Page 9 - 2018 CHFA Community Report

rental housing

Residents of Ash Street Apartments, CHFA multifamily customer, Denver

building opportunities rental housing
supported

In Colorado, 5,136 units of affordable rental housing will be built or
preserved with support from affordable housing tax credits and CHFA
multifamily financing awarded in 2018. Last year also marked advances $277.2M
in crucial public policy and funding to support affordable rental housing
in Colorado.
invested in multifamily
loans and other financing
state ahtc extension
Thanks to a bipartisan, broad-based coalition of business and housing
industry leaders, social service providers, and nonprofit organizations, $38.1M
Senate Bill 18-007 passed to extend Colorado’s Affordable Housing Tax
Credit (AHTC) program through 2024. The state AHTC has proven to be a
critical resource, leveraging over $465 million in private-sector investment federal lihtc
into Colorado to help support the development or preservation of 4,796 awarded
apartments since originally being renewed in 2014.

lihtc allocation increase and income averaging $4.7M

In 2018, Congress approved a temporary 12.5 percent increase in 9
percent federal Low Income Housing Tax Credits (LIHTC) available for state ahtc
states to allocate each year through 2021. In Colorado, this resulted in $2.1 awarded
million more cap available for awards in 2018. Congress also established a
new option to allow LIHTC developments to serve households earning up
to 80 percent of the Area Median Income, while preserving targeting of
households earning 60 percent of the Area Median Income or below. CHFA 5,136
will implement this option for Colorado in 2019.
total units supported

capital magnet fund
CHFA unveiled a new statewide affordable rental housing fund in 2018, 61%
the Capital Magnet Fund. This resource is estimated to help provide
housing for approximately 725 Colorado households. The Capital Magnet new construction
Fund was established with a $7.1 million grant awarded to CHFA by the
U.S. Department of the Treasury’s Community Development Financial 39%
Institutions Fund. The Capital Magnet Fund provides low-interest, flexible
financing and grants for developers building or preserving affordable preservation
rental housing.
5