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taxes owed by claiming 20 percent of their Through RAP, CHFA purchased and rehabilitated
annual mortgage interest as a tax credit on their existing apartment buildings at low costs,
return. In 1988, nearly 500 MCCs were issued, enabling us to keep rents affordable for very low
and since then, 9,220 borrowers have taken income families without federal subsidies. The
advantage of the program. SSP worked to sustain independence for seniors
by focusing on developments that provided
“I am taking advantage of CHFA’s Mortgage assistance with daily living. That year, five newly
Credit Certificate program. CHFA MCC means constructed assisted living communities became
that I can take 20 percent of the mortgage available for rent.
interest I already pay—dollar for dollar—and
deduct it from my federal taxes, and that makes One of the most far-reaching projects to come
this house affordable to me,” said Christine out of the RAP program was the rehabilitation
Rucks of Parker. of Waterview on the Parkway Apartments, a
127-unit multifamily property in Thornton. To
rap and ssp bring Waterview up to the standards of the RAP
programs created properties, CHFA invested nearly $2 million for
thorough rehabilitation of the property, which
Access to affordable housing broadened further began in 2002. Resident Cynthia Garcia said her
with CHFA’s Rental Acquisition Program (RAP) apartment is spacious, comfortable, and a nice
and Supportive Services Program (SSP), two place for her family.
programs designed to help Colorado’s depressed
economy and soft housing market in 1988.
Left: Christine Rucks, a homeownership customer in Parker
Right: Residents of Waterview on the Parkway Apartments, a multifamily customer in Thornton
