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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presenter
Presenter: Elizzebeth Loomis, Division Manager, Community Development, Housing & Homeless Services, Community Resources
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Subject:
title
2:00 PM *Private Activity Bonds 2024
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Purpose and Request:
recommended action
The purpose of this report is to review funding recommendations for 2024 Private Activity Bond (PAB) allocations.
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Background and Discussion: Community Development Housing and Homeless Services (CDHHS) staff is seeking direction from the BOCC regarding the following proposals:
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 three applications for 2024 PABs. CDHHS reviewed all applications for completeness, eligibility, and financial feasibility. Preference is given to applicants that have the ability to close and complete underwriting within current calendar year; efficient use of PAB allocation; leverage of equity sources (LIHTC or SHTC); and impact of PABs to support economic/ housing needs.
Staff is recommending the following for the 2024 PAB allocation:
* $5,000,000.00 for Grovewood Community Development- The Stables;
* $2,000,000.00.00 for The Housing Authority of the City of Aurora- The Stanley;...
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