CHFA Boasts Banner Year

"CHFA was created 30 years ago to serve the state in exactly this way," says CHFA board chair Jay Davidson. "We have received tremendous support from Gov. Owens and his administration, as well as from the General Assembly, our congressional delegation, and the state treasurer to help us do our job even better. We have also worked with many partners, including the Colorado Division of Housing, and our participating lenders, who helped to make this production possible."

"Despite a challenging 2003 economy, 4,000 jobs were either created or retained, and many Colorado families achieved home ownership or are in safe and affordable housing because of CHFA," says Gov. Bill Owens. "CHFA has been a vital partner with both the private and public sectors for 30 years."

In 2003, 3,637 Colorado families and individuals in 55 counties around the state received a CHFA home mortgage. The median household income of these home-buying families was nearly $40,700. About 11% of the loans were made to single parent borrowers.

In addition, a total of 2,636 apartment homes were created or preserved through CHFA financing. Low-income housing tax credits from 2003 will help create or preserve 1,297 apartment homes, some of which were included in the 2,636 units receiving CHFA financing. The median household income of the families living in CHFA-financed rental homes is $20,280—-$9.75 per hour. CHFA financing helped working Colorado families find affordable places to live.

Also, loan production in the business finance area reached $67 million by the end of December 2003. Statewide, 104 businesses in 31 counties received CHFA financing. The loans resulted in the creation or retention of 3,983 jobs, and this took place in a Colorado economy where jobs were being cut statewide.

"I'm proud to say that as a result of a lot of hard work by CHFA's staff and critical collaboration from the Governor's office, we created a new economic development initiative that is pumping an additional $50 million into the state's economy," says CHFA executive director Milroy A. Alexander.