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state lihtc impact of state low income
investment housing tax credits
16 developments The increase of affordable rental utilized in Colorado due to a lack
supported housing units in 2015 was largely of other gap resources required
credited to the renewal of Colorado’s to make these types of deals
1,902 units supported state LIHTC program in 2014. The financially feasible.
renewal authorized CHFA to allocate
1,135 units supported $5 million in state LIHTC in 2015 The pairing of state LIHTC with
in areas and 2016. It also authorized CHFA 4 percent federal LIHTC enabled
impacted by to award state LIHTC above the Colorado to leverage $8.7 million
2013 floods $5 million annual cap to affordable more in federal 4 percent credits
multifamily developments in counties than has been used annually on
$14,295,241 state lihtc impacted by natural disasters. average over the prior five-year
awarded period. These previously under-
In only its first year of allocation, utilized 4 percent federal credits
$185,157,797 private the state LIHTC program exceeded alone enable CHFA to leverage
sector equity expectations by supporting the more than $185 million in private
leveraged development of 1,902 affordable sector investment into Colorado that
rental units, and enabling CHFA otherwise wouldn’t have occurred.
$593,800,000 million in to support a total of 3,925 units in
economic 2015. This was a 146 percent increase CHFA also partnered with the
impact over the average annual number of Colorado Division of Housing to
units supported by CHFA during the jointly review and underwrite
past five years, and nearly double applications seeking disaster
the number of units supported with recovery credit to ensure that the
LIHTC in 2014. credits allocated were consistent
with the State’s Community
Additionally, CHFA leveraged state Development Block Grant-Disaster
LIHTC with 4 percent federal credit, Recovery resources.
which historically has been under-
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