Page 50 - 2014_15CommunityRpt_FlipBookPDF

1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986

1987
1988

1989
1990
1991
1992
1993

1987 Apartments in Montrose. When it opened
in 2007, it was the first affordable housing
low income housing project Montrose had seen in 20 years,
tax credit begins meeting a significant need for low income
individuals and families in the area. “We still
The federal Low Income Housing Tax have a way to go, but this is certainly a very
Credit (LIHTC) program was created by the major step,” said Tim Heavers, Director of
federal Tax Reform Act of 1986 and CHFA the Montrose Housing Authority.
began administering the program in 1987.
LIHTCs are a significant source of equity 1988
for developers to construct or rehabilitate
rental housing for low and moderate income mcc program launches
residents. Since the program began, the
LIHTC program has generated more than $2.3 CHFA’s Statewide Mortgage Credit Certificate
billion in equity for affordable rental housing (CHFA MCCsm) program, introduced for the
in Colorado, and supported 46,000 units. first time in 1988, proved to be popular with
both borrowers and lenders. MCCs allow
One of the many properties to receive borrowers to reduce the amount of federal
LIHTC since 1987 was Sunshine Peak

Residents at Sunshine Peak Apartments, a multifamily customer in Montrose