About AHIF
AHIF is a $5 million revolving loan from the State of Colorado to provide gap financing to non-profit developers, for-profit developers, and other organizations committed to providing quality affordable housing in our region.
PPREF is pleased to offer loans at below market rates to eligible affordable housing developers and providers for the acquisition, construction, or renovation of affordable housing projects in El Paso County and Teller County.
Eligible Applicants
- Non-profit or for-profit housing developers
- Municipal agencies
- Redevelopment agencies
- Joint ventures comprised of entities described above
Loan applicants must have a track record of developing affordable housing for low- to moderate-income households. PPREF may seek references from other lenders, partners, or public agencies with which the applicant has done business.
All applicant organizations (and their principals) must be in good standing with all relevant jurisdictions and must be current on all taxes.
All applicant organizations (and their principals) must be in good standing with all lenders, any applicable state and federal agencies, and any other current lenders/funders, including HUD/FHA when applicable to permanent financing.
All applicant organizations (and their principals) must have no material defaults on development financing, including federal and state debt, within the past 7 years.
Eligible Uses
- Infrastructure
- Pre-development
- Acquisition (land and/or structure)
- Fees and permits
- Preservation & rehabilitation for the following project types:
- Senior housing
- Purchase and remediation of low-quality or condemned properties
- Housing units, integrated into non-segregated housing developments, specifically designed for people living with disabilities
- Weatherization and energy improvements
- Acquisition of current housing stock (including units currently in use as short term rentals) to be converted into affordable housing
- Programs to ensure that existing housing remains affordable to the local workforce or community households
- Property conversion or adaptive reuse for affordable housing
- Permanent supportive housing
- New construction
- Energy improvements
- Home ownership (excluding down payment assistance)
Funding Priorities
Eligible projects must be in El Paso County or Teller County. Due to limited capacity to support multiple project types without prior substantial underwriting, PPREF will prioritize multifamily construction projects with documented approval from other subsidy programs such as, but not limited to:
- Federal and state low-income housing tax credits
- Private activity bonds
- HOME Investment Partnership funding via City of Colorado Springs or State of Colorado
- Housing Trust Fund
Application Process and Timeline
- Letter of intent (LOI)
- Eligibility review (1 week)
- Meet with PPREF staff
- Invitation to submit full loan application
- Threshold review (2 weeks, dependent on applicants’ timely submittal of any missing items)
- Underwriting (4 weeks)
- Loan committee review and approval process (3-4 weeks)
- Closing (Variable)
Next Steps: Letter of Intent Information
Step 1: Review the materials needed to complete your LOI. View the checklist here.
Step 2: Submit your LOI form here
Step 3: Send accompanying documentation to ahif@ppref.org through a secure file transfer service such as Dropbox.
Additional information AHIF underwriting guidelines and program information found here.