NEW: Housing Hub Colorado
Governor Polis, Mayor Mike Johnston, Colorado Department of Local Affairs (DOLA), the Colorado Housing and Finance Authority (CHFA), the Colorado Office of Economic Development & International Trade (OEDIT) and the City and County of Denver’s Department of Housing Stability (HOST) have launched the new Housing Hub Colorado, an initiative designed to bring key agencies in the state together to support a streamlined process to apply for affordable rental housing tax credits and related public funds, and strengthen Colorado’s commitment to safe, stable, and secure housing for all. Housing Hub Colorado is the first initiative launching out of the Colorado Housing Consortium.
Phase 1 (launched Nov. 25), focuses on immediate improvements that make the housing funding process more coordinated and predictable. This includes:
- A centralized website that shares timelines, instructions, and resources for rental housing developments seeking Housing Tax Credits along with related gap funding from DOLA
- and/or HOST
- Aligned application spreadsheet across CHFA, DOLA, and HOST, allowing developers to use a single budget application which will save time and money for developers
- Aligned narrative questions across agencies
- A streamlined DOLA pre-application that removes financial letters of interest and reduces required fields
- A unified funding timeline that helps developers understand when programs open and how to prepare
These updates create a clear timeline for developer stakeholders and reduce administrative burden so projects can move forward more quickly.
Phase 2 will continue to deepen alignment across agencies and develop a common application.
- A common application for funding sources related to developments supported by Housing Tax Credits, targeted for launch in 2026
- A fully aligned set of questions and required materials
- Expansion to additional housing programs beginning with additional rental funding opportunities and later including homeownership programs
This next phase is an important step toward a more efficient and predictable system that supports the continued growth of affordable housing across Colorado.
2026 Gap Financing Application Rounds
HOST will accept gap financing applications in 2026 through the following solicitations:
2026 Winter Solicitation
Eligible applicants: Non-Competitive Low Income Housing Tax Credit rental construction, preservation and homeownership projects. Projects recently awarded Prop 123 funds.
Timeline:
- Applications accepted February 1 through February 15
- HOST Quiet Period from February 15 until awards are announced
- Announcement of awards to be made mid-March
2026 4% + State LIHTC Pre Application
Eligible applicants: Eligible applicants: Projects applying to CHFA in ‘2025 Round Two’ for Federal 4% and State Housing Tax Credits and projects seeking 4% non-competitive Low Income Housing Tax Credits.
Timeline:
- Applications accepted June 2 through June 20
- HOST Quiet Period from June 20 until awards are announced
- Announcement of awards to be made mid-July
2026 Fall Solicitation
Eligible applicants: Non-Low Income Housing Tax Credit rental construction, preservation and homeownership projects. Project’s recently awarded Prop 123 funds for new construction.
Timeline:
- Applications accepted July 28 through August 15
- HOST Quiet Period from August 15 until awards are announced
- Announcement of awards to be made mid-September
2027 9% LIHTC Pre-Application
Eligible applicants: Projects applying to CHFA in ‘2027 Round One’ for Federal 9% and State Housing Tax Credits.
Timeline:
- Applications accepted Dec. 1 through Dec. 12
- HOST Quiet Period from Dec. 12 until awards are announced
- Announcement of awards to be made mid-January
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The HOST financing application, template and information/certification can be found here. HOST will also accept the CDOH and or CHFA application instead. If submitting a CDOH or CHFA application, also complete the HOST Application Certification document. HOST reserves the right to request additional materials and documentation.
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HOST financing priorities can be found here.
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If you have already submitted a formal application for a reservation of private activity bonds, please apply again for gap financing to confirm interest and provide any project updates in your gap financing application.
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HOST implements a “quiet period” as part of each competitive application process to ensure a fair and consistent process for all applicants in the competitive rounds, so that awards are based on the merits of each project and any potential interference or lobbying from the applicant or its supporters is eliminated. The quiet period for each competitive round begins on the date that applications are due and ends on the announcement of the applicable gap financing awards.
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At this time, HOST is not accepting funding applications outside of the three solicitations listed above. HOST will announce additional opportunities whenever funding becomes available.
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Please direct applications to housingdevelopment@denvergov.org. You may also request a box link to upload large files for your submission at this email.
The Department of Housing Stability (HOST) provides low cost financing to facilitate the development of new and preservation of existing affordable housing through products designed to meet the City's priorities for affordable housing.
Rental developments may serve households earning up to 80% of the Area Median Income (AMI). However, projects serving households at or below 30% AMI or formerly homeless households will receive priority consideration. Any rental development receiving HOST funding will be subject to a 60-year affordability period.
Homeownership developments may serve households up to 100% AMI, but projects serving households at or below 80% AMI and/or providing affordability periods over 60 years will receive priority consideration.
Financing for the development and preservation of income-restricted housing is invested according to the Term Sheet below. Each financing product is designed to be responsive to gaps in market financing available for different types of affordable housing projects.
Applications for financing products are reviewed as received and prioritized according to a) HOST’s funding priorities and b) funding availability of varying fund sources.
2025 Term Sheet(PDF, 197KB)
Application
Other
Max Rents and Rental Income Limits
Homeownership Income Limits
Please note: If you have any issues reading any portion of the above documents, please contact us at housingstability@denvergov.org for assistance.
The HOST and the Denver Housing Authority (DHA) seek to facilitate the development of new deed-restricted, middle-income affordable housing through the ‘Partnership for Middle Income Housing’ pilot program. The program will provide property tax exemption and the State of Colorado sales and use tax exemption to up to five development projects. HOST will accept applications for pilot program in 2025 through a fall solicitation. A winter solicitation may be scheduled if needed.
Project Eligibility Requirements
- Includes deed-restricted units under 100% AMI beyond what is required by the City’s Expanding Housing Affordability (“EHA”) policy.
- Project is not financially feasible but for a property tax exemption for at least the first five years as demonstrated by a projected debt service coverage ratio of less than 1.2 without the exemption.
- New construction only.
- Proposed length of tax exemption must be less than 15 years with the intended term being ten years.
- No City subsidies allowed in the project.
- Financial closing to be achieved by the end of 2026.
- Project(s) are subject to the City’s EHA policy and therefore are eligible for incentives granted under the policy.
Project Preferences
Preference will be given to projects for the following:
- Meets the definition of Transit-Oriented Communities, as defined by C.R.S. § 29-35-202(11).
- Located in areas with high risk of displacement, defined by the City as a Neighborhood Equity and Stabilization (“NEST”) neighborhood.
- Aligned with the City’s affordable housing priorities, including family sized units with three or more bedrooms, accessible units in excess of minimum requirements, green building practices, and demographic considerations, including services or amenities for families, seniors or persons with disabilities.
Required Underwriting Documents
Development Budget - For projects early in the underwriting process, the Developer must provide reasonably accurate estimates of hard construction costs based on comparable projects (with respect to geographic location, size, density, product and construction type). Submit documentation supporting estimated hard construction costs for off-site improvements, on-site improvements and unit construction costs. Such documentation may include:
- Schedule of values for general contract or final approved construction costs from construction lender for projects completed within the last twelve months by the Developer of similar product type, construction type and density at similar construction costs; Or
- Unaffiliated third-party cost estimates by an experienced cost estimator, architect, or general contractor.
Financing/ Development Timeline - Identify in chronological order the major development milestones, as well as projected dates of funding commitments from all other lenders/ funders.
Sources and Uses - Identify lenders, grantors, and equity provider.
Construction Loan Terms - Financing assumptions must be provided for the construction interest index and spread, current construction loan rate, construction loan fee, construction loan term and extensions. Please provide fully executed LOl(s) or commitment letter(s), as applicable. Please describe the process by which the construction lender was chosen.
Permanent Loan Terms - Financing assumptions must be provided for the permanent loan including interest rate index and spread, current permanent loan interest rate, loan term, amortization term and permanent loan fee, if any, along with the forward commitment period and conversion requirements to permanent loan. Please provide fully executed LOI(s) or commitment letter(s), as applicable. Please describe the process by which the construction lender was chosen.
Proforma - Completed 15-year operating proforma for the property including distribution of residual receipts and any fees paid out of surplus cash flow.
Unit Mix and Rent Roll
Stabilized Operating Expenses
Portfolio Summary - List of multifamily properties owned by the borrower with total unit count, number of affordable units, location (City and State), year-built and year acquired.
Site Plan, Survey, Environmental Reports, and Architectural Plans
Market Study - Market studies for all projects should be prepared by a third-party market analyst approved by CHFA in accordance with CHFA market study standards, per Appendix A of the Qualified Allocation Plan. The study must identify whether there is demand for the number, size and type of rental housing proposed. A previously prepared market study by an experienced analyst will be accepted as long as data older than six months is updated to within six months of application.
Appraisal - The Developer must submit a third-party appraisal ordered by a lender completed by an independent MAI-certified appraiser within six months of application submittal to HOST documenting the appraised value of the site for its zoned use, taking into consideration all existing restrictions. The land value contribution must be determined and reported separately in the same appraisal report. The appraisal must be dated within 6 months of application.
Identity of Interest - Each Developer partner/ entity must provide a description of any interlocking ownerships the entity may have with contractors, management companies, financial institutions or entities, or other contractors or consultants that might be involved in the project, and a description of how these services might be used for the project.
Additional Requirements
- Projects will only receive a tax exemption proportional to the number of units serving individuals and families earning 100% of Area Median Income (“AMI”) or less.
- The tax exemption is given by DHA entering the ownership structure of the project as a special limited partner.
- Units subject to the City’s EHA policy must be deed restricted for 99 years.
- All other units affordable at or below 100% AMI must be deed restricted for a minimum of 30 years.
Required Fees for projects selected for full underwriting
- Application- $3,000.
- Legal- Actual Legal fees incurred to be passed through to project sponsor, estimated to be between $15,000 and $35,000 depending on level of negotiation.
- Due Diligence/Staff Time Pre-Closing- $18,000 to be paid at closing.
- Construction Monitoring- $1,000 per month of construction period through temporary certificate of occupancy ("TCO") paid to DHA.
- Asset Management - $50 per unit per annum ("PUPA") each year to be paid out of operating expenses to DHA.
- Ongoing Financial Compliance- Fee to be waived during pilot phase.
- Additional Staff Time- $75 per hour for any additional post-closing requests beyond those outlined above paid to DHA.
- Included but not limited to refinances, disposition of the property, or other revisions to the partnership documents.
- Pilot- Equal to most recent year's tax on raw land, to be paid out of operating expenses to DHA annually for direct remittance to City Assessor. Additional PILOT may be required based on HOST underwriting.
- PLEASE NOTE THAT ALL FEES ARE DUE TO DHA AT CLOSING UNLESS OTHERWISE STATED
2025 Fall Solicitation
- Timeline:
- Letters of Intent (LOI) will be accepted July 15 - August 15.
- HOST Quiet Period from August 15 until invitations to apply are announced.
- In September, HOST and DHA will announce the projects invited to submit a full application and enter into the underwriting process. Projects meeting underwriting standards will be then sent to DHA for formal approval and the legal process for the special limited partnership.
- Required documentation for the LOI:
- Narrative description of the project including address, building design, expected timeline (financial closing, construction start and completion, lease up period and stabilization), amenities, environmental sustainability, and any other information as to why HOST and DHA should prioritize this project in the pilot phase.
- Proposed units mix by AMI and bedroom size.
- Proposed terms of the tax exemption (term length, PILOT payments, and percentage of building it will apply to)
- HOST application certification which can be found here.
- HOST reserves the right to request additional materials and documentation at the LOI stage.
- Documentation requirements for projects advanced to the full application stage:
- Development budget
- Financing/Development Timeline
- Sources and Uses
- Construction Loan Terms (LOI or commitment letter)
- Permanent Loan Terms (LOI or commitment letter)
- 15-year Operating Pro Forma
- Unit Mix with AMI Levels and Proposed Rents
- Stabilized Operating Expenses
- Portfolio Summary
- Site Plan, Survey, Environmental Reports and Architectural Plans
- Market Study (must meet CHFA standards for LIHTC projects)
- Appraisal (third-party showing land value and as-built value)
- Disclosure of Identity of Interests
Please direct Letters Of Intent to housingdevelopment@denvergov.org. You may also request a box link to upload large files for your submission at this email.
HOST implements a “quiet period” as part of each competitive application process to ensure a fair and consistent process for all applicants in the competitive rounds, so that awards are based on the merits of each project and any potential interference or lobbying from the applicant, or its supporters, is eliminated. The quiet period for each competitive round begins on the date that applications are due and ends on the announcement of the applicable award.
If you have questions or need additional assistance, please contact us at housingdevelopment@denvergov.org. HOST staff are happy to meet with housing developers to discuss whether a project would be suitable for the Partnership for Middle Income Housing Program.
The city prioritizes investment in projects that meet key affordable housing policy priorities. These priorities relate to a) the location of the proposed project, b) the characteristics of the project itself, and c) funding and underwriting for the project.
Our housing loan application requires applicants to respond to questions about how the proposed project meets specific city priorities. Prior to being accepted for underwriting, applications for city financing will be evaluated according to how well they meet the following priorities. The HOST Application Template includes a checklist of funding priorities and the HOST Housing Financing Application Instructions include a request for additional description in the narrative.
Once and application is accepted by the city, all requests for financing are subject to underwriting approval by the Loan Review Committee and approval by City Council where applicable.
Location-specific priorities include:
- Affordable housing in neighborhoods with access to transportation
- Housing that supports our anti-displacement efforts in neighborhoods vulnerable to gentrification
- Affordable housing in neighborhoods with high “access to opportunity” factors such as high quality education, proximity to good paying jobs, and other services and amenities such as parks, libraries, recreation centers, child care, health care, and grocery stores
Project-specific qualifications include:
- Affordable housing for family sized units (three-bedroom or larger)
- Affordable housing for very low income (30% AMI) households
- Affordable housing for special populations and accompanying amenities or services as needed
- High quality, sustainable housing development
- Development that includes services or amenities that support economic mobility of residents
Funding priorities include:
- Leverage of other funding sources to minimize the request for HOST gap funding
- Availability and allowable uses of HOST fund sources
Projects applying for city financing must also meet minimum readiness to proceed criteria, including:
- Site control
- Completed environmental assessment
- Correct zoning designation
- Conditional commitments from other financing sources
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HOST staff will work with your team through all City processes, beginning with negotiation, environmental review, when appropriate, and underwriting upon receipt of an application. It is important to note that while HOST staff can help identify appropriate funding levels based on policy and underwriting, and funding availability, all funding decisions are made by the Loan Review Committee (LRC) and no agreement is final until approved by Council and Mayor.
Once a conditional approval is issued HOST staff works with the City Attorney’s Office (CAO) to draft loan documents. After a Loan Agreement is executed by borrower, all loans over $500,000 must proceed through the legislative process to obtain a final Council decision. The process may be lengthy (3-6 months) depending on the transaction, and the number of agenda items before the Council for consideration. This timeline assumes no significant negotiation issues and minimal borrower comments to City template documents.
Loan modifications and Subordination requests may require a Loan Agreement amendment, and may also require a review process as referenced above.
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Each year on March 1, HOST will solicit Letters of Intent (LOI) from affordable housing developers, or their representative, who are seeking a PAB allocation from the next immediate year’s capacity. LOIs are due to the HOST no later than March 31. With prior approval from HOST, projects located within an expiring Qualified Census Tract (QCT) may apply for City PAB earlier than March 31st in order to preserve the QCT status. Projects that are awarded the full amount of their PAB request will be expected to apply for accelerated state credit for projects financed with tax-exempt Private Activity Bonds and federal 4 percent Housing Tax Credits, and, if applicable, TOCs no later than September 10th (non-competitive round).
At a minimum, LOIs, must include the following
- Cover letter for the request, summarizing the project
- Applicant name, address, telephone (if a subsidiary, provide information for subsidiary and parent company)
- Individual contact name, telephone, and email
- Project name and address
- Amount of PAB request
- Request date for PAB issuance
- Description of the project (including services and amenities)
- The unit mix for the project
- The scope of work for the project
- Sources and uses for project
- Finance plan for project
- Experience of applicant
- Renderings/drawings of the project
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HOST will convene an internal review committee to assess and prioritize the LOIs using the Prioritization Factors listed below and with the approval of the Executive Director of HOST, or their designee, invite selected developers to formally apply for PAB cap. The number of invitations to apply will depend on available capacity. Developers will be notified of their invitation to formally apply by early May, with formal applications being due June 1st. Final reservations of bond cap to be announced in July.
Prioritization Factors
Based on the applications received, the PAB Working Group will make a formal recommendation and DOF and HOST Executives will approve or deny the recommendation. Recommendation will be based on the following considerations:
- How the project fits into HOST priorities for City PAB use. Prioritization factors will be weighted at staff discretion and should include the following considerations:
- HOST (or other City) funding request per unit
- Expiring Qualified Census Tract
- Existing affordability restrictions expiring in next five years (preservation)
- Total development cost per unit
- Transit-oriented development (TOD) sites eligible for State Transit-Oriented Communities Credits (TOC)
- Total share of family units (three-bedroom or larger)
- Total share of units restricted at 30% or below area median income
- Sites subject to deadlines from a previous City agreement(s)
- Consideration of developer’s active pipeline
- Projects that serve homeless tenancy with qualified Supportive Housing services
- Any commitments the City has already made for the project (i.e. City loan, TIF, etc.).
- How the use for project will affect the PAB pipeline.
- Status of the project through any City approval process (Entitlements, TIF, HOST Financing etc.)
Application Requirements
Formal applications are to include:
- All of the information submitted in the Letter of Intent. Information should be current as of the time of application.
- Name and contact information for construction and permanent financing provider
- Information about construction and permanent financing (i.e. Term Sheet).
- Name and contact information for tax credit equity provider (if applicable)
- Name and contact information for other consultants or project partners (City retains the right to approve these participants
Application Fees
HOST requests PAB application fees based upon receiving a formal reservation of bond cap. Application fees are as follows:
- $1,000 for non-profit
- $2,500 for-profit
Any HOST Housing Development Officer may speak to the above process and confirm bond cap availability based on the ledger totals in the PAB folder “Main Tracker.” For more in-depth inquiries, please contact: John Torres, Housing Development Administrator, John.Torres2@denvergov.org.
The City and County of Denver’s Department of Housing Stability (HOST) is seeking non-profit, community-based housing development organizations to become certified as a Community Housing Development Organization. Organizations previously certified by the City will also need to be re-certified to continue this designation.
What is a CHDO?
A Community Housing Development Organization (CHDO) is a private nonprofit, community-based service organization with the capacity to develop affordable housing for the community it serves. The City and County of Denver must set aside a minimum of 15 percent of their annual HOME Investment Partnership (HOME) allocation from the U.S. Department of Housing and Urban Development (HUD) for housing development activities in which qualified CHDOs are the owners, developers and/or sponsors of the housing.
CHDO-eligible activities include: Acquisition and/or rehabilitation of rental housing, new construction of rental housing, Acquisition and/or rehabilitation of homebuyer properties, new construction of homebuyer properties, and Direct financial assistance to purchasers of HOME assisted housing sponsored or developed by a CHDO with HOME funds.
A CHDO must have received a tax-exempt ruling from the IRS under Section 501(c) of the Internal Revenue Code of 1986 in order to be designated by the City as a CHDO. A CHDO should have a clearly defined geographic service area and the provision of decent housing that is affordable to low- and moderate-income persons must be among the purposes of the organization. In addition, at least 1/3 of a CHDO’s board of directors must represent the low- to moderate-income community in which they serve.
How to qualify as a CHDO
To qualify for certification as a CHDO, the organization must demonstrate that they meet the definition of a CHDO from the HOME Final Rule at 24 CFR 92.2, which includes the following key requirements:
- Organized as a private nonprofit under State or local laws;
- Holds a 501(c)(3) or 501(c)(4) IRS tax exemption or be a subordinate of an eligible organization;
- Not controlled by, nor under the direction of, individuals or entities seeking to derive profit or gain from the organization.
- Not a governmental entity, and not controlled by a governmental entity;
- Has standards of financial accountability that conform to 2 CFR 200.302, ‘Financial Management’ and 2 CFR 200.303, ‘Internal Controls;’
- Has among its purposes the provision of decent housing that is affordable to low-income and moderate-income persons, as evidenced in its charter, articles of incorporation, resolutions or by-laws;
- Maintains accountability to low-income community residents;
- At least 1/3 of the board of board of directors must represent the low- to moderate-income community in which they serve.
- Demonstrates capacity for carrying out housing projects assisted with HOME funds
- Has a history of serving the community within which housing to be assisted with HOME funds is to be located.
Benefits to becoming a CHDO
- Eligible to receive HOME funds set-aside for CHDOs. 15% of the City’s annual allocation must be allocated to CHDOs.
- Equity for community-based organizations to undertake projects and build capacity.
- Special assistance may be available, up to $50,000/year in CHDO operating assistance.
How CHDOs can utilize funds
CHDOs may use set-aside funds for most eligible HOME activities. The CHDO must act as the owner, developer, or sponsor of a project that is an eligible set-aside activity. These eligible set-aside activities include:
- Acquisition and/or rehabilitation of rental housing
- New construction of rental housing
- Acquisition and/or rehabilitation of homebuyer properties
- New construction of homebuyer properties
- Direct financial assistance to purchasers of HOME-assisted housing that has been developed with HOME funds by the CHDO
If your organization meets the criteria outlined above, HOST encourages you to apply for CHDO certification using the application materials below. Applications and Board Certifications can be sent to housingdevelopment@denvergov.org.
CHDO Application(PDF, 186KB)
Board Certification(PDF, 218KB)