Title
A Resolution of the City of Colorado Springs extending the effective date of resolution No. 96-21 to June 30, 2022 to issue the City's multi-family housing revenue bonds in an aggregate principal amount not to exceed $21,500,000.
Presenter:
Steve Posey, HUD Program Manager, Planning & Community Development
John Bales, Fred Marienthal, Kutak Rock LLP
Peter Wysocki, Director of Planning and Community Development
Body
Summary:
The resolution will authorize and extend the termination date of the Initial Resolution to June 30, 2022, authorizing the issuance of the City's multi-family housing revenue bonds, in one or more series (the "Bonds"), in an aggregate principal amount not to exceed $21,500,000.
Previous Council Action:
114-21, 63-20: Resolutions adopted to carry forward the City's annual private activity bond allocations for the financing of affordable multi-family rental projects.
96-21: Resolution declaring the intent of the City to issue its multifamily revenue bonds to finance the housing development known as Copper Rose Apartments
Background:
In 2020, and 2021 City Council voted to carry forward its PAB allocations for the purpose of financing qualified residential rental projects, an eligible use of PAB under the IRS code. Carrying forward PAB for multi-family affordable housing is a means for City Council to address the need for additional housing for lower-income populations in the community. The City is a conduit issuer of PAB. As a result, the City assumes no liability for repayment of the bonds. The developer accessing PAB financing agrees to carry all costs related to the bond issuance, marketing and servicing, including attorney's fees, document preparation, and public notifications.
The City Council of the City of Colorado Springs, Colorado (the "City Council") previously adopted Resolution No. 96-21 (the "Initial Resolution") declaring the intent of the City Council to authorize the issuance of its multifamily housing...
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