SUBJECT:
Title
A Resolution of the Town Council of the Town of Erie Approving the Assignment of the Town of Erie 2025 Private Activity Bond Allocation to the Colorado Housing and Finance Authority
Department
DEPARTMENT: Planning & Development
Presenter
PRESENTER(S): Eric Leveridge, Housing Management Analyst
Time
TIME ESTIMATE: 0 minutes
end
For time estimate: please put 0 for Consent items.
Fiscal
FISCAL SUMMARY:
N/A
Policy
POLICY ISSUES:
The Town of Erie's adopted Affordable Housing Policies include a provision that the Town will actively collaborate with the Boulder County Regional Housing Partnership to advance efforts to achieve the region's goal of 12% affordable housing by 2035. This assignment of the Town's Private Activity Bond (PAB) allocation to Boulder County Housing Authority's Willoughby Corner development supports this policy.
Recommendation
STAFF RECOMMENDATION:
Staff recommends that the Town assign its 2025 PAB allocation of $2,316,811 to the Colorado Housing and Finance Authority (CHFA) so the allocation is used towards Willoughby Corner Affordable Housing Development in Lafayette.
Body
SUMMARY/KEY POINTS
* Council approval is required to assign the Town's Private Activity Bond (PAB) allocation.
* The Town has determined that it has no immediate need for this allocation.
* The Town has historically assigned the Town's PAB allocation to other affordable housing developments in the region. This includes Willoughby Corner in 2022.
* Willoughby Corner has again requested the assignment of Town of Erie's allocation.
BACKGROUND OF SUBJECT MATTER:
Private Activity Bonds (PAB) are allocated annually by the State to the Town of Erie. The 2025 allocation for Erie is $2,316,811. PAB's are tax-exempt bonds issued by or on behalf of local or state government for the purpose of providing special financing benefits for qualified projects. The financing is most often for projects of a private user, and the government generall...
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