With over 45 years of experience, CHFA Multifamily Lending is your trusted partner. Together, we can build stronger communities by providing safe, secure, and

affordable homes for our fellow Coloradans.

9 percent housing tax credit projects:

simple and smart solutions for you

Regardless of your project, CHFA will deliver quickly with a flexible solution tailored to your needs. Below are some 2022 projects financed with our SIMPLE and SMART programs:

View our Program Comparison Matrix to learn more.

Our SIMPLE (Small Multifamily Permanent Loan) program provides a forward commitment of up to $3 million in uninsured permanent financing with a 35-year term and competitive interest rate.

Red Hill Lofts, Carbondale

Red Hill Lofts is a TOD site featuring 30 studio, one-, and two-bedroom units for families with incomes between 30 and 50 percent of the Area Median Income.

The property is located within a mile of Main Street, a half-mile of a Park-and-Ride, and is adjacent to a bike path connecting to the Rio Grande Trail, a 42-mile multiuse trail that runs from Glenwood Springs to Aspen. Project amenities include a community garden, picnic area, and a bike station.

To support Red Hill Lofts, CHFA utilized the SIMPLE loan program, issuing $1.3 million in permanent financing, paired with two gap financing options, the Capital Magnet Fund (CMF) loan and a CMF grant.

Our SMART (Sizeable Multifamily Affordable Risk Share Tool) program provides a forward commitment of $3 to $6 million in permanent FHA-insured financing, featuring up to 40-year fixed rates and one of the lowest FHA mortgage insurance premiums in the industry.

Gateway South, Denver

Gateway South Apartments is a 92 two- and three-bedroom unit community serving those earning between 30 and 120 percent AMI in the Sun Valley neighborhood.

Gateway South is part of DHA’s Sun Valley Transformation Plan, which serves to redevelop the Sun Valley Neighborhood utilizing their Healthy Living Initiative framework. Sun Valley is the lowest income neighborhood in Denver with 80 percent of residents living in poverty. Plans include 960 units of affordable housing, spaces for businesses, and green space incorporation. The Decatur Market, which CHFA was proud to support with a business loan, brings grocery options to the previous food desert, as well as training and employment opportunities to residents.

CHFA was proud to support Gateway South with a $6.38M SMART loan and a HOF interest rate buydown. CHFA also awarded federal 9 percent Housing Tax Credits in 2018.

preservation program guidelines approved

The Colorado Affordable Housing Preservation Fund (CAHP) program was established in 2022 to provide reliable acquisition financing to help developers move quickly to compete with market buyers. This second mortgage product provides a more flexible structure and pairs with first mortgages from CHFA or other lenders to leverage maximum funding opportunities.

The CAHP program has been well received in the marketplace. As of late January 2023, four projects have been closed totaling $2,750,000 in loans and one project is currently in underwriting. During the work on these loans, it became apparent that the program guidelines needed revision to create consistency in the program and to eliminate ambiguity that existed in the structure of the program.

Changes implemented include:

CHFA will utilize the underwriting of the senior lender to streamline approval and closing; CHFA may impose additional underwriting requirements if deemed necessary.
CHFA will oversee the replacement reserve account unless the first position lender requires control.
No term to be longer than first position lender mortgage.
Lesser of 90 percent loan-to-value or 90 percent loan-to-cost when accounting for all must-pay debt.
The CHFA loan may be recourse or non-recourse depending on the structure of the first position lender loan. CHFA will require a guaranty if the first position lender requires a guaranty.
All properties are required to have a physical inspection or PCA prior to the acquisition.
Tenant income certifications required to be submitted to CHFA within 200 days of loan closing with an effective date within 180 days of loan closing.

Learn more about CAHP

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Our solution-oriented team will help you find the right program to make your project a success. Connect with us today at 1.800.297.2342 or MF-Lending@chfainfo.com.

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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.