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CHFA briefs Montrose commissioners on housing tools, Prop 123 uncertainty and West End grants
Summary
A Colorado Housing and Finance Authority regional manager described mortgage and rental financing products, small-community technical assistance and targeted West End grants; he warned that portions of Prop 123 funding may be paused and that about $130 million could be clawed back beginning in July, while existing awards would be honored.
Chris Lopez, a regional community relationship manager with the Colorado Housing and Finance Authority, told the Montrose County Board of County Commissioners that CHFA offers mortgage products, rental financing, small-business lending and direct grant programs targeted to rural and West End communities.
"CHFA has invested over $40,000,000,000 in the state of Colorado," Lopez said, summarizing CHFA’s statewide lending and grant activity. He described CHFA’s 30-year mortgage products, a range of down-payment assistance programs and a low minimum credit score threshold that helps some lower-credit borrowers access affordable mortgages. Lopez also noted CHFA administers federal and state low-income housing tax credits and Section 8 compliance work in the region, and that CHFA provides small-scale technical assistance for rural projects.
Lopez addressed local West End investments and grant-making: CHFA runs cycles for direct-effect grants, has provided modest targeted grants (for example, a $5,000 operating/signage grant to support a West End Dark Skies program) and is engaging with local partners on potential small-site projects such as laundromat-area redevelopment in Naturita and Nucla. He said CHFA is recruiting for a Western Slope staff position to strengthen regional support.
On statewide funding, Lopez described CHFA’s role administering roughly 60% of the Prop 123 allocation contracted through OEDIT and said his understanding is that the land-banking and equity portions may be paused starting in July with about $130 million potentially returned to the state budget. "At least that's what my understanding is going through legislation," he said, adding that "all existing awards are being honored." Commissioners asked whether local Prop 123 commitments would be affected; Lopez said awards already made would continue and that ongoing legislation could change how future funds are administered.
Lopez also described CHFA's five-year strategic plan and an aspirational $1 billion fund over five years, with a $10 million seed target this year to scale technical and small-scale financing for rural housing preservation and rehab.
What's next: CHFA will provide follow-up materials and Lopez said he would send details on the strategic plan and regional staffing; commissioners said they will track the legislative changes affecting Prop 123 funds.
