CHFA recently supported Vina Senior Residences in Denver with $13,745,050 in financing through its Partnership-to-Perm Affordable Bond Loan (PAIRABLE) program, $5,305,900 in permanent financing through the Sizeable Multifamily Affordable Risk Share Tool (SMART), and $715,000 through the CHFA Housing Opportunity Fund (CHFA HOF). PAIRABLE provides loans of over $6 million in permanent FHA-insured financing for 4 percent Housing Tax Credit projects, featuring some of the lowest interest rates due to index pricing associated with Private Activity Bonds. SMART provides up to $6 million in permanent financing to 9 percent Housing Tax Credit projects with up to 40-year terms. CHFA HOF provides up to $1 million in flexible gap financing, which can be paired with any of CHFA’s senior debt programs as secondary financing, used as a first mortgage loan, or as an interest rate subsidy. CHFA also supported the development with an allocation of $1,333,863 in federal 9 percent Housing Tax Credit, $1,840,510 in federal 4 percent Housing Tax Credit, $800,000 in accelerated state Housing Tax Credit, and $700,000 in standard state Housing Tax Credit in 2024.

Sponsored by Columbia Ventures, Vina Senior Residences will serve older adults aged 62 and older with incomes ranging from 30 percent to 60 percent of the Area Median Income (AMI). The development will include 152 one- and two-bedroom apartments in a “twinning” structure involving both 9 percent and 4 percent Housing Tax Credits. It will also feature a Community Service Facility which will be operated as a Senior Center by Focus Points Family Resource Center. Programing for the Senior Center will be provided by several partners including Denver Parks and Recreation, Denver’s Office on Aging, Montessori Intergenerational Learning Center, Tepeyac Community Health Center, and Denver Public Library.

Rendering courtesy of ShopWorks

Beginning this month, we will be introducing you to a member of the CHFA Multifamily Lending team each month. One benefit of working with the team is their extensive expertise and technical knowledge.

Tiger Hudson is a Commercial Loan Officer. In her role on the Multifamily Lending team, she underwrites CHFA multifamily loans, presents project loans for approval, and coordinates and assists during the loan commitment and closing process.

Tiger says, “I’m passionate about my work in Multifamily Lending because I get to help craft financing solutions that bring affordable housing to every corner of Colorado. Our unique organization has the flexibility to innovate financing programs that serve a wide range of community and client needs from veteran developers to local entrepreneurs and rural townships. I love watching us close financing gaps and help turn proformas into projects under construction!”

With respect to its programs, services, activities, and employment practices, Colorado Housing and Finance Authority prohibits unlawful discrimination against applicants or employees on the basis of age 40 years and over, race, sex, sexual orientation, gender identity, gender expression, color, religion, national origin, disability, military status, genetic information, marital status or any other status protected by applicable 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 MT.