CHFA had the opportunity to take part in the grand opening of Lyons Valley Townhomes in April. Developed by Summit Housing Group, Lyons Valley Townhomes includes 40 affordable rental homes for households with incomes at 60 percent of Area Median Income (AMI) and below. This is the first development supported with Housing Tax Credits to be built in Lyons, and the project was initially planned in response to the housing lost because of the 2013 flood disaster.

In addition to awarding Lyons Valley Townhomes $438,073 in federal 4 percent Housing Tax Credits in 2019, CHFA was pleased to support the development with a $10,832,000 CAPABLE loan, which provided construction-to-permanent financing.

Photo courtesy of Summit Housing Group, Inc.

CHFA also recently had the privilege of attending the grand opening of Vance Street Flats in Arvada. Developed by Medici Development LLC, Vance Street Flats includes 50 units of affordable rental housing serving individuals and families with incomes between 30 to 60 percent of the Area Median Income. Vance Street Flats also includes commercial space that will serve as the headquarters for the Arvada Veggie Van, which will provide fresh food and nutrition services for residents and the community.

CHFA was proud to support Vance Street Flats with an award of $1,220,979 in federal 9 percent Housing Tax Credits in 2021. In addition, CHFA provided a $3.4 million first position SIMPLE permanent loan and a $950,000 second position Capital Magnet Fund (CMF) loan to support the development. SIMPLE provides uninsured permanent financing for 9 percent Housing Tax Credit projects.

Rendering courtesy of KEPHART 

CHFA accepted applications for the Proposition 123 Equity program from March 18, 2024, through April 18, 2024 and received a total of 36 applications. The applicant list is available on the Affordable Housing Financing Fund website. The average amount requested was $8,712,109 and $313,635,925 was requested in total. Approximately $38.4 million was allocated to the program during the current funding cycle, and projects selected to receive funds will be announced by July 2024.

The Equity program provides below-market-rate equity investments to eligible for-profit and nonprofit entities for the construction or preservation of low- and middle-income multifamily rental developments. A Tenant Equity Vehicle (TEV), funded through program earnings, will be required for developments receiving Equity financing. CHFA administers the program on behalf of the Office of Economic Development and International Trade (OEDIT). If you have questions about the program, please contact equity@chfainfo.com.

With respect to its programs, services, activities, and employment practices, Colorado Housing and Finance Authority prohibits unlawful discrimination against applicants or employees on the basis of age 40 years and over, race, sex, sexual orientation, gender identity, gender expression, color, religion, national origin, disability, military status, genetic information, marital status or any other status protected by applicable 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, TDD/TTY 800.659.2656, CHFA, 1981 Blake Street, Denver, Colorado 80202-1272, available weekdays 8:00am to 5:00pm.