The Equity program provides below-market-rate equity investments to eligible for-profit and nonprofit entities for the construction or preservation of low- and middle-income multifamily rental developments. A Tenant Equity Vehicle (TEV), funded through program earnings, will be required for developments receiving Equity Financing. Details will be shared as program design is finalized.

Equity Program Status

This program is currently in development and subject to change. Full program guidelines will be posted upon program launch. Program highlights, as currently established by statute, are included below. To view recordings of stakeholder engagement sessions to inform program design, click here. If you have questions, please contact CHFA Community Development at [email protected].

Affordable Housing Commitment

To be eligible, affordable housing projects seeking support from the Affordable Housing Financing Fund must be located in a jurisdiction that has completed a Proposition 123 Local Government Affordable Housing Commitment with the Colorado Department of Local Affairs − Division of Housing. Click here to learn more on DOLA’s website. View jurisdictions that have filed 2023 Commitments.

Program Details

Program BenefitsBelow-market equity
Eligible Borrowers• For-profits
• Nonprofits
Eligible Projects• Construction of new low- and middle-income multifamily rental units
• Preservation of existing affordable housing units
Program Allocation40% to 70% of Affordable Housing Financing Fund (AHFF) allocation
Area Median Incomes (AMIs) Served• 90% average AMI for all restricted units
• Rural resort communities may petition the Colorado Division of Housing to use more flexible income requirements.
Tenant Equity VehicleA Tenant Equity Vehicle, which may be used for down payment on housing or related purposes, which may also include ongoing opportunities for tenants to build up their savings.
Priorities• High-density housing
• Mixed-income housing
• Environmental sustainability

This is intended only to highlight certain program requirements. Investments are subject to other requirements including the CHFA Credit Policy and applicable operating and replacement reserve requirements.

How to Apply

More information coming soon.


CHFA Community Development

[email protected]

If you have questions, contact CHFA Community Development at [email protected].

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