To our partners and stakeholders:
CHFA is pleased to announce a CHFA PAB Pool of multifamily tax-exempt volume cap resources available in 2021.
The CHFA PAB Pool is being established to support the development of 4 percent
multifamily housing credit projects in 2021 and to increase the affordable rental housing stock in Colorado.
CHFA is hosting two PAB Stakeholder Meetings and encourages our partners to join one of
the following sessions:
January 8th or
January 11th. More information regarding the size of the pool, process, and timing will be available in January 2021.
In the interim, CHFA would like to share the proposed draft guidelines.
Should you have questions or if you’d like to provide feedback, please feel free to
contact Shannon Friel directly at 303.297.7387 or pab2021@chfainfo.com.
2021 CHFA PAB Pool Draft Guidelines
- CHFA will accept applications for 4 percent housing credit projects seeking CHFA PAB Pool volume
cap resources until 5:00pm MT on the first business day of each month from March 2021 to November 2021. Per the QAP, a
letter of intent is due 45 days prior to submitting an application.
A concept meeting with CHFA staff is required in advance of submission.
- CHFA will limit 4 percent housing credit applications seeking CHFA PAB Pool resources to one project per applicant,
affiliate, or turn key project services developer per year. Please see QAP definitions for applicant, affiliate,
and turn key project services.
- New construction, existing projects without housing credits, and existing housing
credit projects in year 25 or later of their extended use period may apply.
- Existing housing credit projects serving homeless and special need tenant populations in
year 16 or later of the extended use period may apply.
- CHFA will limit PAB to no more than $175,000 per unit.
- To drive shovel-ready projects:
- Applicants are expected to close by the construction loan closing date stated
on the initial preliminary 4 percent housing credit application.
- Applications will not be accepted if the construction loan closing date
stated is more than 12 months from the date of application.
- Reservations of CHFA PAB pool volume cap will expire 10 business
days after the construction loan closing date stated on the initial preliminary
4 percent housing credit application.
- A $10,000 non-refundable PAB pool volume cap reservation fee due at
time of reservation.
Please note that these guidelines apply to 4 percent housing credit applications seeking CHFA PAB Pool
volume cap resources. These parameters do not apply to State AHTC + 4 percent Round Two applications or
4 percent housing credit applications which have PAB volume cap from a source other than CHFA.
These guidelines are subject to change and are provided for discussion and planning purposes only.
Nothing herein requires the Authority to issue bonds or to allocate private activity bond volume cap or
housing credits to a project. The decision to issue bonds and to allocate private activity bond volume
cap or housing credits is in the complete discretion of CHFA.
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