Colorado Housing and Finance Authority Multi … Housing and Finance Authority Multi-Family /...

Colorado Housing and Finance Authority Multi-Family / Project Bonds

Consolidated Cash Flows Cash Flow Basis as of December 31, 2015 Prepared for Standard and Poors

*Including Preliminary Cash flows for 2016 Series A*

September 16, 2016

Table of Contents Section 1: Overview

a. 2016 Series A Terms Sheet b. Consolidated Cashflow Memo c. Summary of Results and Asset Parity Ratios d. Disclosure Report as of January 1, 2016 e. Interest Rate Assumptions f. Balloon Prepayment Schedule g. Balance Sheet Reconciliation

Section 2: Cash Flow Scenarios

1. High Rates / No Prepayments 2. Low Rates / No Prepayments 3. High Rates / Balloon Prepayments 4. Low Rates / Balloon Prepayments 5. Consolidated Summary of Assumptions

Section 3: Series Assumptions

SECTION 1

Overview

Sep9,20162:52pmPreparedbyStifel,Nicolaus&Company

TABLEOFCONTENTS

ColoradoHousingandFinanceAuthorityMultiFamily/ProjectClassIBonds,2016SeriesA

20yearFinancing10YearCall

Report Page

SourcesandUsesofFunds ............................ 1

BondDebtServiceBreakdown ........................... 2

BondPricing .................................. 3

BondSummaryStatistics ............................. 4

GeneralInformationDisclosure .......................... 7

Sep9,20162:52pmPreparedbyStifel,Nicolaus&Company Page1

SOURCESANDUSESOFFUNDS



DatedDate 10/25/2016DeliveryDate 10/25/2016

Taxable TaxExemptMultiFamily/P MultiFamily/P

rojectClassI rojectClassIBonds,2016 Bonds,2016

Sources: SeriesB SeriesA Total

BondProceeds:ParAmount 3,045,000.00 10,240,000.00 13,285,000.00Premium 1,908,954.90 1,908,954.90

3,045,000.00 12,148,954.90 15,193,954.90

Taxable TaxExemptMultiFamily/P MultiFamily/P

rojectClassI rojectClassIBonds,2016 Bonds,2016

Uses: SeriesB SeriesA Total

ProjectFundDeposits:ProjectConstructionFund 3,000,000.00 12,000,000.00 15,000,000.00

DeliveryDateExpenses:CostofIssuance 22,920.59 77,079.41 100,000.00Underwriter'sDiscount 21,315.00 71,680.00 92,995.00

44,235.59 148,759.41 192,995.00

OtherUsesofFunds:AdditionalProceeds 764.41 195.49 959.90

3,045,000.00 12,148,954.90 15,193,954.90


BONDDEBTSERVICEBREAKDOWN



Taxable TaxExemptMultiFamily/Pro MultiFamily/P

jectClassI rojectClassIPeriod Bonds,2016 Bonds,2016Ending SeriesB SeriesA Total

10/01/2017 579,941.08 416,360 996,301.0810/01/2018 553,282.66 446,100 999,382.6610/01/2019 552,234.06 446,100 998,334.0610/01/2020 554,890.16 446,100 1,000,990.1610/01/2021 551,106.90 446,100 997,206.9010/01/2022 441,180.00 556,100 997,280.0010/01/2023 997,800 997,800.0010/01/2024 996,150 996,150.0010/01/2025 998,350 998,350.0010/01/2026 999,550 999,550.0010/01/2027 994,750 994,750.0010/01/2028 999,150 999,150.0010/01/2029 997,350 997,350.0010/01/2030 994,550 994,550.0010/01/2031 995,750 995,750.0010/01/2032 995,750 995,750.0010/01/2033 996,750 996,750.0010/01/2034 995,750 995,750.0010/01/2035 997,750 997,750.0010/01/2036 997,500 997,500.00

3,232,634.86 16,713,760 19,946,394.86


BONDPRICING



Maturity Yieldto Call Call CallDate CallPriceBondComponent Date Amount Rate Yield Price Maturity Date Price forArbYield forArbYield

TaxableMultiFamily/ProjectClassIBonds,2016S,TaxableSerialBonds:10/01/2017 535,000 0.910% 0.910% 100.000 10/01/2018 510,000 1.186% 1.186% 100.000 10/01/2019 515,000 1.426% 1.426% 100.000 10/01/2020 525,000 1.673% 1.673% 100.000 10/01/2021 530,000 1.873% 1.873% 100.000 10/01/2022 430,000 2.600% 2.600% 100.000

3,045,000

TaxExemptMultiFamily/ProjectClassIBonds,201,SerialBonds:10/01/2022 110,000 3.000% 1.390% 109.138 10/01/2023 555,000 3.000% 1.520% 109.703 10/01/2024 570,000 4.000% 1.660% 117.325 10/01/2025 595,000 4.000% 1.800% 118.078 10/01/2026 620,000 4.000% 1.940% 118.529 10/01/2027 640,000 4.000% 2.080% 117.149 C 2.224% 10/01/2026 100.000 10/01/2026 100.00010/01/2028 670,000 4.000% 2.210% 115.884 C 2.456% 10/01/2026 100.000 10/01/2026 100.00010/01/2029 695,000 4.000% 2.280% 115.210 C 2.607% 10/01/2026 100.000 10/01/2026 100.00010/01/2030 720,000 4.000% 2.310% 114.922 C 2.707% 10/01/2026 100.000 10/01/2026 100.00010/01/2031 750,000 4.000% 2.360% 114.445 C 2.809% 10/01/2026 100.000 10/01/2026 100.000

5,925,000

TaxExemptMultiFamily/ProjectClassIBonds,201,TermBondDue2036:10/01/2036 4,315,000 5.000% 2.400% 122.855 C 3.410% 10/01/2026 100.000 10/01/2026 100.000

13,285,000

DatedDate 10/25/2016DeliveryDate 10/25/2016FirstCoupon 04/01/2017

ParAmount 13,285,000.00Premium 1,908,954.90

Production 15,193,954.90 114.369250%Underwriter'sDiscount 92,995.00 0.700000%

PurchasePrice 15,100,959.90 113.669250%AccruedInterest

NetProceeds 15,100,959.90

Notes:ThefinancingwasevaluatedattaxexemptratespreadstothegenericAAAmunicipalyieldindex('MMD')of+22basispointsbeginningin2017andmovingtowards+40basispointsin2036andtaxableratespreadstoUStreasuryyieldsof+35beginningin2017andmovingto+60in2022.Theinterestratesassumedinthispresentationarebasedoncurrentmarketconditionsandsimilarcredits.Theactualresultsmaydiffer,andStifelmakesnocommitmenttounderwriteattheselevels.TheuseoftheAaaandAAAratingsisconsistentwiththeMoody'sandS&Pratingsoftheoutstandingbonds.


BONDSUMMARYSTATISTICS



DatedDate 10/25/2016DeliveryDate 10/25/2016LastMaturity 10/01/2036

ArbitrageYield 2.177797%TrueInterestCost(TIC) 2.838497%NetInterestCost(NIC) 3.151619%AllInTIC 2.910260%AverageCoupon 4.332774%

AverageLife(years) 11.573WeightedAverageMaturity(years) 11.965DurationofIssue(years) 9.403

ParAmount 13,285,000.00BondProceeds 15,193,954.90TotalInterest 6,661,394.86NetInterest 4,845,434.96TotalDebtService 19,946,394.86MaximumAnnualDebtService 1,000,990.16AverageAnnualDebtService 1,000,655.26

Underwriter'sFees(per$1000)AverageTakedown OtherFee 7.000000

TotalUnderwriter'sDiscount 7.000000

BidPrice 113.669250

Par Average Average PVof1bpBondComponent Value Price Coupon Life change

TaxableSerialBonds 3,045,000.00 100.000 1.835% 3.359 974.35SerialBonds 5,925,000.00 115.574 3.932% 11.090 5,401.55TermBondDue2036 4,315,000.00 122.855 5.000% 18.032 4,271.85

13,285,000.00 11.573 10,647.75

AllIn ArbitrageTIC TIC Yield

ParValue 13,285,000.00 13,285,000.00 13,285,000.00+AccruedInterest +Premium(Discount) 1,908,954.90 1,908,954.90 1,908,954.90Underwriter'sDiscount 92,995.00 92,995.00CostofIssuanceExpense 100,000.00OtherAmounts

TargetValue 15,100,959.90 15,000,959.90 15,193,954.90

TargetDate 10/25/2016 10/25/2016 10/25/2016Yield 2.838497% 2.910260% 2.177797%



ColoradoHousingandFinanceAuthorityTaxableMultiFamily/ProjectClassIBonds,2016SeriesB




ParAmount 3,045,000.00BondProceeds 3,045,000.00TotalInterest 187,634.86NetInterest 208,949.86TotalDebtService 3,232,634.86MaximumAnnualDebtService 579,941.08AverageAnnualDebtService 544,826.10



BidPrice 99.300000


TaxableSerialBonds 3,045,000.00 100.000 1.835% 3.359 974.35

3,045,000.00 3.359 974.35


ParValue 3,045,000.00 3,045,000.00 3,045,000.00+AccruedInterest +Premium(Discount) Underwriter'sDiscount 21,315.00 21,315.00CostofIssuanceExpense 22,920.59OtherAmounts

TargetValue 3,023,685.00 3,000,764.41 3,045,000.00




ColoradoHousingandFinanceAuthorityTaxExemptMultiFamily/ProjectClassIBonds,2016SeriesA




ParAmount 10,240,000.00BondProceeds 12,148,954.90TotalInterest 6,473,760.00NetInterest 4,636,485.10TotalDebtService 16,713,760.00MaximumAnnualDebtService 999,550.00AverageAnnualDebtService 838,482.94



BidPrice 117.942138


SerialBonds 5,925,000.00 115.574 3.932% 11.090 5,401.55TermBondDue2036 4,315,000.00 122.855 5.000% 18.032 4,271.85

10,240,000.00 14.015 9,673.40


ParValue 10,240,000.00 10,240,000.00 10,240,000.00+AccruedInterest +Premium(Discount) 1,908,954.90 1,908,954.90 1,908,954.90Underwriter'sDiscount 71,680.00 71,680.00CostofIssuanceExpense 77,079.41OtherAmounts

TargetValue 12,077,274.90 12,000,195.49 12,148,954.90



GENERALINFORMATIONDISCLOSURE



Stifel,Nicolaus&Company,Incorporated('Stifel')haspreparedtheattachedmaterials.Suchmaterialconsistsoffactualorgeneralinformation(asdefinedintheSEC'sMunicipalAdvisorRule).Stifelisnotherebyprovidingamunicipalentityorobligatedpersonwithanyadviceormakinganyrecommendationastoactionconcerningthestructure,timingortermsofanyissuanceofmunicipalsecuritiesormunicipalfinancialproducts.TotheextentthatStifelprovidesanyalternatives,options,calculationsorexamplesintheattachedinformation,suchinformationisnotintendedtoexpressanyviewthatthemunicipalentityorobligatedpersoncouldachieveparticularresultsinanymunicipalsecuritiestransaction,andthosealternatives,options,calculationsorexamplesdonotconstitutearecommendationthatanymunicipalissuerorobligatedpersonshouldeffectanymunicipalsecuritiestransaction.Stifelisactinginitsowninterests,isnotactingasyourmunicipaladvisoranddoesnotoweafiduciarydutypursuanttoSection15BoftheSecuritiesExchangeActof1934,asamended,tothemunicipalentityorobligatedpartywithrespecttotheinformationandmaterialscontainedinthiscommunication.

StifelisprovidinginformationandisdeclaringtotheproposedmunicipalissuerandanyobligatedpersonthatithasdonesowithintheregulatoryframeworkofMSRBRuleG23asanunderwriter(bydefinitionalsoincludingtheroleofplacementagent)andnotasafinancialadvisor,asdefinedtherein,withrespecttothereferencedproposedissuanceofmunicipalsecurities.TheprimaryroleofStifel,asanunderwriter,istopurchasesecuritiesforresaletoinvestorsinanarm'slengthcommercialtransaction.Servingintheroleofunderwriter,Stifelhasfinancialandotherintereststhatdifferfromthoseoftheissuer.Theissuershouldconsultwithitsownfinancialand/ormunicipal,legal,accounting,taxandotheradvisors,asapplicable,totheextentitdeemsappropriate.

ThesematerialshavebeenpreparedbyStifelfortheclientorpotentialclienttowhomsuchmaterialsaredirectlyaddressedanddeliveredfordiscussionpurposesonly.Alltermsandconditionsaresubjecttofurtherdiscussionandnegotiation.Stifeldoesnotexpressanyviewastowhetherfinancingoptionspresentedinthesematerialsareachievableorwillbeavailableatthetimeofanycontemplatedtransaction.ThesematerialsdonotconstituteanofferorsolicitationtosellorpurchaseanysecuritiesandarenotacommitmentbyStifeltoprovideorarrangeanyfinancingforanytransactionortopurchaseanysecurityinconnectiontherewithandmaynotrelieduponasanindicationthatsuchanofferwillbeprovidedinthefuture.Whereindicated,thispresentationmaycontaininformationderivedfromsourcesotherthanStifel.Whilewebelievesuchinformationtobeaccurateandcomplete,Stifeldoesnotguaranteetheaccuracyofthisinformation.ThismaterialisbasedoninformationcurrentlyavailabletoStifeloritssourcesandissubjecttochangewithoutnotice.Stifeldoesnotprovideaccounting,taxorlegaladvice;however,youshouldbeawarethatanyproposedindicativetransactioncouldhaveaccounting,tax,legalorotherimplicationsthatshouldbediscussedwithyouradvisorsand/orcounselasyoudeemappropriate.

1725 Windward Concourse, Suite 425 Alpharetta, Georgia 30005

CSG ADVISORS INCORPORATED Telephone: (678) 319-1900 Atlanta Los Angeles New Jersey New York San Francisco Facsimile: (678) 319-1901 [email protected]

MEMORANDUM

TO: Patricia Hippe, Colorado Housing and Finance Authority Margaret Danuser, Colorado Housing and Finance Authority Aulii Limtiaco, Standard and Poors (S&P) FROM: David Jones / Gene Slater SUBJECT: Consolidated Cash Flow Analyses DATE: March 22, 2016 REF: Colorado Housing and Finance Authority Multi Family Program Bonds 2000 Series A through 2013 Series A

- Including Preliminary 2016 Series A CSG Advisors Incorporated hereby submits the Consolidated Cash Flow Analyses (the Analyses) for the above-referenced bonds (the Bonds) on behalf of Colorado Housing and Finance Authority (the Authority). The Analyses are based on a consolidation of all assets and liabilities relating to all Series of parity Bonds issued and outstanding under the master trust indenture dated as of March 1, 2000 (the Master Indenture) pursuant to which the Bonds were issued.

The Analyses were prepared as of January 1, 2016, based on information provided by the applicable bond trustee for each Series of Bonds. Such information includes: Principal amount of Bonds Outstanding; Principal amount of Mortgage Loans purchased prior to January 1, 2016; and Dollar amount of non-mortgage investments credited to each Fund or Account under the

Master Indenture. The Table of Contents lists the individual cash flow reports relating to the consolidation of all Series, as well as the reports relating to each individual Series of Bonds.

Cash Flow Data The Authoritys Balance Sheet appears under Section 1 of the Analyses. This schedule summarizes the cash flow data by bond issue (including the adjustments reflected above.) The Disclosure Report contained within the Analyses indicates that, as of January 1, 2016, the Master Indenture had excess assets of $93,199,740, resulting in Class I parity of 182.3%, and Class II parity of 117.2%. The resulting asset parity ratios are included in the Analysis. Summary of Assumptions A Summary of Assumptions for the Analyses at a consolidated level and for each Series of Bond is included in Section 2 and 3, respectively. Mortgage Loans and Acquisition Fund The outstanding balance of mortgage loans financed by each Issue of Bonds is presented in the Summary of Cash Flow Data for the respective Series. All Mortgage Loans are subject to a 29-day payment lag for receipt in the Cash Flow Analyses. The assumptions for mortgage originations subsequent to January 1, 2016 are reflected in the loan origination reports. Mortgage Loan Recoveries The Cash Flow Analyses transfer mortgage loan repayments to the Redemption Account where they are applied to meet debt service requirements and redeem Bonds in accordance with the terms of each issue of bonds. When no bonds of an issue remain outstanding, the resulting loan receipts are transferred to a Master Indenture level Master Revenue Account as described below. Excess Revenues All excess revenues are applied as per the respective Series Resolutions. Excess revenues are applied to variable rate bonds to the extent they have a swap notional amount amortizing. Otherwise, excess revenues are available to call fixed rate bonds, as well as unhedged Class I variable rate bonds. In any case, redemptions are managed such that the Indenture Asset Parity Requirements are maintained for Class I and II Bonds at 130.0% and 106.0%, respectively. Interest Rate Assumptions Interest rate assumptions were based on S&Ps rating methodology and relationships between SIFMA and LIBOR under both the low rate and high rate scenarios. Basis risk for Taxable, AMT and Non-AMT bonds was assumed to equal 21, 14 and 13 bps, respectively.

Non-Mortgage Assets Where guaranteed investment contracts (GICs) exist, amounts on deposit in revenue funds, redemption funds, and special reserve accounts are assumed to be invested in the applicable GICs for each issue of bonds. Where no GIC exists, revenues are assumed to be invested at S&Ps minimum reinvestment rates. The Master Revenue Account reflecting revenue that is not associated with any particular issue of bonds is also assumed to be invested at this minimum reinvestment rate. Liquidity Facility Renewals The cost of liquidity facility renewals was assumed to equal 1.00% per annum. Cash Withdrawal The Analysis gives effect to a $5.0 million cash withdrawal occurring on February 15, 2016 (no cash withdrawal occurred in FYE 2015), and another $5.0 million cash withdrawal occurring on April 1, 2016. Subsequent Events The Analyses also give effect to certain assumptions, events or transactions occurring after January 1, 2016, including:

The issuance of 2016 Series A in the par amount of $13,285,000. Such issuance is reflected in the Analyses with the General Fund making payments over time to pay the debt service on the 2016 Series A Bonds.

The practice of recycling available funds into new mortgage loans at an assumed rate of 4.75%. The Analyses assumes $31,230,753 of funds to be recycled on December 31, 2017.

Colorado Housing and Finance AuthorityMulti Family Project BondsSummary of ResultsCashflow Runs

Regular RunsFuture Value Present Value* Future Value Present Value*

External Distribution 206,957,531 140,608,459 224,489,531 152,519,828 Less: Taps on General Fund - - - - Net Distribution to Issuer 206,957,531 140,608,459 224,489,531 152,519,828

Balloon Prepayment RunsFuture Value Present Value* Future Value Present Value*

External Distribution 146,413,234 99,474,221 156,770,966 106,511,340 Less: Taps on General Fund - - - - Net Distribution to Issuer 146,413,234 99,474,221 156,770,966 106,511,340

* Discounted at 1.00% as requested.- Includes an assumed $5,000,000 cash withdrawal on both February 15, 2016 and April 1, 2016.

High Rates Low Rates

High Rates Low Rates

Colorado Housing and Finance AuthorityMulti Family Program BondsAsset Parity RatiosHigh Rates

Parity Assets Class I Bonds Class I

Parity Ratio Class II Bonds Class II

Parity Ratio Total Bonds Asset Parity Total Parity

Ratio12/31/2015 634,084,740 347,735,000 182.35% 193,150,000 117.23% 540,885,000 93,199,740 117.23%

4/1/2016 567,630,084 298,625,000 190.08% 187,120,000 116.86% 485,745,000 81,885,084 116.86%10/1/2016 554,443,789 286,455,000 193.55% 185,185,000 117.56% 471,640,000 82,803,789 117.56%

4/1/2017 554,609,639 274,125,000 202.32% 183,525,000 121.19% 457,650,000 96,959,639 121.19%10/1/2017 534,398,446 255,345,000 209.28% 181,505,000 122.33% 436,850,000 97,548,446 122.33%

4/1/2018 503,652,979 225,035,000 223.81% 179,755,000 124.42% 404,790,000 98,862,979 124.42%10/1/2018 487,699,200 213,595,000 228.33% 174,055,000 125.81% 387,650,000 100,049,200 125.81%

4/1/2019 477,313,512 203,980,000 234.00% 172,340,000 126.84% 376,320,000 100,993,512 126.84%10/1/2019 466,026,145 194,335,000 239.81% 170,250,000 127.82% 364,585,000 101,441,145 127.82%

4/1/2020 455,497,186 184,935,000 246.30% 168,305,000 128.95% 353,240,000 102,257,186 128.95%10/1/2020 441,923,299 172,895,000 255.60% 166,345,000 130.27% 339,240,000 102,683,299 130.27%

4/1/2021 433,518,910 165,595,000 261.79% 164,325,000 131.40% 329,920,000 103,598,910 131.40%10/1/2021 423,078,917 156,635,000 270.10% 162,285,000 132.66% 318,920,000 104,158,917 132.66%

4/1/2022 413,657,628 147,750,000 279.97% 160,175,000 134.34% 307,925,000 105,732,628 134.34%10/1/2022 404,099,420 138,765,000 291.21% 158,020,000 136.16% 296,785,000 107,314,420 136.16%

4/1/2023 392,812,379 127,670,000 307.68% 155,800,000 138.57% 283,470,000 109,342,379 138.57%10/1/2023 385,500,445 120,980,000 318.65% 153,530,000 140.43% 274,510,000 110,990,445 140.43%

4/1/2024 378,759,877 114,445,000 330.95% 151,200,000 142.58% 265,645,000 113,114,877 142.58%10/1/2024 370,702,287 107,115,000 346.08% 148,810,000 144.85% 255,925,000 114,777,287 144.85%

4/1/2025 360,050,260 103,570,000 347.64% 140,030,000 147.80% 243,600,000 116,450,260 147.80%10/1/2025 354,912,817 99,935,000 355.14% 137,515,000 149.47% 237,450,000 117,462,817 149.47%

4/1/2026 348,071,579 94,195,000 369.52% 134,930,000 151.91% 229,125,000 118,946,579 151.91%10/1/2026 340,791,485 88,445,000 385.31% 132,360,000 154.34% 220,805,000 119,986,485 154.34%

4/1/2027 332,355,036 81,045,000 410.09% 129,725,000 157.69% 210,770,000 121,585,036 157.69%10/1/2027 324,470,117 74,665,000 434.57% 127,055,000 160.85% 201,720,000 122,750,117 160.85%

4/1/2028 313,374,836 64,630,000 484.88% 124,295,000 165.87% 188,925,000 124,449,836 165.87%10/1/2028 310,060,445 62,775,000 493.92% 121,630,000 168.14% 184,405,000 125,655,445 168.14%

4/1/2029 305,112,404 58,760,000 519.25% 118,880,000 171.76% 177,640,000 127,472,404 171.76%10/1/2029 302,106,493 56,735,000 532.49% 116,575,000 174.32% 173,310,000 128,796,493 174.32%

4/1/2030 297,458,636 52,465,000 566.97% 114,245,000 178.43% 166,710,000 130,748,636 178.43%10/1/2030 294,315,751 50,265,000 585.53% 111,870,000 181.53% 162,135,000 132,180,751 181.53%

4/1/2031 289,016,584 45,230,000 638.99% 109,420,000 186.88% 154,650,000 134,366,584 186.88%10/1/2031 285,826,218 42,940,000 665.64% 106,915,000 190.74% 149,855,000 135,971,218 190.74%

4/1/2032 283,274,380 40,665,000 696.60% 104,345,000 195.35% 145,010,000 138,264,380 195.35%10/1/2032 279,829,778 38,295,000 730.72% 101,700,000 199.89% 139,995,000 139,834,778 199.89%

4/1/2033 277,700,448 36,640,000 757.92% 98,980,000 204.76% 135,620,000 142,080,448 204.76%10/1/2033 274,598,493 34,850,000 787.94% 96,205,000 209.53% 131,055,000 143,543,493 209.53%

4/1/2034 272,216,754 33,135,000 821.54% 93,340,000 215.23% 126,475,000 145,741,754 215.23%10/1/2034 268,870,344 31,325,000 858.33% 90,415,000 220.86% 121,740,000 147,130,344 220.86%

4/1/2035 266,448,178 29,740,000 895.93% 87,400,000 227.46% 117,140,000 149,308,178 227.46%10/1/2035 262,946,445 28,010,000 938.76% 84,315,000 234.09% 112,325,000 150,621,445 234.09%

4/1/2036 260,274,064 26,360,000 987.38% 81,140,000 242.12% 107,500,000 152,774,064 242.12%10/1/2036 256,689,042 24,805,000 1034.83% 77,880,000 249.98% 102,685,000 154,004,042 249.98%

4/1/2037 254,152,628 23,515,000 1080.81% 74,535,000 259.21% 98,050,000 156,102,628 259.21%10/1/2037 251,662,704 22,285,000 1129.29% 71,110,000 269.46% 93,395,000 158,267,704 269.46%

4/1/2038 249,102,687 21,140,000 1178.35% 67,590,000 280.74% 88,730,000 160,372,687 280.74%10/1/2038 246,710,430 20,280,000 1216.52% 63,970,000 292.83% 84,250,000 162,460,430 292.83%

4/1/2039 244,358,779 19,715,000 1239.46% 60,360,000 305.16% 80,075,000 164,283,779 305.16%10/1/2039 241,942,063 19,135,000 1264.40% 56,660,000 319.21% 75,795,000 166,147,063 319.21%

4/1/2040 239,357,315 18,540,000 1291.03% 52,860,000 335.23% 71,400,000 167,957,315 335.23%10/1/2040 236,669,068 17,940,000 1319.23% 48,965,000 353.74% 66,905,000 169,764,068 353.74%

4/1/2041 233,805,443 17,325,000 1349.53% 44,960,000 375.38% 62,285,000 171,520,443 375.38%10/1/2041 227,375,165 13,215,000 1720.58% 40,865,000 420.44% 54,080,000 173,295,165 420.44%

4/1/2042 224,533,775 12,780,000 1756.92% 36,650,000 454.25% 49,430,000 175,103,775 454.25%10/1/2042 221,582,530 12,335,000 1796.37% 32,330,000 496.10% 44,665,000 176,917,530 496.10%

4/1/2043 216,984,122 11,880,000 1826.47% 26,420,000 566.54% 38,300,000 178,684,122 566.54%10/1/2043 213,767,047 11,415,000 1872.69% 21,970,000 640.31% 33,385,000 180,382,047 640.31%

4/1/2044 210,383,023 10,935,000 1923.94% 17,405,000 742.35% 28,340,000 182,043,023 742.35%10/1/2044 206,863,196 10,445,000 1980.50% 12,725,000 892.81% 23,170,000 183,693,196 892.81%

4/1/2045 206,921,116 9,950,000 2079.61% 11,640,000 958.41% 21,590,000 185,331,116 958.41%10/1/2045 206,933,717 9,445,000 2190.93% 10,525,000 1036.22% 19,970,000 186,963,717 1036.22%

4/1/2046 206,869,505 8,930,000 2316.57% 9,375,000 1130.13% 18,305,000 188,564,505 1130.13%10/1/2046 206,771,349 8,400,000 2461.56% 8,200,000 1245.61% 16,600,000 190,171,349 1245.61%

4/1/2047 199,668,084 7,860,000 2540.31% - 2540.31% 7,860,000 191,808,084 2540.31%10/1/2047 200,815,643 7,310,000 2747.14% - 2747.14% 7,310,000 193,505,643 2747.14%

4/1/2048 201,881,244 6,745,000 2993.05% - 2993.05% 6,745,000 195,136,244 2993.05%10/1/2048 202,913,021 6,170,000 3288.70% - 3288.70% 6,170,000 196,743,021 3288.70%

4/1/2049 203,887,304 5,585,000 3650.62% - 3650.62% 5,585,000 198,302,304 3650.62%10/1/2049 204,829,808 4,980,000 4113.05% - 4113.05% 4,980,000 199,849,808 4113.05%

4/1/2050 205,724,528 4,365,000 4713.05% - n/a 4,365,000 201,359,528 4713.05%10/1/2050 206,587,718 3,735,000 5531.13% - 3,735,000 202,852,718 5531.13%

4/1/2051 207,401,272 3,095,000 6701.17% - 3,095,000 204,306,272 6701.17%10/1/2051 208,183,819 2,440,000 8532.12% - 2,440,000 205,743,819 8532.12%

4/1/2052 209,205,497 2,055,000 10180.32% - 2,055,000 207,150,497 10180.32%10/1/2052 210,208,867 1,660,000 12663.18% - 1,660,000 208,548,867 12663.18%

4/1/2053 211,204,377 1,260,000 16762.25% - 1,260,000 209,944,377 16762.25%10/1/2053 212,211,601 850,000 24966.07% - 850,000 211,361,601 24966.07%

4/1/2054 213,205,198 430,000 49582.60% - 430,000 212,775,198 49582.60%10/1/2054 7,250,000 - n/a - - 7,250,000 n/a

4/1/2055 - - n/a - - - n/a10/1/2055 - - n/a - - - n/a

4/1/2056 - - n/a - - - n/a

- See "Balance Parity Report" for asset balance. See "Aggregate Debt Service Report" for various balances of bonds.

Class I Asset Parity Class II Asset Parity Total Asset Parity

Colorado Housing and Finance AuthorityMulti Family Program BondsAsset Parity RatiosLow Rates

Parity Assets Class I Bonds Class I Parity

Ratio Class II Bonds Class II


Ratio12/31/2015 634,084,740 347,735,000 182.35% 193,150,000 117.23% 540,885,000 93,199,740 117.23%

4/1/2016 569,393,104 298,625,000 190.67% 187,120,000 117.22% 485,745,000 83,648,104 117.22%10/1/2016 557,036,793 286,455,000 194.46% 185,185,000 118.11% 471,640,000 85,396,793 118.11%

4/1/2017 557,960,437 274,125,000 203.54% 183,525,000 121.92% 457,650,000 100,310,437 121.92%10/1/2017 538,390,920 255,345,000 210.85% 181,505,000 123.24% 436,850,000 101,540,920 123.24%

4/1/2018 507,195,645 223,970,000 226.46% 179,755,000 125.63% 403,725,000 103,470,645 125.63%10/1/2018 493,052,703 212,555,000 231.96% 174,055,000 127.53% 386,610,000 106,442,703 127.53%

4/1/2019 484,003,000 202,970,000 238.46% 172,340,000 128.96% 375,310,000 108,693,000 128.96%10/1/2019 473,687,488 193,345,000 245.00% 170,250,000 130.28% 363,595,000 110,092,488 130.28%

4/1/2020 464,125,820 183,975,000 252.28% 168,305,000 131.75% 352,280,000 111,845,820 131.75%10/1/2020 451,470,815 171,965,000 262.54% 166,345,000 133.45% 338,310,000 113,160,815 133.45%

4/1/2021 443,950,867 164,690,000 269.57% 164,325,000 134.93% 329,015,000 114,935,867 134.93%10/1/2021 434,369,198 155,765,000 278.86% 162,285,000 136.57% 318,050,000 116,319,198 136.57%

4/1/2022 424,612,141 146,910,000 289.03% 160,175,000 138.27% 307,085,000 117,527,141 138.27%10/1/2022 413,902,671 137,955,000 300.03% 158,020,000 139.84% 295,975,000 117,927,671 139.84%

4/1/2023 401,581,927 126,890,000 316.48% 155,800,000 142.06% 282,690,000 118,891,927 142.06%10/1/2023 393,413,167 120,235,000 327.20% 153,530,000 143.70% 273,765,000 119,648,167 143.70%

4/1/2024 385,883,052 113,735,000 339.28% 151,200,000 145.65% 264,935,000 120,948,052 145.65%10/1/2024 377,073,773 106,440,000 354.26% 148,810,000 147.73% 255,250,000 121,823,773 147.73%

4/1/2025 366,580,107 102,925,000 356.16% 140,030,000 150.88% 242,955,000 123,625,107 150.88%10/1/2025 362,099,680 99,330,000 364.54% 137,515,000 152.88% 236,845,000 125,254,680 152.88%

4/1/2026 355,939,490 93,625,000 380.18% 134,930,000 155.73% 228,555,000 127,384,490 155.73%10/1/2026 349,246,795 87,915,000 397.26% 132,360,000 158.55% 220,275,000 128,971,795 158.55%

4/1/2027 341,406,205 80,550,000 423.84% 129,725,000 162.36% 210,275,000 131,131,205 162.36%10/1/2027 334,061,715 74,215,000 450.13% 127,055,000 165.98% 201,270,000 132,791,715 165.98%

4/1/2028 323,604,695 64,215,000 503.94% 124,295,000 171.66% 188,510,000 135,094,695 171.66%10/1/2028 320,991,596 62,405,000 514.37% 121,630,000 174.42% 184,035,000 136,956,596 174.42%

4/1/2029 316,721,980 58,430,000 542.05% 118,880,000 178.63% 177,310,000 139,411,980 178.63%10/1/2029 314,284,732 56,450,000 556.75% 116,575,000 181.64% 173,025,000 141,259,732 181.64%

4/1/2030 310,195,255 52,225,000 593.96% 114,245,000 186.34% 166,470,000 143,725,255 186.34%10/1/2030 307,496,720 50,070,000 614.13% 111,870,000 189.88% 161,940,000 145,556,720 189.88%

4/1/2031 302,315,853 45,085,000 670.55% 109,420,000 195.67% 154,505,000 147,810,853 195.67%10/1/2031 299,230,774 42,840,000 698.48% 106,915,000 199.81% 149,755,000 149,475,774 199.81%

4/1/2032 296,812,028 40,615,000 730.79% 104,345,000 204.75% 144,960,000 151,852,028 204.75%10/1/2032 293,511,419 38,295,000 766.45% 101,700,000 209.66% 139,995,000 153,516,419 209.66%

4/1/2033 291,423,670 36,640,000 795.37% 98,980,000 214.88% 135,620,000 155,803,670 214.88%10/1/2033 288,391,900 34,850,000 827.52% 96,205,000 220.05% 131,055,000 157,336,900 220.05%

4/1/2034 286,088,941 33,135,000 863.40% 93,340,000 226.20% 126,475,000 159,613,941 226.20%10/1/2034 282,826,837 31,325,000 902.88% 90,415,000 232.32% 121,740,000 161,086,837 232.32%

4/1/2035 280,483,999 29,740,000 943.12% 87,400,000 239.44% 117,140,000 163,343,999 239.44%10/1/2035 277,070,143 28,010,000 989.18% 84,315,000 246.67% 112,325,000 164,745,143 246.67%

4/1/2036 274,484,418 26,360,000 1041.29% 81,140,000 255.33% 107,500,000 166,984,418 255.33%10/1/2036 270,987,905 24,805,000 1092.47% 77,880,000 263.90% 102,685,000 168,302,905 263.90%

4/1/2037 268,587,163 23,515,000 1142.20% 74,535,000 273.93% 98,050,000 170,537,163 273.93%10/1/2037 266,184,694 22,285,000 1194.46% 71,110,000 285.01% 93,395,000 172,789,694 285.01%

4/1/2038 263,714,896 21,140,000 1247.47% 67,590,000 297.21% 88,730,000 174,984,896 297.21%10/1/2038 261,394,079 20,280,000 1288.93% 63,970,000 310.26% 84,250,000 177,144,079 310.26%

4/1/2039 259,129,437 19,715,000 1314.38% 60,360,000 323.61% 80,075,000 179,054,437 323.61%10/1/2039 256,781,181 19,135,000 1341.95% 56,660,000 338.78% 75,795,000 180,986,181 338.78%

4/1/2040 254,264,482 18,540,000 1371.44% 52,860,000 356.11% 71,400,000 182,864,482 356.11%10/1/2040 251,653,978 17,940,000 1402.75% 48,965,000 376.14% 66,905,000 184,748,978 376.14%

4/1/2041 248,867,123 17,325,000 1436.46% 44,960,000 399.56% 62,285,000 186,582,123 399.56%10/1/2041 242,515,935 13,215,000 1835.16% 40,865,000 448.44% 54,080,000 188,435,935 448.44%

4/1/2042 239,752,020 12,780,000 1875.99% 36,650,000 485.03% 49,430,000 190,322,020 485.03%10/1/2042 236,880,093 12,335,000 1920.39% 32,330,000 530.35% 44,665,000 192,215,093 530.35%

4/1/2043 232,354,595 11,880,000 1955.85% 26,420,000 606.67% 38,300,000 194,054,595 606.67%10/1/2043 229,221,264 11,415,000 2008.07% 21,970,000 686.60% 33,385,000 195,836,264 686.60%

4/1/2044 225,919,079 10,935,000 2066.02% 17,405,000 797.17% 28,340,000 197,579,079 797.17%10/1/2044 222,481,206 10,445,000 2130.03% 12,725,000 960.21% 23,170,000 199,311,206 960.21%

4/1/2045 222,619,982 9,950,000 2237.39% 11,640,000 1031.13% 21,590,000 201,029,982 1031.13%10/1/2045 222,716,083 9,445,000 2358.03% 10,525,000 1115.25% 19,970,000 202,746,083 1115.25%

4/1/2046 222,739,148 8,930,000 2494.28% 9,375,000 1216.82% 18,305,000 204,434,148 1216.82%10/1/2046 222,722,795 8,400,000 2651.46% 8,200,000 1341.70% 16,600,000 206,122,795 1341.70%

4/1/2047 215,635,618 7,860,000 2743.46% - 2743.46% 7,860,000 207,775,618 2743.46%10/1/2047 216,883,247 7,310,000 2966.94% - 2966.94% 7,310,000 209,573,247 2966.94%

4/1/2048 218,049,455 6,745,000 3232.76% - 3232.76% 6,745,000 211,304,455 3232.76%10/1/2048 219,182,284 6,170,000 3552.39% - 3552.39% 6,170,000 213,012,284 3552.39%

4/1/2049 220,257,743 5,585,000 3943.74% - 3943.74% 5,585,000 214,672,743 3943.74%10/1/2049 221,302,842 4,980,000 4443.83% - 4443.83% 4,980,000 216,322,842 4443.83%

4/1/2050 222,300,237 4,365,000 5092.79% - 5092.79% 4,365,000 217,935,237 5092.79%10/1/2050 223,267,309 3,735,000 5977.71% - 5977.71% 3,735,000 219,532,309 5977.71%

4/1/2051 224,184,824 3,095,000 7243.45% - 7243.45% 3,095,000 221,089,824 7243.45%10/1/2051 225,072,557 2,440,000 9224.29% - 9224.29% 2,440,000 222,632,557 9224.29%

4/1/2052 226,199,984 2,055,000 11007.30% - 11007.30% 2,055,000 224,144,984 11007.30%10/1/2052 227,309,569 1,660,000 13693.35% - 13693.35% 1,660,000 225,649,569 13693.35%

4/1/2053 228,411,425 1,260,000 18127.89% - 18127.89% 1,260,000 227,151,425 18127.89%10/1/2053 229,526,488 850,000 27003.12% - 27003.12% 850,000 228,676,488 27003.12%

4/1/2054 230,628,007 430,000 53634.42% - 53634.42% 430,000 230,198,007 53634.42%10/1/2054 7,250,000 - n/a - n/a - 7,250,000 n/a

4/1/2055 - - n/a - n/a - - n/a10/1/2055 - - n/a - n/a - - n/a

4/1/2056 - - n/a - n/a - - n/a



Colorado Housing and Finance AuthorityMulti Family Program BondsAsset Parity RatiosHigh Rates / Balloon Ppmts




Ratio12/31/2015 634,084,740 347,735,000 182.35% 193,150,000 117.23% 540,885,000 93,199,740 117.23%

4/1/2016 484,403,110 221,670,000 218.52% 181,340,000 120.20% 403,010,000 81,393,110 120.20%10/1/2016 476,165,824 215,385,000 221.08% 179,405,000 120.61% 394,790,000 81,375,824 120.61%

4/1/2017 468,927,281 197,090,000 237.93% 177,745,000 125.10% 374,835,000 94,092,281 125.10%10/1/2017 457,124,149 188,025,000 243.12% 175,725,000 125.67% 363,750,000 93,374,149 125.67%

4/1/2018 400,060,594 132,960,000 300.89% 173,975,000 130.34% 306,935,000 93,125,594 130.34%10/1/2018 385,936,234 127,965,000 301.60% 165,315,000 131.59% 293,280,000 92,656,234 131.59%

4/1/2019 357,076,300 111,855,000 319.23% 152,985,000 134.83% 264,840,000 92,236,300 134.83%10/1/2019 337,632,292 96,605,000 349.50% 149,440,000 137.22% 246,045,000 91,587,292 137.22%

4/1/2020 331,881,644 92,395,000 359.20% 148,090,000 138.01% 240,485,000 91,396,644 138.01%10/1/2020 325,818,532 88,335,000 368.84% 146,710,000 138.62% 235,045,000 90,773,532 138.62%

4/1/2021 319,817,905 83,810,000 381.60% 145,280,000 139.60% 229,090,000 90,727,905 139.60%10/1/2021 313,349,827 79,110,000 396.09% 143,830,000 140.55% 222,940,000 90,409,827 140.55%

4/1/2022 308,030,953 74,930,000 411.09% 142,325,000 141.78% 217,255,000 90,775,953 141.78%10/1/2022 302,322,916 70,680,000 427.73% 140,800,000 142.96% 211,480,000 90,842,916 142.96%

4/1/2023 295,943,565 65,330,000 453.00% 139,215,000 144.68% 204,545,000 91,398,565 144.68%10/1/2023 290,210,047 61,125,000 474.78% 137,605,000 146.03% 198,730,000 91,480,047 146.03%

4/1/2024 279,620,391 51,675,000 541.11% 135,945,000 149.04% 187,620,000 92,000,391 149.04%10/1/2024 275,265,465 48,840,000 563.61% 134,245,000 150.35% 183,085,000 92,180,465 150.35%

4/1/2025 272,030,105 47,275,000 575.42% 131,945,000 151.79% 179,220,000 92,810,105 151.79%10/1/2025 268,882,424 45,670,000 588.75% 130,160,000 152.92% 175,830,000 93,052,424 152.92%

4/1/2026 266,196,808 44,020,000 604.72% 128,315,000 154.46% 172,335,000 93,861,808 154.46%10/1/2026 261,421,825 40,805,000 640.66% 126,435,000 156.32% 167,240,000 94,181,825 156.32%

4/1/2027 258,652,926 39,080,000 661.85% 124,490,000 158.13% 163,570,000 95,082,926 158.13%10/1/2027 254,307,663 36,325,000 700.09% 122,510,000 160.11% 158,835,000 95,472,663 160.11%

4/1/2028 247,323,521 30,385,000 813.97% 120,470,000 163.95% 150,855,000 96,468,521 163.95%10/1/2028 245,132,917 29,775,000 823.28% 118,375,000 165.46% 148,150,000 96,982,917 165.46%

4/1/2029 243,478,113 29,145,000 835.40% 116,215,000 167.50% 145,360,000 98,118,113 167.50%10/1/2029 241,198,262 28,510,000 846.01% 114,020,000 169.23% 142,530,000 98,668,262 169.23%

4/1/2030 239,421,859 27,830,000 860.30% 111,745,000 171.54% 139,575,000 99,846,859 171.54%10/1/2030 236,994,729 27,150,000 872.91% 109,430,000 173.52% 136,580,000 100,414,729 173.52%

4/1/2031 235,048,639 26,445,000 888.82% 107,035,000 176.09% 133,480,000 101,568,639 176.09%10/1/2031 232,340,547 25,745,000 902.47% 104,595,000 178.26% 130,340,000 102,000,547 178.26%

4/1/2032 230,295,339 25,065,000 918.79% 102,085,000 181.12% 127,150,000 103,145,339 181.12%10/1/2032 227,442,621 24,350,000 934.06% 99,510,000 183.63% 123,860,000 103,582,621 183.63%

4/1/2033 225,276,680 23,655,000 952.34% 96,855,000 186.94% 120,510,000 104,766,680 186.94%10/1/2033 222,259,223 22,900,000 970.56% 94,150,000 189.88% 117,050,000 105,209,223 189.88%

4/1/2034 219,970,358 22,185,000 991.53% 91,355,000 193.74% 113,540,000 106,430,358 193.74%10/1/2034 216,797,663 21,410,000 1012.60% 88,505,000 197.24% 109,915,000 106,882,663 197.24%

4/1/2035 214,441,897 20,715,000 1035.20% 85,565,000 201.77% 106,280,000 108,161,897 201.77%10/1/2035 211,141,956 19,965,000 1057.56% 82,560,000 205.94% 102,525,000 108,616,956 205.94%

4/1/2036 208,663,439 19,245,000 1084.25% 79,465,000 211.39% 98,710,000 109,953,439 211.39%10/1/2036 205,257,504 18,560,000 1105.91% 76,290,000 216.40% 94,850,000 110,407,503 216.40%

4/1/2037 202,846,594 18,040,000 1124.43% 73,030,000 222.74% 91,070,000 111,776,594 222.74%10/1/2037 200,498,022 17,550,000 1142.44% 69,695,000 229.81% 87,245,000 113,253,022 229.81%

4/1/2038 197,970,224 16,995,000 1164.87% 66,265,000 237.77% 83,260,000 114,710,224 237.77%10/1/2038 195,294,041 16,550,000 1180.02% 62,745,000 246.29% 79,295,000 115,999,041 246.29%

4/1/2039 192,413,244 16,125,000 1193.26% 59,180,000 255.51% 75,305,000 117,108,244 255.51%10/1/2039 189,490,565 15,695,000 1207.33% 55,520,000 266.08% 71,215,000 118,275,565 266.08%

4/1/2040 186,436,406 15,250,000 1222.53% 51,765,000 278.20% 67,015,000 119,421,406 278.20%10/1/2040 183,321,782 14,805,000 1238.24% 47,920,000 292.26% 62,725,000 120,596,782 292.26%

4/1/2041 180,062,807 14,350,000 1254.79% 43,960,000 308.80% 58,310,000 121,752,807 308.80%10/1/2041 176,082,032 13,215,000 1332.44% 39,915,000 331.42% 53,130,000 122,952,032 331.42%

4/1/2042 172,679,089 12,780,000 1351.17% 35,750,000 355.82% 48,530,000 124,149,089 355.82%10/1/2042 169,202,650 12,335,000 1371.73% 31,485,000 386.13% 43,820,000 125,382,650 386.13%

4/1/2043 164,811,666 11,880,000 1387.30% 26,420,000 430.32% 38,300,000 126,511,666 430.32%10/1/2043 161,002,962 11,415,000 1410.45% 21,970,000 482.26% 33,385,000 127,617,962 482.26%

4/1/2044 157,059,623 10,935,000 1436.30% 17,405,000 554.20% 28,340,000 128,719,623 554.20%10/1/2044 153,008,033 10,445,000 1464.89% 12,725,000 660.37% 23,170,000 129,838,033 660.37%

4/1/2045 152,559,038 9,950,000 1533.26% 11,640,000 706.62% 21,590,000 130,969,038 706.62%10/1/2045 152,079,640 9,445,000 1610.16% 10,525,000 761.54% 19,970,000 132,109,640 761.54%

4/1/2046 151,535,111 8,930,000 1696.92% 9,375,000 827.83% 18,305,000 133,230,111 827.83%10/1/2046 150,962,752 8,400,000 1797.18% 8,200,000 909.41% 16,600,000 134,362,752 909.41%

4/1/2047 143,396,087 7,860,000 1824.38% - 1824.38% 7,860,000 135,536,087 1824.38%10/1/2047 144,087,127 7,310,000 1971.10% - 1971.10% 7,310,000 136,777,127 1971.10%

4/1/2048 144,700,044 6,745,000 2145.29% - 2145.29% 6,745,000 137,955,044 2145.29%10/1/2048 145,295,869 6,170,000 2354.88% - 2354.88% 6,170,000 139,125,869 2354.88%

4/1/2049 145,848,137 5,585,000 2611.43% - 2611.43% 5,585,000 140,263,137 2611.43%10/1/2049 146,364,473 4,980,000 2939.05% - 2939.05% 4,980,000 141,384,473 2939.05%

4/1/2050 146,834,789 4,365,000 3363.91% - n/a 4,365,000 142,469,789 3363.91%10/1/2050 147,270,662 3,735,000 3942.99% - 3,735,000 143,535,662 3942.99%

4/1/2051 147,658,698 3,095,000 4770.88% - 3,095,000 144,563,698 4770.88%10/1/2051 148,012,222 2,440,000 6066.07% - 2,440,000 145,572,222 6066.07%

4/1/2052 148,602,736 2,055,000 7231.28% - 2,055,000 146,547,736 7231.28%10/1/2052 149,173,045 1,660,000 8986.33% - 1,660,000 147,513,045 8986.33%

4/1/2053 149,734,973 1,260,000 11883.73% - 1,260,000 148,474,973 11883.73%10/1/2053 150,302,512 850,000 17682.65% - 850,000 149,452,512 17682.65%

4/1/2054 150,856,099 430,000 35082.81% - 430,000 150,426,099 35082.81%10/1/2054 5,000,000 0 n/a - 0 5,000,000 n/a

4/1/2055 - - n/a - - - n/a10/1/2055 - - n/a - - - n/a

4/1/2056 - - n/a - - - n/a



Colorado Housing and Finance AuthorityMulti Family Program BondsAsset Parity RatiosLow Rates / Balloon Ppmts




Ratio12/31/2015 634,084,740 347,735,000 182.35% 193,150,000 117.23% 540,885,000 93,199,740 117.23%

4/1/2016 485,016,426 221,060,000 219.40% 180,800,000 120.69% 401,860,000 83,156,426 120.69%10/1/2016 477,544,388 214,805,000 222.32% 178,865,000 121.31% 393,670,000 83,874,388 121.31%

4/1/2017 471,068,713 196,545,000 239.67% 177,205,000 126.04% 373,750,000 97,318,713 126.04%10/1/2017 459,963,810 187,510,000 245.30% 175,185,000 126.82% 362,695,000 97,268,810 126.82%

4/1/2018 403,666,974 132,480,000 304.70% 173,435,000 131.95% 305,915,000 97,751,974 131.95%10/1/2018 390,166,000 127,510,000 305.99% 164,775,000 133.49% 292,285,000 97,881,000 133.49%

4/1/2019 361,896,814 111,435,000 324.76% 152,570,000 137.08% 264,005,000 97,891,814 137.08%10/1/2019 342,744,084 96,210,000 356.25% 149,025,000 139.76% 245,235,000 97,509,084 139.76%

4/1/2020 337,299,603 92,035,000 366.49% 147,675,000 140.71% 239,710,000 97,589,603 140.71%10/1/2020 331,531,925 88,005,000 376.72% 146,295,000 141.50% 234,300,000 97,231,925 141.50%

4/1/2021 326,228,427 83,940,000 388.64% 144,860,000 142.58% 228,800,000 97,428,427 142.58%10/1/2021 319,667,521 78,930,000 405.00% 143,410,000 143.77% 222,340,000 97,327,520 143.77%

4/1/2022 314,221,326 74,765,000 420.28% 141,905,000 145.02% 216,670,000 97,551,326 145.02%10/1/2022 308,282,803 70,545,000 437.00% 140,375,000 146.16% 210,920,000 97,362,803 146.16%

4/1/2023 301,713,540 65,215,000 462.64% 138,790,000 147.90% 204,005,000 97,708,540 147.90%10/1/2023 295,901,417 61,010,000 485.00% 137,180,000 149.30% 198,190,000 97,711,417 149.30%

4/1/2024 285,551,521 51,820,000 551.05% 135,515,000 152.43% 187,335,000 98,216,521 152.43%10/1/2024 281,434,898 49,145,000 572.66% 133,815,000 153.82% 182,960,000 98,474,898 153.82%

4/1/2025 278,873,489 47,565,000 586.30% 132,055,000 155.26% 179,620,000 99,253,489 155.26%10/1/2025 275,760,806 45,950,000 600.13% 130,270,000 156.49% 176,220,000 99,540,806 156.49%

4/1/2026 273,084,747 44,285,000 616.65% 128,420,000 158.12% 172,705,000 100,379,747 158.12%10/1/2026 268,196,232 40,950,000 654.94% 126,540,000 160.13% 167,490,000 100,706,232 160.13%

4/1/2027 265,435,304 39,185,000 677.39% 124,590,000 162.07% 163,775,000 101,660,304 162.07%10/1/2027 261,121,094 36,430,000 716.77% 122,610,000 164.19% 159,040,000 102,081,094 164.19%

4/1/2028 254,198,978 30,485,000 833.85% 120,570,000 168.28% 151,055,000 103,143,978 168.28%10/1/2028 252,091,331 29,875,000 843.82% 118,475,000 169.93% 148,350,000 103,741,331 169.93%

4/1/2029 250,516,832 29,245,000 856.61% 116,310,000 172.11% 145,555,000 104,961,832 172.11%10/1/2029 248,286,142 28,605,000 867.98% 114,115,000 173.97% 142,720,000 105,566,142 173.97%

4/1/2030 246,573,619 27,915,000 883.30% 111,840,000 176.43% 139,755,000 106,818,619 176.43%10/1/2030 244,184,524 27,235,000 896.58% 109,515,000 178.56% 136,750,000 107,434,524 178.56%

4/1/2031 242,257,115 26,530,000 913.14% 107,125,000 181.26% 133,655,000 108,602,115 181.26%10/1/2031 239,635,899 25,820,000 928.10% 104,680,000 183.63% 130,500,000 109,135,899 183.63%

4/1/2032 237,709,628 25,140,000 945.54% 102,170,000 186.72% 127,310,000 110,399,628 186.72%10/1/2032 234,969,186 24,420,000 962.20% 99,590,000 189.48% 124,010,000 110,959,186 189.48%

4/1/2033 232,917,000 23,725,000 981.74% 96,935,000 193.04% 120,660,000 112,257,000 193.04%10/1/2033 230,033,943 22,970,000 1001.45% 94,225,000 196.28% 117,195,000 112,838,943 196.28%

4/1/2034 227,873,441 22,245,000 1024.38% 91,430,000 200.46% 113,675,000 114,198,441 200.46%10/1/2034 224,826,881 21,465,000 1047.41% 88,575,000 204.31% 110,040,000 114,786,881 204.31%

4/1/2035 222,597,184 20,770,000 1071.72% 85,630,000 209.21% 106,400,000 116,197,184 209.21%10/1/2035 219,421,372 20,010,000 1096.56% 82,620,000 213.80% 102,630,000 116,791,372 213.80%

4/1/2036 217,075,814 19,285,000 1125.62% 79,525,000 219.69% 98,810,000 118,265,814 219.69%10/1/2036 213,819,339 18,610,000 1148.95% 76,350,000 225.17% 94,960,000 118,859,339 225.17%

4/1/2037 211,585,795 18,100,000 1168.98% 73,085,000 232.04% 91,185,000 120,400,795 232.04%10/1/2037 209,349,692 17,605,000 1189.15% 69,745,000 239.67% 87,350,000 121,999,692 239.67%

4/1/2038 206,956,773 17,055,000 1213.47% 66,315,000 248.24% 83,370,000 123,586,773 248.24%10/1/2038 204,377,051 16,615,000 1230.08% 62,790,000 257.39% 79,405,000 124,972,051 257.39%

4/1/2039 201,606,822 16,190,000 1245.26% 59,220,000 267.35% 75,410,000 126,196,822 267.35%10/1/2039 198,777,888 15,750,000 1262.08% 55,565,000 278.73% 71,315,000 127,462,888 278.73%

4/1/2040 195,822,557 15,310,000 1279.05% 51,805,000 291.77% 67,115,000 128,707,557 291.77%10/1/2040 192,806,305 14,860,000 1297.49% 47,955,000 306.94% 62,815,000 129,991,305 306.94%

4/1/2041 189,649,867 14,400,000 1317.01% 43,995,000 324.77% 58,395,000 131,254,867 324.77%10/1/2041 185,730,149 13,215,000 1405.45% 39,950,000 349.35% 53,165,000 132,565,149 349.35%

4/1/2042 182,437,902 12,780,000 1427.53% 35,785,000 375.66% 48,565,000 133,872,902 375.66%10/1/2042 179,069,859 12,335,000 1451.72% 31,515,000 408.37% 43,850,000 135,219,859 408.37%

4/1/2043 174,756,104 11,880,000 1471.01% 26,420,000 456.28% 38,300,000 136,456,104 456.28%10/1/2043 171,051,585 11,415,000 1498.48% 21,970,000 512.36% 33,385,000 137,666,585 512.36%

4/1/2044 167,210,604 10,935,000 1529.13% 17,405,000 590.02% 28,340,000 138,870,604 590.02%10/1/2044 163,261,511 10,445,000 1563.06% 12,725,000 704.62% 23,170,000 140,091,511 704.62%

4/1/2045 162,913,522 9,950,000 1637.32% 11,640,000 754.58% 21,590,000 141,323,522 754.58%10/1/2045 162,538,573 9,445,000 1720.90% 10,525,000 813.91% 19,970,000 142,568,573 813.91%

4/1/2046 162,102,285 8,930,000 1815.26% 9,375,000 885.56% 18,305,000 143,797,285 885.56%10/1/2046 161,632,940 8,400,000 1924.20% 8,200,000 973.69% 16,600,000 145,032,940 973.69%

4/1/2047 154,103,590 7,860,000 1960.61% - 1960.61% 7,860,000 146,243,590 1960.61%10/1/2047 154,916,178 7,310,000 2119.24% - 2119.24% 7,310,000 147,606,178 2119.24%

4/1/2048 155,651,296 6,745,000 2307.65% - 2307.65% 6,745,000 148,906,296 2307.65%10/1/2048 156,369,859 6,170,000 2534.36% - 2534.36% 6,170,000 150,199,859 2534.36%

4/1/2049 157,045,016 5,585,000 2811.91% - 2811.91% 5,585,000 151,460,016 2811.91%10/1/2049 157,685,967 4,980,000 3166.38% - 3166.38% 4,980,000 152,705,967 3166.38%

4/1/2050 158,280,994 4,365,000 3626.14% - n/a 4,365,000 153,915,994 3626.14%10/1/2050 158,843,044 3,735,000 4252.83% - 3,735,000 155,108,043 4252.83%

4/1/2051 159,357,353 3,095,000 5148.86% - 3,095,000 156,262,353 5148.86%10/1/2051 159,838,636 2,440,000 6550.76% - 2,440,000 157,398,636 6550.76%

4/1/2052 160,557,596 2,055,000 7813.02% - 2,055,000 158,502,596 7813.02%10/1/2052 161,256,917 1,660,000 9714.27% - 1,660,000 159,596,917 9714.27%

4/1/2053 161,948,014 1,260,000 12853.02% - 1,260,000 160,688,014 12853.02%10/1/2053 162,646,536 850,000 19134.89% - 850,000 161,796,536 19134.89%

4/1/2054 163,331,207 430,000 37984.00% - 430,000 162,901,207 37984.00%10/1/2054 7,250,000 0 n/a - 0 7,250,000 n/a

4/1/2055 - - n/a - - - n/a10/1/2055 - 0 n/a - 0 (0) n/a

4/1/2056 - 0 n/a - 0 (0) n/a



Bonds OutstandingNumber of Loans

Outstanding Net Assets

MFP00A 13,500,000 12 7,605,518 I 347,735,000MFP00B 3,125,000 1 5,981,155MFP02A 2,490,000 7 11,735,170 II 193,150,000MFP02C 61,315,000 18 17,843,758 Total 540,885,000MFP03A 31,560,000 56 (373,914)

MFP05A 26,750,000 18 7,855,734MFP05B 17,660,000 14 1,140,008MFP06A 36,930,000 39 683,014MFP07B 56,120,000 46 1,258,130MFP08A 24,165,000 12 281,877MFP08B 155,470,000 6 8,808,522MFP08C 14,350,000 16 12,054,404MFP09A 27,105,000 15 706,328MFP12A 10,330,000 1 286,640MFP12B 17,240,000 1 413,936MFP13A 4,165,000 4 256,132

MFP Surplus Assets

0 7 11,561,317

TOTAL 540,885,000 302 93,199,740

Multi Family Project Bonds of Indenture of Trust: MF 2000 Series A,B MF 2002 Series A,C MF 2003 Series A MF 2004 Series A MF 2005 Series A,B MF 2006 Series A MF 2007 Series B MF 2008 Series A,B,C MF 2009 Series A MF 2012 Series A,B MF 2013 Series A MFP Surplus Assets

Colorado Housing and Finance AuthorityMulti Family Disclosure Report

As of 1/1/2016

Bonds By Class Bonds Outstanding

Outstanding Mortgage Principal Balance Investment Balances

4,260,136 16,845,3821,835,408 7,270,747

12,138,128 2,087,04254,226,507 24,932,25123,048,583 8,137,503

MFP04A 38,610,000 30,863,832 29 12,848,177 5,102,00927,293,665 7,312,06916,105,817 2,694,19133,670,946 3,942,06834,848,970 22,529,16018,323,752 6,123,124

156,840,608 7,437,91421,723,865 4,680,54023,810,525 4,000,80210,363,661 252,97917,291,625 362,3113,611,910 809,223

10,375,846 1,185,472

500,633,785 133,450,955

Trustee Bank: WELLS FARGO BANK, N.A.Contact: Elizabeth K. Wielenberg

Telephone: (612) 316-1590

Program Administrator: Colorado Housing and Finance AuthorityContact: Richelle Bliss

Telephone: (303) 297-7323

PLEASE REFER TO DISCLAIMER ON LAST PAGE

CHFA Multi Family Program BondsS&P's Interest Rate Assumptions- As of January 1, 2016

SIFMA 1-Mo LIBOR SIFMA 1-Mo LIBOR ReinvestmentYears Forecast Forecast Forecast Forecast Rates

10/1/2015 1 - 3 0.24% 0.03% 2.73% 4.47% 10/1/2015 0.03%1/1/2019 4 - 6 1.69% 2.76% 3.67% 5.30% 1/1/2017 0.05%1/1/2022 7 - 9 5.52% 8.64% 0.65% 0.67% 1/1/2018 0.15%1/1/2025 10 - 12 2.11% 2.61% 4.52% 7.49% 1/1/2019 0.75%1/1/2028 13 - 15 1.08% 1.68% 6.49% 9.86% 1/1/2020 1.00%1/1/2031 16 - 18 5.91% 9.56% 1.51% 1.71% 1/1/2021 1.25%1/1/2034 19 - 21 4.81% 6.93% 2.72% 4.57%1/1/2037 22 - 24 0.62% 0.55% 7.25% 11.47%1/1/2040 25 - 27 3.95% 6.56% 3.76% 5.16%1/1/2043 28 - 30 5.84% 8.82% 1.76% 2.77%1/1/2046 31 - 33 1.15% 1.18% 6.95% 11.27%1/1/2049 34 - 36 2.60% 4.35% 5.77% 8.44%1/1/2052 37 - 39 6.80% 10.69% 1.31% 1.70%1/1/2055 40+ 5.13% 7.36% 3.09% 5.24%

Basis Risk: Basis RiskTaxable 0.21%AMT 0.14%Non-AMT 0.13%

Low Rate Scenario High Rate Scenario

CalculationofLoanPrepaymentsforPrepaymentRun

WeightedAverageRate 5.5678%25bpsBuffer 0.2500%ThresholdRate 5.8178%

Issue Amount Rate Rem.Term DatedDate BalloonDate2000A 383,741.18 6.50% 184 3/21/2000 2/1/20162000A 103,469.02 6.50% 126 3/21/2000 2/1/20162000A 335,128.07 6.50% 222 3/21/2000 2/1/20162000A 572,689.61 8.00% 14 3/21/2000 2/1/20162000A 165,934.92 8.00% 71 3/21/2000 2/1/20162000A 89,120.38 6.50% 74 3/21/2000 2/1/20162000A 342,171.72 6.40% 276 3/21/2000 2/1/20162000A 46,437.78 6.45% 153 3/21/2000 2/1/20162000A 330,194.91 6.50% 76 3/21/2000 2/1/20162000A 191,204.89 6.50% 195 3/21/2000 2/1/20162000A 127,018.41 6.75% 174 3/21/2000 2/1/20162000A 1,573,025.25 6.50% 89 3/21/2000 2/1/20162000B 1,835,408.36 6.59% 178 10/19/2000 2/1/20162002A 4,157,133.61 6.35% 194 5/15/2002 2/1/20162002A 226,552.79 4.57% 36 5/15/20022002A 1,641,062.06 6.80% 194 5/15/2002 2/1/20162002A 5,078,092.48 6.50% 326 5/15/2002 2/1/20162002A 652,109.08 6.00% 180 5/15/2002 2/1/20162002A 190,407.66 6.50% 184 5/15/2002 2/1/20162002A 192,770.53 6.40% 190 5/15/2002 2/1/20162002C 9,958,089.70 6.00% 209 11/14/2002 2/1/20162002C 3,402,939.67 6.40% 351 11/14/2002 2/1/20162002C 173,400.91 6.50% 210 11/14/2002 2/1/20162002C 1,138,678.26 6.00% 278 11/14/2002 2/1/20162002C 7,960,939.04 6.00% 207 11/14/2002 2/1/20162002C 2,129,633.64 6.00% 211 11/14/2002 2/1/20162002C 1,610,057.14 6.00% 212 11/14/2002 2/1/20162002C 2,681,077.87 6.00% 210 11/14/2002 2/1/20162002C 1,823,474.97 6.00% 213 11/14/2002 2/1/20162002C 2,695,607.25 6.00% 213 11/14/2002 2/1/20162002C 4,623,679.68 6.15% 214 11/14/2002 2/1/20162002C 390,177.44 6.30% 200 11/14/2002 2/1/20162002C 3,570,209.95 6.35% 336 11/14/2002 2/1/20162002C 3,928,782.51 6.35% 355 11/14/2002 2/1/20162002C 3,746,342.60 6.40% 211 11/14/2002 2/1/20162002C 3,560,043.24 6.45% 261 11/14/2002 2/1/20162002C 378,078.27 6.55% 37 11/14/2002 2/1/20162002C 455,295.30 6.75% 200 11/14/2002 2/1/2016

Use10yearballoonpaymentdatefrombonddateddateifloanrateisgreaterthanthethresholdrate(weightedaveragerate+25bps).

Issue Amount Rate Rem.Term DatedDate BalloonDate2003A 82,103.10 1.00% 269 9/24/20032003A 105,497.69 3.50% 136 9/24/20032003A 25,971.48 4.00% 351 9/24/20032003A 399,687.70 5.25% 191 9/24/20032003A 33,767.43 6.05% 209 9/24/2003 2/1/20162003A 346,050.90 6.12% 131 9/24/2003 2/1/20162003A 118,819.60 6.13% 125 9/24/2003 2/1/20162003A 431,628.83 6.32% 158 9/24/2003 2/1/20162003A 168,082.59 6.60% 187 9/24/2003 2/1/20162003A 146,440.59 6.70% 135 9/24/2003 2/1/20162003A 185,153.04 6.95% 136 9/24/2003 2/1/20162003A 199,219.37 2.00% 363 9/24/20032003A 96,376.79 3.00% 255 9/24/20032003A 167,761.69 3.00% 151 9/24/20032003A 394,462.40 3.25% 131 9/24/20032003A 303,034.71 3.50% 334 9/24/20032003A 241,728.34 4.75% 109 9/24/20032003A 108,665.33 5.25% 348 9/24/20032003A 112,608.55 5.65% 113 9/24/20032003A 81,329.66 5.65% 120 9/24/20032003A 133,048.03 5.65% 116 9/24/20032003A 134,053.33 5.70% 113 9/24/20032003A 94,230.11 5.75% 106 9/24/20032003A 325,550.02 5.75% 112 9/24/20032003A 87,980.57 5.75% 110 9/24/20032003A 110,670.92 5.80% 118 9/24/20032003A 73,317.43 5.95% 120 9/24/2003 2/1/20162003A 164,948.00 5.95% 122 9/24/2003 2/1/20162003A 203,108.70 5.95% 122 9/24/2003 2/1/20162003A 188,581.90 5.95% 124 9/24/2003 2/1/20162003A 544,548.68 6.00% 222 9/24/2003 2/1/20162003A 200,962.96 6.00% 224 9/24/2003 2/1/20162003A 193,334.11 6.00% 224 9/24/2003 2/1/20162003A 225,617.91 6.00% 235 9/24/2003 2/1/20162003A 191,783.66 6.00% 327 9/24/2003 2/1/20162003A 221,924.29 6.00% 405 9/24/2003 2/1/20162003A 580,025.47 6.05% 121 9/24/2003 2/1/20162003A 2,203,001.47 6.05% 128 9/24/2003 2/1/20162003A 1,249,419.33 6.15% 118 9/24/2003 2/1/20162003A 536,160.82 6.20% 122 9/24/2003 2/1/20162003A 737,619.14 6.20% 128 9/24/2003 2/1/20162003A 225,388.93 6.40% 145 9/24/2003 2/1/20162003A 133,752.91 6.49% 87 9/24/2003 2/1/20162003A 88,089.96 6.50% 52 9/24/2003 2/1/20162003A 502,440.26 6.60% 187 9/24/2003 2/1/20162003A 233,980.02 6.99% 83 9/24/2003 2/1/20162003A 1,669,391.58 7.15% 153 9/24/2003 2/1/20162003A 580,446.21 7.20% 139 9/24/2003 2/1/20162003A 467,117.97 7.20% 156 9/24/2003 2/1/20162003A 418,913.49 7.25% 70 9/24/2003 2/1/2016

Issue Amount Rate Rem.Term DatedDate BalloonDate2003A 489,280.38 7.25% 63 9/24/2003 2/1/20162003A 418,544.12 7.35% 420 9/24/2003 2/1/20162003A 264,955.13 7.50% 40 9/24/2003 2/1/20162003A 692,893.27 7.50% 146 9/24/2003 2/1/20162003A 3,854,473.38 7.80% 121 9/24/2003 2/1/20162003A 860,638.81 6.20% 143 9/24/2003 2/1/20162004A 182,366.73 4.99% 122 9/22/20042004A 11,767.14 3.44% 17 9/22/20042004A 838,384.60 5.19% 146 9/22/20042004A 5,311,374.57 6.40% 351 9/22/2004 2/1/20162004A 3,636,818.67 6.60% 297 9/22/2004 2/1/20162004A 159,312.80 6.85% 134 9/22/2004 2/1/20162004A 117,996.27 7.20% 135 9/22/2004 2/1/20162004A 412,471.80 5.75% 213 9/22/20042004A 354,141.35 5.75% 212 9/22/20042004A 534,802.78 5.75% 215 9/22/20042004A 4,253,466.43 6.00% 342 9/22/2004 2/1/20162004A 5,078,113.39 6.06% 105 9/22/2004 2/1/20162004A 203,111.08 6.15% 115 9/22/2004 2/1/20162004A 956,189.01 6.20% 223 9/22/2004 2/1/20162004A 223,446.96 6.25% 96 9/22/2004 2/1/20162004A 524,599.32 6.35% 216 9/22/2004 2/1/20162004A 78,412.51 6.50% 181 9/22/2004 2/1/20162004A 779,477.99 6.50% 225 9/22/2004 2/1/20162004A 3,660,038.89 6.50% 343 9/22/2004 2/1/20162004A 915,530.03 6.58% 60 9/22/2004 2/1/20162004A 219,766.32 6.71% 97 9/22/2004 2/1/20162004A 114,190.37 6.81% 95 9/22/2004 2/1/20162004A 96,385.12 7.12% 95 9/22/2004 2/1/20162004A 143,803.55 7.20% 141 9/22/2004 2/1/20162004A 183,954.40 7.20% 143 9/22/2004 2/1/20162004A 89,509.84 7.25% 74 9/22/2004 2/1/20162004A 9,048.34 8.50% 7 9/22/2004 2/1/20162004A 125,351.84 8.50% 84 9/22/2004 2/1/20162004A 1,650,000.00 4.50% 360 9/22/2004

Issue Amount Rate Rem.Term DatedDate BalloonDate2005A 89,084.19 6.15% 72 4/13/2005 2/1/20162005A 1,264,694.14 6.80% 109 4/13/2005 2/1/20162005A 1,168,243.45 3.00% 232 4/13/20052005A 5,284,231.55 3.50% 243 4/13/20052005A 2,635,617.62 6.00% 126 4/13/2005 2/1/20162005A 1,431,298.81 6.23% 93 4/13/2005 2/1/20162005A 1,480,853.27 6.25% 85 4/13/2005 2/1/20162005A 3,373,787.08 6.35% 355 4/13/2005 2/1/20162005A 276,047.14 6.50% 166 4/13/2005 2/1/20162005A 1,075,534.09 6.66% 124 4/13/2005 2/1/20162005A 142,167.71 6.66% 124 4/13/2005 2/1/20162005A 1,675,384.67 6.68% 61 4/13/2005 2/1/20162005A 2,714,322.01 6.75% 128 4/13/2005 2/1/20162005A 1,306,693.98 6.85% 83 4/13/2005 2/1/20162005A 158,644.73 6.93% 110 4/13/2005 2/1/20162005A 589,929.02 6.95% 109 4/13/2005 2/1/20162005A 172,170.66 7.00% 166 4/13/2005 2/1/20162005A 2,454,961.26 7.00% 118 4/13/2005 2/1/20162005B 898,998.84 5.40% 255 12/14/20052005B 1,405,270.67 6.06% 71 12/14/2005 2/1/20162005B 3,277,187.59 6.10% 295 12/14/2005 2/1/20162005B 1,571,116.16 6.18% 115 12/14/2005 2/1/20162005B 2,085,169.52 6.25% 242 12/14/2005 2/1/20162005B 2,187,300.25 6.25% 242 12/14/2005 2/1/20162005B 63,664.72 6.33% 116 12/14/2005 2/1/20162005B 665,965.25 6.40% 120 12/14/2005 2/1/20162005B 490,776.91 6.40% 117 12/14/2005 2/1/20162005B 505,803.43 6.55% 127 12/14/2005 2/1/20162005B 538,222.78 6.70% 295 12/14/2005 2/1/20162005B 1,233,399.11 6.84% 250 12/14/2005 2/1/20162005B 385,172.61 7.05% 130 12/14/2005 2/1/20162005B 797,769.29 7.08% 120 12/14/2005 2/1/20162006A 431,963.23 5.85% 139 10/4/2006 10/4/20162006A 259,168.34 5.95% 268 10/4/2006 10/4/20162006A 161,148.75 6.20% 100 10/4/2006 10/4/20162006A 374,996.77 7.30% 136 10/4/2006 10/4/20162006A 2,341,126.43 7.65% 278 10/4/2006 10/4/20162006A 4,075,000.00 5.25% 420 10/4/20062006A 1,383,148.17 4.50% 406 10/4/20062006A 1,773,666.29 4.50% 347 10/4/20062006A 2,203,220.23 5.00% 246 10/4/20062006A 218,241.14 5.50% 172 10/4/20062006A 491,788.64 5.95% 120 10/4/2006 10/4/20162006A 254,001.96 5.95% 121 10/4/2006 10/4/20162006A 174,137.46 5.95% 119 10/4/2006 10/4/20162006A 242,672.77 5.95% 122 10/4/2006 10/4/20162006A 396,255.34 5.95% 122 10/4/2006 10/4/20162006A 500,564.01 5.95% 123 10/4/2006 10/4/20162006A 198,875.53 6.00% 115 10/4/2006 10/4/20162006A 249,869.48 6.15% 122 10/4/2006 10/4/2016

Issue Amount Rate Rem.Term DatedDate BalloonDate2006A 298,208.91 6.20% 126 10/4/2006 10/4/20162006A 337,024.46 6.20% 124 10/4/2006 10/4/20162006A 468,149.58 6.45% 123 10/4/2006 10/4/20162006A 164,814.55 6.45% 120 10/4/2006 10/4/20162006A 234,857.73 6.49% 101 10/4/2006 10/4/20162006A 69,890.71 6.50% 108 10/4/2006 10/4/20162006A 3,090,586.23 6.80% 269 10/4/2006 10/4/20162006A 4,668,796.78 6.95% 243 10/4/2006 10/4/20162006A 170,874.84 7.00% 168 10/4/2006 10/4/20162006A 1,745,052.44 7.00% 102 10/4/2006 10/4/20162006A 2,917,888.34 7.00% 131 10/4/2006 10/4/20162006A 181,452.55 7.20% 128 10/4/2006 10/4/20162006A 507,965.19 7.24% 126 10/4/2006 10/4/20162006A 111,813.25 7.38% 125 10/4/2006 10/4/20162006A 107,066.62 7.40% 127 10/4/2006 10/4/20162006A 161,512.90 7.40% 128 10/4/2006 10/4/20162006A 271,980.26 7.43% 139 10/4/2006 10/4/20162006A 923,486.86 7.50% 123 10/4/2006 10/4/20162006A 1,056,348.25 7.50% 137 10/4/2006 10/4/20162006A 170,302.75 7.55% 148 10/4/2006 10/4/20162006A 283,028.10 7.56% 129 10/4/2006 10/4/20162007B 58,830.88 6.40% 120 8/29/2007 8/29/20172007B 182,210.71 5.80% 124 8/29/20072007B 2,485,064.60 5.80% 76 8/29/20072007B 332,698.45 6.65% 135 8/29/2007 8/29/20172007B 334,396.38 6.65% 149 8/29/2007 8/29/20172007B 327,100.32 6.85% 134 8/29/2007 8/29/20172007B 1,534,393.03 6.89% 136 8/29/2007 8/29/20172007B 372,905.94 6.90% 326 8/29/2007 8/29/20172007B 437,877.87 6.95% 136 8/29/2007 8/29/20172007B 364,937.87 7.15% 144 8/29/2007 8/29/20172007B 325,323.45 7.19% 136 8/29/2007 8/29/20172007B 532,939.04 7.19% 136 8/29/2007 8/29/20172007B 824,833.65 3.50% 254 8/29/20072007B 2,238,535.28 4.73% 269 8/29/20072007B 132,718.06 5.25% 97 8/29/20072007B 224,888.48 5.80% 123 8/29/20072007B 2,007,922.42 6.00% 153 8/29/2007 8/29/20172007B 587,636.34 6.00% 130 8/29/2007 8/29/20172007B 681,021.36 6.20% 259 8/29/2007 8/29/20172007B 378,192.18 6.30% 263 8/29/2007 8/29/20172007B 1,681,110.26 6.30% 152 8/29/2007 8/29/20172007B 4,635,827.38 6.70% 144 8/29/2007 8/29/20172007B 326,529.90 6.85% 139 8/29/2007 8/29/20172007B 1,668,767.18 6.88% 145 8/29/2007 8/29/20172007B 565,388.46 6.90% 130 8/29/2007 8/29/20172007B 934,812.63 6.95% 124 8/29/2007 8/29/20172007B 492,117.58 6.95% 116 8/29/2007 8/29/20172007B 205,741.59 7.05% 139 8/29/2007 8/29/20172007B 255,082.38 7.05% 152 8/29/2007 8/29/2017

Issue Amount Rate Rem.Term DatedDate BalloonDate2007B 395,424.67 7.10% 149 8/29/2007 8/29/20172007B 2,230,080.05 7.10% 151 8/29/2007 8/29/20172007B 256,569.83 7.19% 135 8/29/2007 8/29/20172007B 315,247.77 7.20% 128 8/29/2007 8/29/20172007B 200,098.54 7.20% 131 8/29/2007 8/29/20172007B 410,437.02 7.20% 249 8/29/2007 8/29/20172007B 436,714.20 7.20% 151 8/29/2007 8/29/20172007B 929,998.94 7.25% 146 8/29/2007 8/29/20172007B 231,284.79 7.30% 153 8/29/2007 8/29/20172007B 215,015.20 7.35% 139 8/29/2007 8/29/20172007B 343,748.16 7.35% 142 8/29/2007 8/29/20172007B 864,681.93 7.46% 139 8/29/2007 8/29/20172007B 481,296.97 7.55% 157 8/29/2007 8/29/20172007B 737,062.67 7.65% 144 8/29/2007 8/29/20172007B 1,045,917.02 7.70% 262 8/29/2007 8/29/20172007B 343,867.67 7.75% 139 8/29/2007 8/29/20172007B 281,720.99 7.85% 139 8/29/2007 8/29/20172008A 4,206,466.45 6.15% 395 4/23/2008 4/23/20182008A 283,530.40 5.75% 23 4/23/20082008A 1,353,842.74 6.30% 276 4/23/2008 4/23/20182008A 5,790,915.69 6.60% 144 4/23/2008 4/23/20182008A 575,970.67 6.65% 146 4/23/2008 4/23/20182008A 1,537,628.47 6.65% 154 4/23/2008 4/23/20182008A 228,535.87 6.70% 144 4/23/2008 4/23/20182008A 718,112.69 6.70% 147 4/23/2008 4/23/20182008A 371,220.22 6.90% 150 4/23/2008 4/23/20182008A 436,514.62 7.15% 147 4/23/2008 4/23/20182008A 843,369.88 7.20% 123 4/23/2008 4/23/20182008A 1,977,644.56 7.20% 155 4/23/2008 4/23/20182008B 100,397,076.00 5.65% 345 6/25/20082008B 10,366,580.00 5.65% 345 6/25/20082008B 12,083,988.00 5.71% 434 6/25/20082008B 21,232,741.00 5.71% 434 6/25/20082008B 1,636,679.00 5.71% 434 6/25/20082008B 11,123,544.00 5.71% 434 6/25/20082008C 3,234,288.21 5.25% 181 12/17/20082008C 1,894,021.03 6.45% 425 12/17/2008 12/17/20182008C 1,393,504.66 6.65% 170 12/17/2008 12/17/20182008C 1,609,908.80 6.85% 162 12/17/2008 12/17/20182008C 378,898.83 7.25% 62 12/17/2008 12/17/20182008C 5,391,916.10 5.60% 68 12/17/20082008C 442,671.35 6.15% 266 12/17/2008 12/17/20182008C 1,035,252.40 6.16% 208 12/17/2008 12/17/20182008C 1,034,598.97 6.30% 273 12/17/2008 12/17/20182008C 321,317.57 6.65% 155 12/17/2008 12/17/20182008C 237,742.47 6.70% 144 12/17/2008 12/17/20182008C 383,262.21 6.85% 147 12/17/2008 12/17/20182008C 1,288,518.04 6.85% 154 12/17/2008 12/17/20182008C 2,342,448.21 7.15% 148 12/17/2008 12/17/20182008C 268,784.14 7.15% 150 12/17/2008 12/17/2018

Issue Amount Rate Rem.Term DatedDate BalloonDate2008C 466,731.69 7.25% 174 12/17/2008 12/17/20182009A 3,167,730.28 5.85% 139 6/25/2009 6/25/20192009A 1,900,567.94 5.95% 268 6/25/2009 6/25/20192009A 122,274.06 6.00% 46 6/25/2009 6/25/20192009A 8,526,777.26 6.25% 396 6/25/2009 6/25/20192009A 151,633.95 6.50% 126 6/25/2009 6/25/20192009A 847,972.29 7.15% 43 6/25/2009 6/25/20192009A 74,764.82 8.00% 89 6/25/2009 6/25/20192009A 294,940.65 5.85% 137 6/25/2009 6/25/20192009A 151,983.74 7.00% 154 6/25/2009 6/25/20192009A 510,127.25 6.00% 82 6/25/2009 6/25/20192009A 87,770.60 7.88% 84 6/25/2009 6/25/20192009A 143,352.33 7.88% 71 6/25/2009 6/25/20192009A 4,535,069.85 6.00% 261 6/25/2009 6/25/20192009A 2,952,261.82 6.35% 130 6/25/2009 6/25/20192009A 343,298.51 7.75% 43 6/25/2009 6/25/20192012A 10,363,660.84 5.24% 426 7/19/20122012B 17,291,624.67 4.85% 464 10/10/20122013A 693,801.13 4.85% 84 6/27/20132013A 1,312,433.09 4.90% 93 6/27/20132013A 84,556.07 6.50% 126 6/27/2013 6/27/20232013A 1,521,119.54 1.75% 220 6/27/2013SURPLUS 1,445,559.42 6.40% 276 2/1/2016SURPLUS 6,152,110.83 6.80% 333 2/1/2016SURPLUS 278,670.05 7.60% 116 2/1/2016SURPLUS 704,746.24 6.50% 66 2/1/2016SURPLUS 801,211.92 6.99% 118 2/1/2016SURPLUS 296,412.96 7.50% 64 2/1/2016SURPLUS 697,134.24 6.80% 185 2/1/2016

Total 500,633,785.04

Colorado Housing and Finance AuthorityTrial Balances for Certain Multi Family Bond IssuancesAs of December 31, 2015

Account Description TOTALTotal Balances per

FinancialsNon-Cash

AdjustmentsAdjusted Balance

Transfer Adjustments

Adjusted Balance

Balance Per Cash Flows Variance

ASSETS PROGRAM FUND II 31,228,741 31,228,741.36 31,228,741.36 2,011.64 31,230,753.00 31,230,753.00 - ST MKT SEC REVENUE REST 53,354,515 53,354,515.26 53,354,515.26 2,974,425.72 1 56,328,940.98 56,274,017.00 54,923.98 REVENUE REDEMP 1,849 1,849.43 1,849.43 (1,849.43) - - REVENUE REBATE 97,932 97,932.33 97,932.33 (97,932.33) - - REVENUE PREMIUM 12,397 12,396.84 12,396.84 (12,396.84) - - ST MKT SEC DEBT SERVICE 37 37.28 37.28 (37.28) - - LT MKT SEC DEBT SERV RES 46,975,868 46,975,867.82 46,975,867.82 (1,029,682.82) 45,946,185.00 45,946,185.00 - FAIR VALUE ADJUSTMENT 4,048,456 4,048,456.20 (4,048,456.20) - - - - TOTAL LOANS RECEIVABLE - - 500,691,281.77 500,691,281.77 500,633,785.14 57,496.63 LOANS RECEIVABLE MF 434,173,181 434,173,180.87 434,173,180.87 (434,173,180.87) - - LOANS RECEIVABLE BF 65,283,521 65,283,521.32 65,283,521.32 (65,283,521.32) - - LLA - BEGINNING BALANCE (4,290,840) - - - NET CHARGE OFFS MF 380,086 380,086.22 (380,086.22) - - - - NET CHARGE OFFS BF 460,483 460,483.39 (460,483.39) - - - - LOAN PROVISION 423,983 423,982.55 (423,982.55) - - - ALLOWANCE FOR INTEREST (479,186) (479,185.57) 479,185.57 - - - ACC INT RECEIVABLE MORT MF 1,586,486 1,586,486.34 - 1,586,486.34 (1,586,486.34) - - ACC INT RECEIVABLE MORT BF 383,052 383,052.32 - 383,052.32 (383,052.32) - - ACC INT RECEIVABLE INVES 1,092,218 1,092,218.15 (1,092,218.15) - - - OTHER REAL ESTATE OWNED BF 1,234,580 1,234,579.58 - 1,234,579.58 (1,234,579.58) - - NET WRITEDOWNS BF (483,080) (483,079.58) 483,079.58 - - - PREPAID TRUSTEE FEES 59,781 59,781.00 (59,781.00) - - - INTERFUND REC/PAY 4,722,999 4,722,999.07 (4,722,999.07) - - - - DEFERRED OUTFLOWS 75,683,995 75,683,995.30 (75,683,995.30) - - -

720,241,897.48 (85,909,736.73) 634,332,160.75 (135,000.00) 634,197,160.75 634,084,740.14 112,420.61 LIABILITIES - BONDS - FIXED RATE 30,820,000 30,820,000.00 30,820,000.00 30,820,000.00 30,820,000.00 - BONDS - VARIABLE RATE 510,200,000 510,200,000.00 510,200,000.00 (135,000) 1 510,065,000.00 510,065,000.00 - SWAP NOTIONAL - FIXED 436,910,000 436,910,000.00 (436,910,000.00) - - - SWAP NOTIONAL - VARIABLE (436,910,000) (436,910,000.00) 436,910,000.00 - - - PREMIUM ON SWAP - ACCUM AMORT 18,445,194 18,445,194.39 (18,445,194.39) - - - DEFERRED REFUNDING (2,013,808) (2,013,807.78) 2,013,807.78 - - - ACCRUED INTEREST PAYABLE 5,943,924 5,943,923.58 (5,943,923.58) - - -

- - - - REMARKETING FEES PAYABLE 113,762 113,762.18 (113,762.18) - - - LIQUIDITY FEES PAYABLE 628,288 628,287.77 (628,287.77) - - - REBATE PAYABLE 134,441 134,441.34 (134,441.34) - - - HEDGING LIABILITY - SWAPS 78,711,314 78,711,313.79 (78,711,313.79) - - - DEFERRED INFLOWS 2,957,004 2,957,004.00 (2,957,004.00) - - - RESTRICTED FUND EQUITY 66,176,635 -

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