The Colorado Housing and Finance Authority on Friday unveiled the Capital Magnet Fund, its new statewide housing fund.
The fund will support the development and preservation of affordable rental housing in the state’s most vulnerable communities, according to a statement.
“CHFA’s Capital Magnet Fund is an imperative resource to Colorado as our growing population, combined with escalating development and construction costs, continue to intensify an already challenging housing market,” executive director and CEO Cris White said in a statement.
Funding for the new project comes from a $7.1 million grant recently awarded to the lending authority by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund.
CHFA estimates their fund will provide housing for about 725 Colorado households. The program will provide subordinate financing of up to $750,000 per project at a 3-percent fixed-interest rate to developments that have been awarded federal housing credit.
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To learn more about CHFA and the projects eligible to apply for the Capital Magnet Fund visit the CHFA website.
