CHFA recently welcomed David Foust to its Multifamily Originations team in Community Development. David will focus on leading the team’s work on the Proposition 123 Equity and Concessionary Debt programs that CHFA is administering on behalf of the Colorado Office of Economic Development and International Trade (OEDIT).

Prior to joining CHFA, David most recently served as the Director of Multifamily Housing for the Ohio Housing Finance Agency (OHFA) where he led the Housing Tax Credit program for the state of Ohio. He also oversaw OHFA’s housing development assistance program, HUD 811 program, multifamily lending program, and equity bridge financing efforts.

A lover of the outdoors, David is excited to call Colorado home, as well as to have the opportunity to address the state’s housing challenges with the new resources available through Proposition 123. David feels his new role offers a great opportunity, stating, “This is a special time to be in Colorado with this unprecedented resource available. I’m excited to play a part in the deployment of these resources to tackle the ever-growing challenges surrounding housing affordability.” Get in touch with David by email at dfoust@chfainfo.com or by phone at 303.297.4865.

As of September 18th, the Proposition 123 Concessionary Debt programs are accepting applications. The acceptance period will remain open until October 9th, and CHFA will announce projects selected to receive funds in January of 2024. Complete details, including program guidelines, available loan options, and eligibility requirements are on the Colorado Affordable Housing Financing Fund website.

Stay tuned for information on the Equity program, which will provide 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. CHFA and OEDIT are currently developing the program and will be seeking stakeholder feedback soon on various aspects in anticipation of rolling it out toward the end of the year.

Visit the Colorado Affordable Housing Financing Fund website for all of the latest information on all of the Proposition 123 programs administered by CHFA, and to sign up for email updates.

CHFA’s Middle-income Access Program (MIAP) provides loans for acquisition, new construction, and rehabilitation of developments serving middle-income individuals and families, typically comprised of those between 80 and 120 percent of the Area Median Income (AMI). Often referred to as the “missing middle,” this population has incomes too high for Housing Tax Credit units but can often be overburdened by market rents.

Since its launch, MIAP has supported eight developments representing more than 900 units across the state. Five of these developments are in rural resort communities, including Smith Ranch in Silverthorne, a 70-unit project that will prioritize Summit County residents working in the community. CHFA supported Smith Ranch with a $4 million permanent loan through the MIAP program.

Terry Barnard, CHFA Multifamily Lending Manager appreciates the opportunity to serve a broader population, stating: “The middle-income population is more challenging to serve because of the lack of financing programs available to serve the 80 to 120 percent AMI population. CHFA’s Middle-income Access Program provides a critical gap financing piece to make these projects feasible. We’re excited to work in this space with great industry partners, and ultimately to see the residents find housing they can afford in their communities.”

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.