Page 52 - 2014_15CommunityRpt_FlipBookPDF

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1989
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1989 early 1990s: rtc begins

chfa moves to The Financial Institutions Reform Recovery
1981 blake street and Enforcement Act of 1989 (FIRREA)
required the Resolution Trust Corporation
CHFA’s growth and related needs prompted (RTC) to develop a program for selling
the move to a new facility in 1989. CHFA residential properties to provide affordable
bought the building at 1981 Blake Street housing opportunities. In response to this
in lower downtown Denver, where we still provision, RTC established the Affordable
operate today. In the late 1980s, this area Housing Program (AHP) to enhance its
was in great need of renovation, and CHFA’s ability to sell single family and multifamily
arrival gave the neighborhood a stable properties that would benefit low income
anchor. Soon after, the community began families. The RTC was terminated in the
to change as more businesses moved to the end of 1995 (pursuant to the Resolution
area. The move to 1981 Blake Street was Trust Completion Act) and enforcement
the precursor to CHFA becoming directly responsibility was transferred to the FDIC.
involved in downtown Denver’s new urban The FDIC entered into an agreement with
development. state agencies, including CHFA, to monitor
RTC multifamily properties for compliance.

One RTC property monitored by CHFA is
Summit Apartments in Colorado Springs.
This 256-unit property serves mixed-income

Left: CHFA’s Blake Street building located in Denver
Right: Resident at the Village at Westerly Creek, a multifamily customer in Aurora