Denver proposes up to $27 million in bonds for 149-unit affordable apartments
The city’s bill seeks authority for up to $27 million in housing revenue bonds; a draft purchase agreement lists $23.76 million in proposed bonds.
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Denver is seeking authority to issue up to $27 million in housing revenue bonds for Link and Pin Apartments, a planned 149-unit affordable rental building at 4187 Fox St. in Council District 11. The city’s bill proposes using bond proceeds to acquire, build and equip the project and identifies Link and Pin Apartments LP, or its affiliates, as the borrower.
A draft purchase agreement lists $23.76 million in proposed bonds: $17.4 million tax-exempt and $6.36 million taxable. The agreement leaves those amounts bracketed and its operative clause specifying the total principal amount blank, so it does not establish final financing terms or a bond closing. The draft agreement also contains other blanks and brackets.
The bill proposes awarding up to $19.4 million from Denver’s private-activity bond volume cap. The $27 million bond authorization is a proposed ceiling, not the project’s stated total cost.
The anticipated apartment mix is 30 units for households earning less than 30% of area median income, 67 for households at 60%, 14 at 70% and 38 at 80%—149 units in all. The bill describes the mix as anticipated, not guaranteed.
The Finance and Business Committee approved the bill by consent on Oct. 27. The bill lists a Mayor-Council date of Nov. 3, but its fields for council passage, mayoral approval and publication are blank, so it does not establish that the ordinance was finally enacted.