in 1973 to address the shortage of affordable housing in Colorado. CHFA is not a state agency and is fully self-funded. Today, CHFA’s work has expanded to meet its mission to strengthen Colorado by investing in affordable housing and community development. This includes home mortgages and down payment programs, investment to support the development and preservation of affordable multifamily rental housing, and increasing access to capital to support small and medium sized businesses. CHFA also proudly supports mission- aligned nonprofit organizations with donations, grants, and sponsorships. Reducing the Homeownership Gap When it comes to reducing the homeownership gap for Black and African American Coloradans, we understand that long-term dedication and work are needed, and we will not be successful without community partnership and involvement in the solutions. Our work on this initiative began with listening to community to gain an understanding of experiences, current and past challenges, and the perceived value of homeownership. First, we partnered with the African American Trade Association to develop a strategy and connect with community members. We conducted focus groups with homebuyers, renters, homeowners, and industry professionals, in addition to having one-on-one conversations with community leaders. The feedback was integral to informing next steps, including a marketing effort to increase awareness of CHFA products and services and a tailored homeownership webpage for Black and African American homebuyers. Next, we organized an in-community listening tour, allowing us to dig even deeper into the conversation with key partners and community leaders representing nonprofits, real estate industry professionals, and faith-based organizations, to name a few.
In these meetings, CHFA collaborated with attendees to identify initiatives best suited to address the homeownership gap, including developing resources and educational opportunities for prospective Black and African American homebuyers. Importantly, this work reiterated the need for building and establishing trust and collaborating with community members to have the highest impact.
CHFA team at the 2023 Black Arts Festival. (Photo: Colorado Housing and Finance Authority)
17 The Acumen
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