Denver Metro Village celebrated their grand opening on September 14, 2021, adding 19 more affordable homes for Denver’s older adults. The project also celebrated the rehabilitation of 191 existing homes and parking and amenity space additions.

CHFA supported Denver Metro Village by:

• awarding $2,775,554 in federal 4 percent Housing Tax Credits in 2019;
• providing $41.5 million in construction financing and $19.3 million in permanent financing via CHFA’s CAPABLE loan program;
• issuing $41.5 million in tax-exempt Private Activity Bonds to fund the construction-to-permanent financing;
• providing a $600,000 Capital Magnet Fund (CMF) loan; and
• awarding a $150,000 Capital Magnet Fund grant.

CHFA purchased a $2.46 million participation in a permanent loan to support the conversion of a mobile home community to a resident-owned co-op. The Animas View mobile home community is located approximately one quarter of a mile from downtown Durango and comprised of 120 homes owned by residents plus two rental units. The newly formed co-op structure allows residents to have an ownership interest in the land on which their manufactured homes reside, which eliminates their risk of displacement, provides control over lot rent fluctuations, and preserves affordable housing in Durango.

Partners in this effort include ROC USA Capital, Thistle Communities, and National Cooperative Bank. This transaction was made possible, in part, by the Opportunity-to-Purchase legislation (HB20-1201) passed in 2020 and is the first conversion of its kind in La Plata County. It is also the second conversion in which CHFA has invested and the fourth conversion in Colorado for ROC USA.