state Low-Income Housing Tax Credits and also offers financing to developers. Last year, CHFA awarded $53.2 million in credits to support 4,397 units of affordable rental housing that will be built or preserved by undergoing renovations.
CHFA also invested $363.3 million in multifamily financing, bringing the total number of units supported last year with either loans or tax credits to 6,217, setting a new benchmark for total units supported by CHFA in one year.
“CHFA will continue to work with our communities and housing partners in 2018 and the years ahead to help make Colorado a more affordable place to live,” White said. “Identifying ways to leverage and increase resources for both for-sale and rental housing is key, along with preserving existing affordable rental housing stock.”