Page 71 - 2014_15CommunityRpt_FlipBookPDF

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and the Tax Credit Exchange Program (TCEP) ginnie mae
were created to help affordable rental housing collaboration
developers meet the demand for housing,
despite a weakened tax credit equity market. Home financing at CHFA underwent major
Through TCAP and TCEP, CHFA became the changes following the 2008 global economic
allocator of over $60 million in federal funding collapse. The bond market had frozen,
to help complete affordable rental housing eliminating CHFA’s traditional source of
projects across the state. This resulted in financing. As an alternative to the municipal
the new construction or rehabilitation of 25 bond market, CHFA collaborated with Ginnie
multifamily developments, totaling 1,683 units, Mae and rolled out the CHFA HomeOpenersm
with total development costs of approximately and CHFA HomeOpenersm Plus homeownership
$295 million. loan programs. CHFA’s partnership with Ginnie
Mae has supported over 13,500 Coloradans in
Silvercliff Apartments in Silver Cliff was one of achieving their dreams of homeownership.
the developments that received funding from
the TCEP program. The project received $2.39 Maria Ruberto, a single mom, purchased a
million in TCEP funds to develop a mix of 16 home in Aurora with a CHFA HomeOpener Plus
single family and duplex prefabricated homes loan. “I’ve told my sister and my friend to get
for families in Custer County. a CHFA loan. You were the people who helped
me,” she said.

Left: Resident at Silvercliff Apartments, a multifamily customer in Silver Cliff
Right: Maria Ruberto and family, homeownership customers in Aurora