economic profile district 4 Representative Ken Buck

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Alyson Lucas
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1 2019 economic profile district 4 Representative Ken Buck

2 chfa s 2019 legislative priorities Tax Policy Preserve and strengthen tax-exempt Private Activity Bonds (PAB) and their ability to support affordable homeownership finance, rental housing finance, and manufacturing real estate and equipment finance. Urge the Colorado Delegation to sign the Dear Colleague letter circulated by Housing Municipal Finance Caucus co-chairs Representative C.A. Dutch Ruppersberger (D-MD) and Steve Stivers (R-OH) in support of tax-exempt municipal bonds, including Housing Bonds. Support legislation that would: Increase the tax-exempt Private Activity Bond per capita cap Lower the 50 percent test for 4 percent Low Income Housing Tax Credit projects Extend multifamily Housing Bond recycling authority Exempt all refunding Housing Bonds from the Alternative Minimum Tax (AMT) Repeal the MRB Ten-Year Rule Preserve and strengthen the 4 percent and 9 percent Low Income Housing Tax Credit (LIHTC) programs. Support and urge co-sponsorship of the Housing Credit Improvement Act S. 548 and H.R when re-introduced in the 116th Congress. Increase the 9 percent per capita cap by 50 percent, phased in over five years Permanently fix the 4 percent credit floor. Allow bond-financed projects to be eligible for a 30 percent basis boost Appropriations Preserve U.S. Department of Housing and Urban Development (HUD) funding for: HOME and CDBG; Section 8 Housing Vouchers and project-based contract renewals; and Housing counseling funds Banking and Financial Services Preserve HFA s ability to partner with the GSEs, FHA and Ginnie Mae for purposes of supporting affordable homeownership and rental housing finance. Monitor GSE Reform legislation and support: A federal backstop to ensure liquidity in the housing finance market; A focus on providing access to affordable mortgages for creditworthy borrowers across all income levels, and a focus on serving rural and other underserved markets; and Maintaining a role for HFAs as affordable housing partners, thus allowing HFAs to maximize their investment potential and respond to their states unique affordable housing needs. Support Ginnie Mae Securitization of HFA Risk Share Multifamily Loans, and ensure continued access to the FHA-HFA Risk Sharing Federal Financing Bank (FFB) Support the continuation of GSEs contributions to support the Capital Magnet Fund and National Housing Trust Fund Small Business and Economic Development Leverage CHFA s established partnerships and successful track record as a funds administrator by seeking opportunities that will increase access to capital for small- and medium sized businesses and encourage investment in Colorado s underserved communities. Support CHFA s application for New Markets Tax Credits in Support the re-introduction of the Small Business Access to Capital Act of 2018 S in the 116th Congress Reauthorizes the State Small Business Credit Initiative (SSBCI) Allocates $500M to eligible participating states

3 historic investment in district to 2018 homeownership households served 16,841 dollars invested mortgage credit certificates (chfa mcc sm ) issued $2.2 billion $254.5 million statewide homebuyer education households served 148,000 statewide homebuyer education investment $5.8 million affordable rental housing developments in portfolio 131 affordable units in portfolio 8,349 dollars invested $297.9 million federal lihtc units supported 7,057 federal lihtc awarded $33.3 million business businesses served 643 dollars invested $140.9 million jobs directly supported 4,360 economic impact total investment jobs indirectly supported fiscal impact homeownership $2.2 billion 13,965 $2.9 billion affordable rental housing $297.9 million 2,150 $463.2 million business $140.9 million 1,058 $203.3 million

homeownership in district 4 David and Joana Greeley After living and renting in Colorado for many years, David and Joana wanted to have a home of their own.

4 homeownership in district 4 David and Joana Greeley After living and renting in Colorado for many years, David and Joana wanted to have a home of their own. With the help of CHFA, the couple was able to buy a home in Greeley where they live with their young daughter. Home prices were high and we had to rent but we really wanted to provide an actual house for our daughter, said David. As a homeowner, David appreciates that his family has their own space, and that he can do his own fixing and upgrading. I have been enjoying being a homeowner. It s a great investment and there s nothing better than having your own home when you have a family, said David. CHFA Participating Lender Academy Mortgage Corporation Homebuyer Education Provider Colorado Housing Assistance Corporation (CHAC) top chfa participating lenders 1 Fairway Independent Mortgage Corporation 2 American Financing Corporation 3 Guild Mortgage Company 4 Universal Lending Corporation 5 Primary Residential Mortgage, Inc. homeownership at-a-glance customer median loan amount customer median annual income $273,858 $70,000 median home price in district annual income to afford median home $364,900 $90,600

rental housing in district 4 Porter House Apartments Greeley Porter House Apartments (formerly known as Apartments at Meadowview) celebrated its grand opening in 2018.

5 rental housing in district 4 Porter House Apartments Greeley Porter House Apartments (formerly known as Apartments at Meadowview) celebrated its grand opening in The 100-unit affordable rental housing property is located in Greeley and serves individuals and families. This new property provides housing opportunities to those displaced or currently living in substandard or overcrowded housing due to the impact that the 2013 floods had on the surrounding community. Many organizations collaborated to make Porter House Apartments possible including CHFA, Colorado Division of Housing, Greeley-Weld Housing Authority, Greeley Urban Renewal Authority, Steele Properties, and Monroe Group. CHFA was proud to support Porter House Apartments by awarding federal and state affordable housing tax credits in 2015, and providing CHFA multifamily financing. Developer Steele Properties Project Type New Construction, Family Number of Units 100 AMIs Served* 30 Percent: $19,650; 40 Percent: $26,200; 50 Percent:$32,750; 60 Percent: $39,300 Bedroom Mix 16 One-bedroom; 44 Two-bedroom; 40 Three-bedroom Estimated Completion/Placed-in-service (PIS) June 2018 Tax Credit and Amount Allocated 4 Percent LIHTC: $618,957 State Credit: $967,121 Tax Credit Investor PNC Architect Benton Design Group Construction Lender CHFA Permanent Lender CHFA General Contractor Commonwealth Construction Total Development Costs $22.8 million Economic Impact $33 million *Reflects maximum income for a two-person household in the county served based on 2018 maximum rent and income limits

business finance in district 4 Walsh Community Grocery Store Walsh The Colorado Fresh Food Financing Fund (CO4F), administered by CHFA, supported significant upgrades to Walsh Community Grocery

6 business finance in district 4 Walsh Community Grocery Store Walsh The Colorado Fresh Food Financing Fund (CO4F), administered by CHFA, supported significant upgrades to Walsh Community Grocery Store, the only full-service grocery store in Walsh, Colorado. CO4F supported the replacement of outdated and inefficient equipment with new refrigeration and freezers. The new equipment improves energy efficiency, lowers utility and repair costs, extends product shelf-life, and enhances fresh food access for shoppers. In 2006, the store closed and Walsh residents had to travel 20 miles out of town for groceries. A citizen-led committee formed, led by the mayor, to reopen the store and bring fresh food access back to the community. The store is now owned by community members and groups, and is operated by a board of directors. We re very thankful for the partnership we have with you, said board director, Beverly Lohrey, regarding CO4F. It made it possible for us to update our store and bring it into the 21st century. Board chair, Alan Packard added that CO4F was a lifesaver for us and for our community. Owner Walsh Community Grocery Store, Inc. Business Type Retail Grocery Store Number of Employees 134 Product Loan and Grant Bond Issuance Amount $50,000 loan + $50,000 grant Economic Impact $125,378 Years In Business 11 years Bank Partner Colorado Office of Economic Development and International Trade (CO OEDIT) Purpose of Bond Issuance Equipment finance

what is chfa? CHFA s mission is to strengthen Colorado by investing in affordable housing and community development.

We provide loans and tax credits to developers of affordable rental housing, so all Coloradans may have access to a place to call home; and we help

CHFA s operating revenues come from loan and investment income, program administration fees, loan servicing, and gains on sales of loans.

This document was designed and printed in-house without the use of state general fund dollars. CHFA s work revitalizes neighborhoods and creates jobs.

7 what is chfa? CHFA s mission is to strengthen Colorado by investing in affordable housing and community development. We offer loan programs and homebuyer education to support responsible homeownership. We provide loans and tax credits to developers of affordable rental housing, so all Coloradans may have access to a place to call home; and we help business owners access the capital they need to grow and support jobs. CHFA is self-funded. We are not a state agency. CHFA s operating revenues come from loan and investment income, program administration fees, loan servicing, and gains on sales of loans. CHFA receives no direct tax appropriations, and its net revenues are reinvested in its programs and used to support bond ratings. This document was designed and printed in-house without the use of state general fund dollars. CHFA s work revitalizes neighborhoods and creates jobs. Visit for more information. Pictured top to bottom: Alyssa, Joshua and their son, CHFA homeownership customers, Johnstown Resident of Mariposa District, a CHFA rental housing customer, Denver Residents of The Highlands, a CHFA rental housing customer, Grand Junction Soaring Eagles Center for Autism, CHFA business finance customer, Pueblo

8 We are proud to invest in Colorado s success. Economic impact assessments made by CHFA using IMPLAN. Visit for more information. 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, , TDD/TTY , CHFA, 1981 Blake Street, Denver, Colorado , available weekdays 8:00am to 5:00pm. Cover pictured top to bottom: David, Joana and their daughter, CHFA homeownership customers, Greeley Residents of Ash Street Apartments, CHFA multifamily customer, Denver Hays and Strode, P.C., CHFA business finance customer, Rifle denver 1981 Blake Street Denver, Colorado chfa (2432) chfa (2432) western slope 348 Main Street Grand Junction, Colorado /19.v1

October Housing Affordability in Colorado. federal resources

October Housing Affordability in Colorado. federal resources October 2018 Housing Affordability in Colorado federal resources Contents Government-sponsored Enterprises 2 (GSEs) Fannie Mae, Freddie Mac, and Federal Home Loan Banks U.S. Department of Housing and 2