Page 46 - 2014_15CommunityRpt_FlipBookPDF

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1973-74 our first customer

chfa is created CHFA’s first financing project was a series of
construction loans totaling $11,550,000 for
In 1973, to address the shortage of six apartment developments comprised of
affordable housing in the state, the 470 units. These projects had been approved
Colorado General Assembly passed enabling by FHA, but were unable to obtain an
legislation, setting bonding authority and interest rate during construction that would
providing seed money to create CHFA. Our permit the projects to be built; therefore,
original board of directors and executive CHFA’s role was critical.
director were appointed in 1974, and only
after a few months of becoming operational, One of these six projects was Mitchell 66 in
CHFA issued its first notes. Denver. “There should be more organizations
like this formed to give people adequate
housing,” said Carl Banks in 1976, a resident
who lived there with his wife and young
son. “Before we moved here, we lived
in a basement because that was all we
could afford. It was cold all the time, and
dark. Here it’s light and warm. It’s a nice
neighborhood.”

Left: Gateway Village, a multifamily customer in Fort Morgan
Right: Carl Banks and family, residents of Mitchell 66, a multifamily customer in Denver