On August 1st, CHFA’s Community Development Division spent their team outing visiting Gateway South Apartments, a 92 two- and three-bedroom unit community for those earning between 30 and 120 percent AMI in the Sun Valley neighborhood in Denver.

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.

“Touring the Sun Valley neighborhood redevelopment provided an incredible opportunity for the Community Development team to experience the impact of their daily work. CHFA has made significant investments in the work Denver Housing Authority is undertaking to create new housing, introduce mixed income, and transform an entire neighborhood,” said Steve Johnson, Director, Community Development.

In the 2022 legislative session, the 73rd Colorado General Assembly successfully passed two housing bills that allocated additional investment in key CHFA programs. In addition to a seven-year extension of the Affordable Housing Tax Credit (state AHTC) program, they passed SB22-146, which will direct $25 million in general funds to support CHFA’s Middle-income Access Program.

The Middle-income Access program (MIAP) is a pilot that, to date, has successfully leveraged $19 million of CHFA’s resources to support more than $221 million in middle-income housing development, resulting in 794 units. MIAP supports the “missing middle” population with incomes too high for LIHTC units but often overburdened by market rents. Typically, the missing middle is comprised of renters whose income is between 80 percent and 120 percent Area Median Income (AMI). 

“As the middle-income population has evolved in recent years and the need for funding to serve middle-income renters has increased, the MIAP program has been a very successful and critical tool to help fund projects around the state. We are grateful and excited for the new general fund money that will expand the MIAP program and allow us to fund more homes for residents in the workforce. The need is tremendous," says Terry Barnard, Manager, Community Development Lending.

CHFA is proud to support the following projects as they celebrate their groundbreakings.

Lyons Valley Townhomes

On August 5th, a groundbreaking ceremony was held at Lyons Valley Townhomes, pictured. This development will provide 40 new affordable housing units, comprised of triplex, fourplex, and single family homes for rent. CHFA supported this project with federal Housing Tax Credits, disaster recovery funds, Private Activity Bonds, and the CAPABLE program. Lyons Valley Townhomes is the first development supported with Housing Tax Credits to be built in Lyons. CHFA Community Development Director, Steve Johnson, spoke at the event.

Alta Verde

Alta Verde broke ground on August 9th in Breckenridge. Alta Verde will primarily serve individuals and families whose incomes range between 80 to 120 percent of the Area Median Income (AMI). The development will offer 172 total apartments, including 17 market-rate units. CHFA supported the development by providing a $5 million mezzanine loan from CHFA’s Middle-income Access Program.

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.