CREJ

Page 36 — Multifamily Properties Quarterly — May 2022 www.crej.com Affordable Housing T he mission of the Colorado Housing and Finance Author- ity is to strengthen Colorado by investing in affordable housing and community development. The Colorado Hous- ing Finance Authority was created in 1973 by the Colorado General Assembly to address the state’s affordable housing needs. In 1982, when Colorado’s economy expe- rienced challenges, the General Assembly expanded the organi- zation’s mission to support eco- nomic development and recognized that by inserting the word “and,” between “housing” and “finance” in the name. CHFA is not a state agency and does not receive direct appropria- tions from any unit of government. Self-funded and reinvesting all net revenue back into its mission, CHFA is governed by an 11-member board of directors including the state auditor, a member of the governor’s cabinet, a member of the Colorado General Assembly, and eight mem- bers appointed to four-year terms by the governor and confirmed by the state Senate. Since 1974, CHFA has invested more than $29.7 billion into Colora- do’s economy to achieve its mission through homeownership, rental housing, business lending and com- munity partnership programs. This includes helping 140,780 Colorado homebuyers achieve homeowner- ship, 76,544 affordable rental hous- ing units to be developed or pre- served, and 7,812 businesses access capital to support 81,089 jobs. CHFA’s work to achieve these outcomes includes offering home mortgage loan pro- grams, down pay- ment assistance, free homebuyer education, award- ing federal and state housing tax credits, and pro- viding financing to support the new construction and preservation of affordable rental housing and com- munity develop- ment. In addition, CHFA strengthens communities statewide through regional engage- ment, sponsorships, grants, dona- tions and technical assistance. While CHFA’s core programs are essential to addressing Colorado’s affordable housing needs, innova- tion and collaboration increas- ingly are needed to meet our state’s demands. In 2021, CHFA was proud to support affordable housing devel- opment in several new ways. CHFA launched its small-scale Affordable Housing Technical Assis- tance Program, providing pro bono technical assistance to advance small-scale housing development, supporting projects that will have no more than 30 units and serve affordable housing needs. The pro- gram can support developments that are for sale or for rent and new construction or preservation proj- ects. Technical assistance services are provided by experienced afford- able housing consultants retained by CHFA and awarded through a competitive application process. As a result of two award rounds in 2021 and more than $120,000 invested by CHFA, the program sup- ported over 640 hours of pro bono technical assistance consulting provided to 11 project sponsors. To learn more about the program, please visit chfainfo.com/ta. CHFA also unveiled the Colo- rado Affordable Housing Devel- oper’s Guide, which was created and published in partnership with Enterprise Community Partners. The guide is a comprehensive edu- cational resource to help develop- ers, community leaders and advo- cates advance affordable housing throughout Colorado. CHFA is offer- ing a free webinar training series to provide an overview of the guide and to highlight key topics covered. Visit chfainfo.com/dev-guide to learn more. CHFA offers many programs to support housing needs of Colora- dans with low incomes, who are defined as those earning 60% of the area median income or less , though in recent years, the rise in market-rate pricing has caused the “missing middle” crisis. The missing middle are those whose incomes are too high to qualify for income- restricted housing programs but too low to afford market-rate housing. These households typically have incomes ranging between 80% and 120% of AMI. In 2021, CHFA invested $2 million Strengthen housing with community engagement T he need for technical assis- tance, advice and funding is more than a single orga- nization can provide, so in addition to those featured in single profiles, there are others that deserve recognition. The Local Initiatives Support Corp. was founded in 1979, when the Ford Foundation envisioned an “inter- mediary” – a nimble nonprofit with strong community partnerships that would connect hard-to-tap public and private resources with underinvested places and people working to access opportunities that all Americans deserve. That fundamental premise remains as true today as it was then: Government, foundations and for-profit companies have the capital, residents and local institu- tions that understand the need, and LISC bridges the gap by offering the relationships and expertise to help community organizations attract the kinds of resources that allow them do their best work. LISC receives funding from banks, corporations, foundations and gov- ernment agencies and uses that funding to provide financing in the form of loans, grants and/or equity along with technical and manage- ment assistance to local partners and developers. Through its 38 local offices and a rural program, LISC reaches more than 2,400 counties in 49 states and Puerto Rico, and with LISC-founded affiliates and entities, it works with a network of community-based partners to make investments in housing, economic development, edu- cation, safety and health. Many of those efforts have been in the met- ropolitan areas of Colorado. Until 1995, LISC worked pri- marily in urban areas. That year, the leadership launched Rural LISC, a national program to expand its reach to rural communities. Today, Rural LISC works with more than 140 rural, community-based organizations, including five financial intermediar- ies, helping them identify challeng- es and opportunities and delivering the most appropriate support to meet local needs. Those needs include everything from training and technical assis- tance to information and financial support to help rural community developers deal with the unique problems they face. The Compre- hensive Community Development Strategy the foundation created supports its partners and focuses on the five pillars of rural commu- nity development: creative capi- tal, broadband and infrastructure, workforce development, placemak- ing and resilience planning/disaster solutions. Using this strategy, Rural LISC is able to expand investment in housing and other real estate, increase family income and wealth, stimulate economic development, improve access to quality educa- tion, and grow healthy environ- ments and lifestyles. Rural LISC has a goal to be the catalyst leading to a 20% increase in its rural community develop- ment impact in the next three years because 20% of the population of the United States lives in rural places. Fowler, in the southeastern quad- rant of Colorado, is home to Total Concept, a nonprofit organization formerly known as the Tri-County Housing Development Corp., which is the only Rural LISC partner in Colorado at this time. A Rural LISC staff person is also based in Fowler. Visit www.lisc.org/rural/about-us/ the-lisc-rural-promise to learn more about Rural LISC. Another organization that pro- vides support for rural communities is the Rural Community Assistance Corp. Founded in 1978, RCAC is a 501(c)(3) nonprofit organization that provides training, technical and financial resources, and advocacy so rural communities can achieve their goals and visions. A partner with Rural LISC and headquartered in West Sacramento, California, RCAC serves rural communities in Alaska, Arizona, California, Colora- do, Hawaii and other Pacific islands, Idaho, Montana, Nevada, New Mex- ico, Oregon, Utah, Washington and Wyoming. Its services are available to communities with populations of fewer than 50,000, other nonprofit groups, tribal organizations, farm- workers, colonias and other specific populations. RCAC has an annual operating budget of more than $15 million and more than 160 employ- ees working from field offices throughout its service region. RCAC’s work includes environ- mental infrastructure (water, waste- water and solid waste facilities), affordable housing development, economic and leadership develop- ment, and community development finance. RCAC is led by Suzanne Anarde, former head of Rural LISC and Total Concept in Fowler and a former member of the board of directors of the Colorado Division of Housing. In 2020, RCAC helped 14 communities access $41.3 million in funding for new businesses; 23 self-help grant- ees accessed over $22 million in grant renewals; 48 self-help agen- cies produced 478 new construction self-help homes and rehabilitated 65 self-help homes; 13 housing projects secured $49.9 million in financing and produced 257 single- family units and 156 multifamily units; 20 agencies submitted 245 Section 502 packages that totaled $71 million for low-income home- buyers and helped 107 families achieve homeownership through $27 million in financing. To learn more about RCAC, go to www.rcac.org s Other NGO-like organizations at work in Colorado Cris A. White Executive director and CEO, Colorado Housing and Finance Authority Dressel-Martin MediaWorks Village at Wintergreen serves residents with low and middle incomes in Keystone and is supported by Colorado Housing and Finance Authority. Rodger Hara Principal, Community Builder Realty Services Please see White, Page 42