City of Colorado Springs - File #: 23-388

• File #: 23-388
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 7/14/2023
• In control: City Council
• On agenda: 8/22/2023
• Final action: 8/22/2023
• Title: Resolution declaring the intent of the City of Colorado Springs, Colorado to carry forward its 2023 allocation of private activity bonds (PAB) for the purpose of constructing multi-family housing for low-and middle-income families or persons Presenter: Katie Sunderlin, Senior Affordable Housing Coordinator, Housing and Community Vitality Dept. Steve Posey, Chief Housing Officer, Housing and Community Vitality Department

Date	Ver.	Action By	Action	Result
8/22/2023	1	City Council	approved	Pass
8/7/2023	1	Council Work Session	referred

Title
Resolution declaring the intent of the City of Colorado Springs, Colorado to carry forward its 2023 allocation of private activity bonds (PAB) for the purpose of constructing multi-family housing for low-and middle-income families or persons

Presenter:
Katie Sunderlin, Senior Affordable Housing Coordinator, Housing and Community Vitality Dept.
Steve Posey, Chief Housing Officer, Housing and Community Vitality Department

Body
Summary:
The City's 2023 Private Activity Bond (PAB) volume cap, as determined by the Colorado Department of Local Affairs, is $29,163,118. By September 15th of each year, the City must decide whether to issue bonds for a specific project or projects, assign the City's volume cap to another government entity such as El Paso County (EPC), assign the City's volume cap to another issuer such as the Colorado Housing Finance Authority (CHFA), or relinquish its volume cap to the statewide balance for use on other projects in Colorado.

PAB can be used for multiple purposes, some of which include construction or expansion of light manufacturing facilities, redevelopment of blighted areas, and capital projects for qualified non-profits. The Housing and Community Vitality Department established a PAB working group made up of staff from the Finance Department, Economic Development, Public Works, Colorado Springs Utilities, the Colorado Springs Airport, and representatives from the City Council to circulate information about the City's PAB volume cap and identify projects potentially qualified for PAB financing.

The Department has been contacted by multiple developers interested in using PAB to finance qualified affordable multi-family rental projects. There have been no requests for PAB for other purposes. Staff recommends carrying forward the City's 2023 allocation of PAB to support the development of qualified residential rental projects. PAB can be carried forward a maximum of three years.

Background:
PAB is one of many fin...