Douglas County commissioners to consider up to $50 million for Parker housing project
The proposed financing would support a 204-unit affordable and workforce rental project at 6793 Scott Ave.; commissioners had not voted as of Aug. 22.
Douglas County commissioners are scheduled to consider public approval Tuesday, Aug. 25, for up to $50 million in multifamily housing revenue bonds to help finance Ponderosa Pines, a planned 204-unit affordable and workforce rental project in Parker.
The project is planned for 6793 Scott Ave. and would include rental units for individuals and families whose incomes average no more than 60% of the area median income, according to the staff report and proposed resolution. The project is intended to preserve affordability for all units for at least 30 years. Planned amenities include a pool, fitness center, children’s play areas and green space.
The Douglas County Housing Partnership would issue the bonds in one or more series, with proceeds loaned to Ponderosa Owner LLC. The money would fund part of the project’s acquisition, construction, improvement and equipment costs, as well as reserves and bond-issuance costs. The staff report says the financing is also expected to support federal 4% low-income housing tax credits.
The proposed county action is a public-approval step under Section 147(f) of the federal tax code, commonly associated with a TEFRA hearing. The law requires approval by an applicable elected body after public notice and a hearing before private-activity bonds can receive tax-exempt treatment. The resolution says the required hearing was held Aug. 14, after notice was published Aug. 7.
Approval would not itself issue the bonds or authorize construction. The resolution says it would not constitute state-law authorization for the Housing Partnership to issue the bonds, and local jurisdictions would retain responsibility for construction and occupancy permits. The staff report anticipates a financing closing in September, but that remains a planned date.
The resolution also says the bonds would not create financial liability for Douglas County or a charge against the county’s general credit or taxing powers. The proposed action would not commit county tax revenue, guarantee that the project is built or by itself ensure that all planned affordability terms are in place.
The borrower intends to seek a preference for applicants employed in Douglas County, subject to approval by the Colorado Housing and Finance Authority and applicable fair-housing requirements, according to the staff report.
The Aug. 25 business-meeting agenda lists the bond matter as a regular-agenda item. As of Aug. 22, the meeting had not occurred and no vote had been recorded. The county’s Legistar meeting listing showed no post-meeting minutes or video available.