The City of Greeley’s Private Activity Bond (PAB) strategy to address affordable housing is beginning to pay off. For the past 2 years, we have assigned our PAB allocation to the Colorado Housing and Finance Authority (CHFA) are seeing some exciting results!
We currently have nearly 700 affordable housing units under planning and development in Greeley, most of which are being driven by our strategic use of Private Activity Bonds,
Here in Greeley, we’ve developed a pipeline of affordable housing projects and successfully matched several developers with our PAB allocation:
When combined with Weld County’s PAB allocation and leveraging an assignment to CHFA, we are hopeful that the past two year’s allocations, which total nearly $28M, will be used to generate $115M in new projects. These projects are targeted for families, seniors and first-time home buyers.
Private activity bonds (PAB) are tax-exempt bonds issued by or on behalf of a 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 generally does not pledge its credit.
CHFA works throughout the state to increase the availability of affordable, decent, and accessible housing for lower income Coloradans and strengthen the state's economy by investing in affordable housing and community development. Together with their community partners, CHFA has invested more than $25 billion in Colorado’s economy. More information on CHFA can be found here: chfainfo.com.
- Nearly 700 new affordable units under Planning and Development
- $28M PAB - $115M in projects
- Families, Seniors, First-Time Homebuyers
- Planned opening in 2022-2024
- Partnerships with Weld County/CHFA