Chaffee Housing Authority


2/25/25

“Financing affordable housing is a significant challenge for rural communities, often requiring multiple sources of funding. First Southwest Bank helped us with a low-interest loan through the State of Colorado’s Affordable Housing Investment Fund.” 

—Jen-Ai Stokesbary, Real Estate Projects Manager 

Salida, CO, is facing a severe shortage of affordable workforce housing, with rents rising 43% since 2016. The increasing cost of living is making it difficult for local workers to find stable housing, threatening the local economy and forcing many to leave the area. 

In December of 2024, Chaffee Housing Authority (CHA) assumed ownership of The 505 Apartments in Salida, its first project aimed at preserving existing affordable housing. The 505 is currently home to 32 Salidans who benefit from monthly rents that range from $1,100 to $1,350, which is more affordable to the local workforce than most market-based rents in the city. 

First Southwest Bank, which serves as a designated lender for the State of Colorado’s Affordable Housing Investment Fund, assisted CHA with a $1.468M low-interest loan. Additionally, the CHA was awarded $1.9M from the State of Colorado’s Division of Housing. 

The acquisition marks a major milestone for CHA, as the 505 Apartments are the first operational apartment complex they own. 

CHA continues to expand its impact, with upcoming projects like the construction of Jane’s Place, a 17-unit transitional housing project, and support of the 60-unit Midland Apartments. By securing funding from partners like First Southwest Bank, CHA is making significant strides in preserving and expanding affordable housing, ensuring that more of Chaffee County’s workforce can continue to live and thrive in their community.

Learn more about the Affordable Housing Investment Fund (AHIF) here.