Using the algorithm from Wikipedia for calculating an ordinal or month date from a week date and your input format, this function will return the Monday date from the supplied ISO week numbering format passed to the function as a string.
Calculating an ordinal or month date from a week date
Algorithm:
- Multiply the week number woy by 7.
- Then add the weekday number dow.
- From this sum subtract the correction for the year:
- Get the weekday of 4 January.
- Add 3.
- The result is the ordinal date, which can be converted into a calendar date.
- If the ordinal date thus obtained is zero or negative, the date belongs to the previous calendar year;
- if it is greater than the number of days in the year, it belongs to the following year.

A working gist of the code can be found here.
<cffunction name="weekOfYear" returnType="date">
<cfargument name="yearWeek" type="string">
<!--- Parse out the year, the week of the year from arguments.yearWeek and default the day of week to Monday --->
<cfset year = listGetAt(arguments.yearWeek, 1, "-W")>
<cfset woy = listGetAt(arguments.yearWeek, 2, "-W")>
<cfset dow = 2>
<!--- Calculate the number of days this year and last year for later use. --->
<cfset DaysThisYear = daysInYear(CreateDate(year, 1, 1))>
<cfset DaysLastYear = daysInYear(CreateDate(year-1, 1, 1))>
<!--- Multiply week number "woy" by 7, then add the weekday number "dow" --->
<cfset ordinalDate = woy*7 + dow>
<!--- From this sum, subtract the correction for the year: Get the weekday of 4 January and add 3 --->
<cfset ordinalDate = ordinalDate - (dayOfWeek(parseDateTime("#year#-01-04", "y-M-d")) + 3)>
<!--- The result is the ordinal date, which can be converted into a calendar date. --->
<cfif ordinalDate LT 1>
<!--- If the ordinal date thus obtained is zero or negative, the date belongs to the previous calendar year. --->
<cfset ordinalDate = ordinalDate + daysLastYear>
<cfset year = year-1>
<cfelseif ordinalDate GT daysThisYear>
<!--- If it is greater than the number of days in the year, it belongs to the following year. --->
<cfset ordinalDate = ordinalDate - daysThisYear>
<cfset year = year+1>
</cfif>
<cfreturn parseDateTime("#year#-#ordinalDate#", "y-D")>
</cffunction>