Getting your player ready...
COLORADO SPRINGS — A state-created agency that lends money to low- and moderate-income home buyers has restarted its lending programs, five months after suspending them.
Colorado Housing and Finance Authority has found a new way to finance its programs by forming a partnership with the Government National Mortgage Association, also known as Ginnie Mae, to bundle its loans and sell securities backed by mortgages.
The agency, which receives no tax money, also raises money by selling tax-exempt bonds to institutional and financial investors. Milroy Alexander, CHFA’s executive director and chief executive, told the Colorado Springs Gazette on Friday the deal gives the agency two funding sources.
