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58 FmHA 502 Program exceeded the $3 million allocation by $8 million. This deficiency is indicative of the immediate financing needs in rural areas of the state. Special allocations, over and above regular appropriations from HUD and FmHA, should be earmarked for energy impacted housing needs. Although increased special allocations will be helpful, it is evident that Colorado's energy impact generated housing needs cannot be met solely through federal appropriations. Financing for the new construc- tion, as well as housing rehabilitation, should also be available at the state level. As suggested earlier, these funds could be disbursed through existing state housing agencies. The Colorado Housing Finance Authority (CHFA), an existing source of mort- gage money, works primarily with moderate income families. Under the "Loan to Lenders" Program, it provides loan money to lenders at below market interest rates. This money is in turn loaned out to moderate in- come households (maximum family income of $14,300 after deductions) for home purchase. CHFA is also involved in financing multifamily dwellings for low and moderate income households.* The CHFA, by designating special program funds for housing needs in energy-impacted areas, could offer sig- nificant assistance. Modification of some of its programs and creation of new ones is also necessary--new guidelines on income levels, interest rates, and collateral, establish a capital reserve fund to finance mortgages other than those insured by FHA, and create rehabilitation loan authority for home improvement loans. Another state housing agency that could be utilized as a conduit for pro- gram funds to meet energy impact housing needs is the Colorado Division of Housing (DOH). The Division of Housing is a source of direct grant funds. These monies must be matched on at least a 50-50 basis, and are to be used for innovative programs to serve low income housing needs throughout the state. The DOH programs provide a great deal of flexi- bility. Funds can be used for a variety of projects, from land acquisition *Co1orado Housing Finance Authority, Annual Report, 1975, pp. 8-9.