Page 4 - chfa2015CommRpt

letter from cris a. white

Colorado’s housing market experienced significant changes in 2015. While many of these Cris A. White
changes indicated a strengthening of Colorado’s economy, far too many Coloradans were
left behind as they struggled to find an affordable place to call home. CHFA Executive Director and CEO

In response to the growing demand, CHFA launched a new down payment assistance
grant to help low and moderate income homebuyers compete more effectively for the
limited housing inventory available. Promoted with an expanded marketing campaign
that spanned the state, the grant contributed to CHFA having a record breaking year with
$745.9 million in home finance production and 4,223 customers served.

Just as notable was CHFA’s ability to support the development and preservation of 4,972
affordable multifamily units. This was attributable in large part to Colorado’s new state
Low Income Housing Tax Credit (state LIHTC). In only one year, state LIHTC has leveraged
$185 million in private sector investment into Colorado’s housing needs.

In addition, CHFA was among the first in the nation to close a loan using HUD and
the U.S. Department of Treasury’s new FFB program. Available through the nation’s
HFA network, FFB offers permanent fixed-rate financing at below-market interest rates
to support multifamily development and preservation. Locally, CHFA was named the
administrator of Denver’s new Revolving Affordable Loan Fund. Further, CHFA and the City
and County of Denver launched another revolving loan fund seeded with $4.2 million in
New Markets Tax Credit proceeds to support investment in highly distressed communities.

Overall, CHFA exceeded the production goals in each of our three lines of business –
homeownership, rental housing, and business finance. More information about all of these
efforts and the customers CHFA served throughout 2015 is detailed on the following pages.

As we acknowledge the many accomplishments that CHFA achieved last year, I’d like to
thank CHFA’s partners, staff, and Board of Directors for their dedication and hard work.
It is a privilege to serve Colorado, and CHFA could not accomplish its mission without
their support.

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