- June 9, 2026
chfa closes first loan under new affordable homeownership program
(DENVER) – Colorado Housing and Finance Authority (CHFA) announced today the closing of a $5.7 million construction loan to support Osina Development’s Wolff Street Flats, a new, affordable for-sale housing development in Denver’s West Colfax neighborhood. Upon completion, the development will offer 23 affordable condominium homes to qualified homebuyers.
The loan was made through the CHFA Drive It Home – Construction Loansm program, which provides below-market interest rates to home builders to support new construction of for-sale homes to be sold at affordable price points for Colorado buyers. The program is supported by a $50 million bond investment from the Colorado State Treasurer, authorized through Colorado Senate Bill 25-006. Wolff Street Flats is the first project to close under the program. In total, the program is estimated to support the construction of 182 affordable for-sale homes across the state.
“Wolff Street Flats marks an exciting milestone as the first development to close under the CHFA Drive It Homesm program,” said Thomas Bryan, executive director and CEO of CHFA. “As homeownership has become increasingly out of reach for many Coloradans, strategic investments that increase the number of affordable for-sale homes in the state are particularly impactful.”
SB25-006, bipartisan legislation sponsored by Senator Dylan Roberts, Representative Manny Rutinel, and Representative Mary Bradfield, was signed into law immediately following the 2025 Colorado state legislative session.
“Communities throughout the state need more homes that people can afford to buy,” said Senator Roberts. “I look forward to seeing additional developments like Wolff Street Flats take shape to help Coloradans achieve affordable homeownership.”
“Projects like Wolff Street Flats show how this policy translates into real homes in our communities,” said Representative Rutinel. “It’s a practical step toward making homeownership more accessible across Colorado.”
The bill authorized the State Treasurer to invest $50 million in CHFA bonds at below-market rates to support the financing of for-sale housing construction loans and mortgage loans for low- and moderate-income households. The below-market rates translate to savings for developers and, ultimately, for homebuyers.
Homes at Wolff Street Flats will be sold to households earning 80 percent of the Area Median Income (AMI) or less—approximately $89,000 annually for a two-person household. The estimated average sales price will be $285,000. In addition to CHFA financing, Wolf Street Flats received financing from the Colorado Department of Local Affairs (DOLA) and Denver’s Office of Hosting Stability (HOST). The homes are being developed through a partnership between Denver-based firms Osina Development and Modus Real Estate.
“This project serves a very underserved niche in the Denver housing market offering high quality, efficiently designed condominium units to the residents of the Villa Park/West Colfax neighborhoods”, said Scott Speil, principal of Osina Development. “We are excited to offer our quality of design in an affordable development, and look forward to the opportunity to work with CHFA, DOLA, and HOST on future projects”
“The CHFA Drive It Homesm program can make homeownership comparable to or even less expensive than renting,” added Garrett Beserra, realtor at Modus Real Estate. “More importantly, it gives renters a path to become homeowners and start building wealth through equity paydown and long-term appreciation.”
Speil and Beserra estimate that the project will break ground in June 2026, with construction complete around August of 2027. Homes will be listed for sale beginning July 2026, and prospective buyers may sign up for an interest list on the developer’s website.
Rendering of Wolff Street Flats courtesy of Osina Development.