economic profile

2020

district 7Representative Ed Perlmutter

chfa’s 2020 legislative priorities

Tax PolicyPreserve and strengthen tax-exempt Private Activity Bonds (PAB) and their ability to support affordable homeownership, the development and preservation of affordable rental housing, and manufacturing real estate and equipment finance.

• Expand multifamily Housing Bond recycling authority.

Preserve and strengthen the 4 percent and 9 percent Low Income Housing Tax Credit (LIHTC) programs.

• Increase the 9 percent cap authority by at least 50 percent; and• Establish a permanent minimum 4 percent Housing Credit rate for both bond-financed developments

and acquisition.

Support and urge co-sponsorship of:

• Affordable Housing Credit Improvement Act S.1703/H.R. 3077• Save Affordable Housing Act S. 1956/ H.R. 3479• Neighborhood Homes Investment Act H.R. 3316• Affordable Housing Bond Enhancement Act (to be introduced)

Banking and Financial ServicesPreserve Housing Finance Agencies’ (HFAs’) ability to partner with the GSEs, FHA, and Ginnie Mae and support affirmative affordable housing mandates in GSE reform legislation, affordable housing goals, and Duty to Serve requirements.

Support:

• A federal backstop to ensure liquidity in the housing finance market;• A focus on providing access to affordable mortgages for creditworthy borrowers across all income levels,

and a focus on serving rural and other underserved markets;• Maintaining a role for HFAs as affordable housing partners, thus allowing HFAs to maximize their

investment potential and respond to their states’ unique affordable housing needs;• Continuation of GSEs contributions to the Capital Magnet Fund and National Housing Trust Fund; and• Ginnie Mae securitization of HFA Risk Share multifamily loans, and Representative Velazquez’s (D-NY) draft

bill to revive the Federal Financing Bank Initiative.

AppropriationsPreserve U.S. Department of Housing and Urban Development (HUD) funding for:

• HOME and CDBG;• Section 8 housing vouchers and Project Based Contract renewals; and • housing counseling.

Support the role of state HFAs as Performance Based Contract Administrators (PBCAs) and ensure HUD’s procurement solicitation does not impede HFAs from bidding on state-based contracts that recognize the importance of mission-oriented entities performing PBCA work.

Small Business and Economic DevelopmentLeverage CHFA’s established partnerships and successful track record as a funds administrator by seeking opportunities that will increase access to capital for small- and medium-sized businesses and encourage investment in Colorado’s underserved communities.

• Support CHFA’s application for New Markets Tax Credits in 2020.

historic investment in district 7 1974 to 2019

homeownership

Households served 19,170

Dollars invested $3.1 billion

Mortgage credit certificates (CHFA MCCsm) issued $304.5 million

Statewide homebuyer education households served 162,359

Statewide homebuyer education investment $6.4 million

affordable rental housing

Developments in portfolio 98

Affordable units in portfolio 10,821

Dollars invested $534.2 million

Federal LIHTC units supported 11,777

Federal LIHTC awarded $71.6 million

business

Businesses served 437

Dollars invested $95 million

Jobs directly supported 7,320

economic impact

Total investmentJobs indirectly

supportedFiscal impact

Homeownership $3.1 billion 20,231 $4.2 billion

Affordable rental housing $534.2 million 4,699 $824.1 million

Business $95 million 679 $137.5 million

HeatherCommerce City

In 2019, CHFA invited homeowners who used CHFA programs when purchasing their homes to participate in our My Home, My Community contest. Homeowners from various regions across Colorado entered the contest, sharing what they love most about their community. Below is an entry from Heather, who describes what home and community mean to her.

“What I appreciate about our community, are the amenities that bring neighbors together. Reunion has a great rec center, pools, coffee house, parks, trails, and a dog-friendly community. My children love to go to our pool. Lyriq has Special Needs and the school here is beyond any we have attended. The teachers are amazing. We dreamed for years about having all that we have now...with the programs CHFA offered, we were able to make our years of trying a goal achieved. We could not have done it without this wonderful home-buying program. What a true blessing our community and home are to our family.”

CHFA Participating LenderParamount Residential Mortgage Group

Homebuyer Education ProviderHomes Fund Online

homeownership in district 7

homeownership at-a-glance

Median loan amount in district

Median income in district

$310,400 $71,997

Median home price in district

Annual income to afford median home

$403,000 $89,147

top chfa participating lenders

1 American Financing Corporation

2 Fairway Independent Mortgage

3 Guild Mortgage Company

4 Universal Lending Corporation

5 Cherry Creek Mortgage Company

Heritage at Church RanchWestminster

Heritage at Church Ranch will provide 205 affordable apartments for seniors, ages 55+, on the historic Church family farm in Westminster. The property is located within one mile of several established medical facilities, grocery stores, and retail facilities. Bus service and a bus stop are available within a half-mile from the property. Residents will have access to onsite services and amenities including a library, exercise room, and business center.

The development will include preservation and renovation of the existing 1910 barn and silos located on the property in recognition of the Church family farm’s history, serving as a stage stop for travelers making the two-day trip from Boulder to Denver in the late 1800s. CHFA was proud to support the development by awarding federal 4 percent LIHTC and state AHTC in 2019. The development is also being financed with tax-exempt Private Activity Bonds.

Pictured: Conceptual rendering of Heritage at Church Ranch courtesy of Dominium

rental housing in district 7

DeveloperDominium

Project TypeNew Construction, Family

Number of Units205

AMIs Served*20 @ 30% ($22,290); 25 @ 40% ($29,720); 25 @ 50% ($37,150); 45 @ 60% ($44,580); 45 @ 70% ($52,010); 45 @ 80% ($59,400)

Bedroom Mix140 One-bedroom; 65 Two-bedroom

Estimated Completion/Placed-in-service (PIS)April 2021

Tax Credit Type and Amount Allocated4 Percent LIHTC: $2,260,807; State AHTC: $499,999

Tax Credit InvestorAlliant Capital

ArchitectPWN Architects

Construction Lender Greystone

Permanent Lender Greystone

General ContractorBryan Construction

Total Development Costs$65.1 million

Economic Impact$111 million

*Reflects maximum income for a two-person household in the county served based on 2019 maximum rent and income limits

TruStile Doors, LLCDenver

TruStile Doors, LLC manufactures doors using environmentally friendly processes. TruStile is building a new $75 million manufacturing facility and corporate headquarters near its current location in Denver. CHFA supported the expansion with a $7.8 million loan from the Colorado Growth and Revitalization Fund, administered by CHFA and funded with New Markets Tax Credits.

“We’re super excited about the future, and this expansion is giving us the capacity to continue growing. The new facility will be terrific for our employees, being fully air conditioned—which is rare for a facility like this in Denver. The biomass boiler enables that, which burns sawmill byproduct and generates heating and cooling for the entire building. Without the financing from CHFA, it would’ve been far more difficult to add these environmental attributes,” said Scott, TruStile CEO.

business finance in district 7

Owner TruStile Doors, LLC

Business TypeDoor Manufacturer

Number of Employees300 Jobs Retained, 265 Jobs Created; 675 Construction Jobs

Year Established 1995

PurposeNew Manufacturing Facility

Product Loan; New Markets Tax Credit (NMTC)

Loan Amount$8 million

Total Construction Amount$76.3 million

Economic Impact$111 million

what is chfa?

CHFA’s mission is to strengthen Colorado by investing in affordable housing and community development. We offer loan programs and homebuyer education to support responsible homeownership. We provide loans and allocate tax credits to developers of affordable rental housing, so all Coloradans may have access to a place to call home; and we help business owners access the capital they need to grow and support jobs.

CHFA is self-funded. We are not a state agency. CHFA’s operating revenues come from loan and investment income, program administration fees, loan servicing, and gains on sales of loans. CHFA receives no direct tax appropriations, and its net revenues are reinvested in its programs and used to support bond ratings. This document was designed and printed in-house without the use of state general fund dollars.

CHFA’s work revitalizes neighborhoods and creates jobs. Visit chfainfo.com for more information.

denver

303.297.chfa (2432) 800.877.chfa (2432)

www.chfainfo.com

western slope

970.241.2341 800.877.8450

We are proud to invest in Colorado’s success. Economic impact assessments made by CHFA using IMPLAN. Visit www.implan.com for more information.

With respect to its programs, services, activities, and employment practices, Colorado Housing and Finance Authority does not discriminate on the basis of race, color, religion, sex, age, national origin, disability, or any other protected classification under federal, state, or local law. Requests for reasonable accommodation, the provision of auxiliary aids, or any complaints alleging violation of this nondiscrimination policy should be directed to the Nondiscrimination Coordinator, 1.800.877.2432, TDD/TTY 800.659.2656, CHFA, 1981 Blake Street, Denver, Colorado 80202-1272, available weekdays 8:00am to 5:00pm.

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