Colorado Housing and Finance Authority (CHFA) has announced that nine developments will be awarded a reservation of federal and state Housing Tax Credits to support the new construction of 840 affordable rental units. This includes awards of Transit-oriented Communities (TOC) credit to five developments. The TOC credit is a new state Housing Tax Credit that supports affordable rental housing development near transit. The total private sector equity estimated to be raised by the credit awarded during this round exceeds $209.5 million.
These developments will seek to address various housing needs in Colorado, supporting individuals, families, and persons experiencing homelessness. Developments awarded during this round will be located in Aurora, Denver, Fort Collins, Longmont, and Sterling.
Since the program was created in 1986, CHFA has served as the allocating agency for Housing Tax Credits in Colorado. Tax credits are the most widely used tool for financing affordable rental housing in the nation. Since its inception, the program has helped build or preserve more than 80,000 affordable rental housing units in Colorado.
The following developments are receiving federal 4 percent and accelerated state Housing Tax Credit award reservations from CHFA:
- 1001 Lincoln Street, Denver
Developers: Kentro Group and ComCap Ventures LLC - 1139 Delaware Street, Denver
Developer: Sherman Associates Development LLC - Atwood Commons, Longmont
Developer: Brikwell - Central Park Station Phase I, Denver
Developer: Ulysses Development Group - Cole Train, Denver
Developer: Medici Development LLC - Crossbar Commons, Aurora
Developer: Mercy Housing Mountain Plains - Sugar Commons, Sterling
Developer: Völker Housing Partners, LLC - University Building Lofts, Denver
Developers: Mile High Development and BMC Investments - Village on Eastbrook, Fort Collins
Developer: Housing Catalyst
Full descriptions may be viewed here, and the award report here.
For more than 50 years, CHFA has strengthened Colorado by investing in affordable housing and community development. CHFA invests in affordable homeownership, the development and preservation of affordable rental housing, helps small- and medium-sized businesses access capital, and supports local communities and mission-aligned nonprofits through technical assistance and philanthropic investment.
