To: Board of County Commissioners
Through: Katherine Smith, Director, Community Resources
Prepared By:
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Elizzebeth Loomis, Division Manager, Community Development, Housing and Homeless Services, Community Resources
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Subject:
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2024 Private Activity Bonds (PAB) Allocations
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Purpose and Request:
recommended action
The purpose of this report is to request the Board of County Commissioners (BOCC) formally approve the 2024 Private Activity Bond (PAB) allocations as presented in the April 16, 2024, BOCC study session, and adopt a resolution authorizing the assignment of PABs to the aforementioned projects through Colorado Housing Finance Authority (CHFA).
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Background and Discussion: The BOCC reviewed PAB recommendations during an April 16, 2024, study session and recommended the PAB assignments/allocations be placed on Consent Agenda for a BOCC Business Meeting. The information below, was provided in the Study Session BSR, which provided background information on the PAB program, 2024 Arapahoe County award and staff recommendations. Based on the Study Session, Community Development Housing and Homeless Services (CDHHS) staff is seeking approval from the BOCC to award 2024 PABs to the aforementioned projects and submit the required paperwork to CHFA to complete the formal PAB allocation process:
2024 Private Activity Bond (PAB) Recommendations
* 2024 PAB Allocation Award of $8,502,112.00
Private Activity Bonds (PABs) are a tax-exempt bonding authority, used either to create a loan for a project at a tax-exempt rate, or to create a mortgage credit certificate. The State of Colorado established its PAB allocation program by state statute (24-32-1701 et seq, C.R.S.) to provide for the allocation of Colorado's PAB authority. Staff is requesting that the assignment of the PAB's to CHFA will be used to generate a 4% Low Income Housing Tax Credit (LIHTC) loan for the top-ranking projects awarded funding.
Arapahoe County received th...
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