Mineral Point hosted its groundbreaking ceremony on March 5th in Crested Butte. Developed by TWG Development, Mineral Point will include 34 units serving individuals and families with incomes between 30 to 60 percent of Area Median Income (AMI). The development leverages land contribution and financial resources from the Town of Crested Butte. Mineral Point will be built with an all-electric design, certifying to Zero Energy Ready Homes, an advanced energy efficiency program.

CHFA was proud to support Mineral Point by awarding $1,250,000 in federal 9 percent Housing Tax Credits in 2023. Additionally, CHFA is supporting Mineral Point with permanent financing, including an $850,000 Housing Opportunity Fund permanent loan, a $720,000 Capital Magnet Fund (CMF) loan, and a $250,000 CMF grant. Mike Fallesen, Commercial Loan Officer II, attended and Chris Lopez, Southwest Colorado Community Relationship Manager, delivered remarks on CHFA’s behalf at the event. 

Rendering courtesy of STUDIO Architects

Starting Monday, March 18th, applications for the Proposition 123 Equity program are being accepted. This acceptance period will remain open until the end of the business day on Thursday, April 18th. Following the application period, awards will be announced in July.

The Equity program provides below-market-rate equity investments to eligible for-profit and nonprofit entities for the construction or preservation of low- and middle-income multifamily rental developments. A Tenant Equity Vehicle (TEV), funded through program earnings, will be required for developments receiving Equity financing. Application documents and program guidelines are available on the Affordable Housing Financing Fund website. An applications webinar is coming up on Friday, March 22nd, which will review the application process and requirements, and time will be allotted for Q&A.

CHFA administers the program on behalf of the Office of Economic Development and International Trade (OEDIT). If you have questions about the program, please contact equity@chfainfo.com.

CHFA staff will be participating in the following industry events. Please reach out if you’d like to connect!

Colorado Real Estate Journal’s 2024 Affordable Housing Summit & Expo, April 17

• Colorado Affordable Housing: What’s New – Legislation, Programs, Funding, Policies | Cris White, Executive Director and CEO

• Financing: Trends in Programs, Rates, Equity, Gap Fillers | Terry Barnard, Manager, Community Development Lending

• Property Management: Trends in Costs, Operating and Staffing Challenges | Brian Miller, Director, Asset Management

Housing Resources of Western Colorado’s Mobile Home Community Preservation Convening, April 27

• Terry Barnard, Manager, Community Development Lending 

With respect to its programs, services, activities, and employment practices, Colorado Housing and Finance Authority prohibits unlawful discrimination against applicants or employees on the basis of age 40 years and over, race, sex, sexual orientation, gender identity, gender expression, color, religion, national origin, disability, military status, genetic information, marital status or any other status protected by applicable 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.