The city of Greeley expects to receive upwards of 10 applications for affordable housing development after opening $24.4 million in private activity bonds to developers.
In January, the city council approved a resolution establishing the process for awarding private activity bonds, or PABs, which are independent funds granted by the Colorado Housing Authority to help construct affordable homes across the state. The city now has more than $24 million in an independent fund to allocate to projects that meet the city’s established criteria.
“More affordable housing means more neighbors can stay in Greeley,” Housing Solutions Director Deb Callies said. “For developers and nonprofits, this is an opportunity to bring forward projects that keep families rooted, ease pressure from rising housing costs and expand housing options near where people work.”
The application cycle will conclude March 20, after which the Housing Solutions department will work in conjunction with the Housing for All Advisory Board to conduct an interview process. After these interviews, Housing Solutions will draft a resolution recommending endorsement of these funds, with bond allocations to be decided in June and distributed in September.
Rosine Bouobda, a member of city staff, said the projects will be considered based on how closely they align with the city council’s housing goals. Examples of projects the city is seeking include converting an office building into affordable housing units, building new residential developments and the rehabilitating affordable rental units.
Greeley has recently been seeking avenues to encourage the development of affordable housing as housing prices continue to rise across the city. Recent staff analysis shows only residents making well above the median income can afford a median-priced home in Greeley and that a growing gap exists in construction costs and the price point at which homes can be sold and considered affordable.
For a house to be considered affordable, it must cost no more than 30% of the household income. The average median income for a four-person household in Greeley is $113,600, while the median cost of a home in Greeley is $431,732.
Callies said the city has received interest from four to six projects seeking funding, and Bouobda is optimistic about the city distributing all of the PAB funding. Half are for new construction, and the other half are for rehabilitation of low-income housing tax credit resyndications, turning older homes into official affordable housing.
“We anticipate receiving approximately 10 applications and are optimistic about distributing the full amount of available funding. However, the actual allocation will depend on the specific funding requests submitted by each applicant,” Bouobda said. “Ultimately, the total amount awarded will be determined by the aggregation of factors within the submitted applications.”
Applications will close at 4 p.m. March 20, and can be found at bit.ly/PABApplication26. The city encourages all who are interested to apply.
Residents seeking additional information about affordable housing and private activity bonds can go to bit.ly/GreeleyHousingSolutions.
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