A $7.1 million grant to Colorado Housing and Finance Authority (CHFA) will support the development and preservation of affordable rental housing across the state.
CHFA estimates the grant will help provide housing for about 725 households in both rural and urban communities.
“The need for affordable housing across Colorado is significant and spans the housing continuum from those experiencing homelessness and special needs to housing for our seniors, veterans and workforce,” says Cris White, CHFA executive director and chief executive. “Investment in affordable housing is an investment in our state’s infrastructure and quality of life. We are very excited to receive this award and will use these resources to help local communities target their specific and unique housing needs.”
The Capital Magnet Fund grant will help further the reach of Colorado’s federal Low-Income Housing Tax Credits and state Affordable Housing Tax Credits by supplying additional gap funding required to make it feasible for affordable housing developments to be constructed or preserved.
Affordable housing is a much-needed resource in a state where population growth, combined with escalating development and construction costs, continues to place pressure on an already tight housing market. Colorado is ranked the fifth-most-challenging state in the nation for extremely low-income renters to find affordable housing, with only 27 affordable homes for every 100 extremely low-income renter household, according to the National Low Income Housing Coalition.
The Capital Magnet Fund is administered by the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund). The Capital Magnet Fund was established by Congress in 2008, and offers competitively awarded grants to finance affordable housing solutions and community revitalization efforts.