To: Board of County Commissioners
Through: Katherine Smith, Director, Community Resources
Prepared By:
prepared
Nancy Sonnenfeld, Community Development Administrator, Community Development, Housing and Homeless Services, Community Resources
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presenter
Presenter: Nancy Sonnenfeld, Community Development Administrator, Community Development, Housing and Homeless Services, Community Resources
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Subject:
title
10:30 AM *2025 Private Activity Bonds
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Purpose and Request:
recommended action
Community Development Housing and Homeless Services (CDHHS) staff is requesting direction from the Board of County Commissioners for the assignment of the County's 2025 Private Activity Bonds allocation totaling $8,886,811.00.
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Background and Discussion: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 are requesting that the assignment of County Private Activity Bond allocations to Colorado Housing and Finance Authority (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 seven (7) applications for the 2025 Private Activity Bonds. CDHHS reviewed all applications for completeness, eligibility, developer experience, financial feasibility and the possibility of creation of Prop 123 housing units for multifamily rental units for households at or below 60% of the Area Median Income (AMI). Preference is given to applicants that can close and complete underwriting within 12 months of the award date, effectively leverage equity sources such as Low-Income Housing Tax Credit (LIHTC) or State Housing Tax Credit (SHTC), and alignment with the County's affordable housing n...
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