The Colorado Housing and Finance Authority has received $45.1 million in federal stimulus money to help finance the construction of 1,800 affordable rental units and create about 750 jobs.
The money is part of the Tax Credit Assistance Program and Tax Credit Exchange Program, both established in the American Recovery and Reinvestment Act.
CHFA will distribute the money in the form of loans or grants to developers beginning next month.
“The sharp decline in equity pricing has created significant gaps for developers recently awarded the credits; putting completion of their housing projects at risk,” said Jaime Gomez, CHFA director of commercial lending. “Funding from the stimulus bill is intended to restore financial feasibility to these projects resulting in much needed housing for the state’s residents, along with creating new jobs generated from the construction and management of the units.”
A complete list of eligible projects, program eligibility requirements and application forms is available at www.chfainfo.com . CHFA must award 75 percent of the TCAP money by February and 100 percent of the TCEP funds by December 2010.