To: Board of County Commissioners
Through: Kathy Smith, Director, Community Resources
Prepared By:
prepared
Elizzebeth Loomis, Division Manager, Community Development, Housing and Homeless Services, Community Resources
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Subject:
title
Reassignment of 2025 Private Activity Bonds from Colorado Housing and Finance Authority to South Metro Housing Options from the Star Light Development
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Purpose and Request:
recommended action
The Board of County Commissioners is requested to adopt a resolution authorizing the approval of the recommended reallocation of the assignment of $5,886,811.00 from the County's 2025 Private Activity Bonds (PAB) to South Metro Housing Options (SMHO) for the administration of a 4% Low Income Housing Tax Credit (LIHTC) loan for the Star Light project.
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Background and Discussion: : On August 5, 2025, the Board of County Commissioners authorized moving forward the allocation of the County's 2025 Private Activity Bonds (PABs). PABs are a form of tax-exempt bonding authority that can be used to create either a low-interest loan for a qualifying project or a mortgage credit certificate. The State of Colorado established its PAB allocation program through state statute (24-32-1701 et seq., C.R.S.) to oversee the distribution of Colorado's annual PAB authority. Community Development Housing and Homeless Services (CDHHS) staff is requesting approval for the assignment of $5,886,811.00 in PABs to South Metro Housing Options (SMHO) for their in-house development project, Star Light. SMHO will administer the bonds and utilize the allocation to generate a 4% Low-Income Housing Tax Credit (LIHTC) loan. This additional allocation will support the creation of 74 affordable multifamily units along Littleton Boulevard, serving individuals and families at 30-70% of the Area Median Income (AMI), including young adults (ages 18-24) aging out of foster care.
Fiscal Impact: Private Activity Bonds (PABs) are administered by the Department...
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