Colorado Housing Finance Authority Middle-Income Access Program

Location: Denver, Colorado

Description: The Middle-Income Access Program (MIAP) was created to address middle income, or what is now known as the missing middle. This population surpasses the income threshold for Low-Income Housing Tax Credit but is overburdened by market rents. This program is available for projects in the acquisition, construction and rehabilitation stages targeting those between 80% and 120% AMI. Program benefits include construction gap financing up to 24 months, nonrecourse permanent debt for up to 15 years, and subordinate debt. The program partners with companies such as Wells Fargo, MGL partners, the City of Denver Department of Housing Stability, and Impact Development Fund.

What makes it different: One of the program’s newest additions, the Peña Station in Denver, provides affordable housing for area workers, including those working in the Denver International Airport. What makes it unique is that 25% of the units are reserved for tenants with incomes up to 80% AMI while the other units are at market rates. As the first urban-oriented MIAP community, Peña Station will provide for up to 216 middle-income households.

Resources: https://www.chfainfo.com/rental-housing/multifamily-lending/partnership-middle);
https://weavefinance.com/colorado-housing-and-finance-authority

Contact: Colorado Housing and Finance Authority, 800.877.2432