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City to consider private activity bond carryforward and proposals for Bradley Ridge and Royal Pine apartments
Summary
City housing staff briefed council on private activity bond allocation and introduced two projects—Bradley Ridge (336 units with on‑site child care) and Royal Pine (232 units with mixed AMI levels)—that would use the city's 2025 private activity bond cap; formal approvals return to council for later votes.
City housing and planning staff presented a primer on private activity bonds (PABs) and reviewed two affordable housing projects—Bradley Ridge and Royal Pine—that are expected to use the city’s 2022–2025 private activity bond cap. Staff asked the council to adopt a resolution declaring the city’s intent to use the 2025 PAB allocation for affordable multifamily housing; staff also introduced inducement and ordinance items tied to the two developments.
Amy Cox, chief housing and homelessness officer, and Katie Sunderland, housing solutions manager, explained PAB basics: PABs are tax‑exempt municipal revenue bonds issued as a conduit (the city is not responsible for repayment) and are typically paired with Low Income Housing Tax Credits (LIHTC). The IRS allocates PAB cap to states by population; Colorado’s allocation is then distributed to local jurisdictions. The City of Colorado Springs received an allocation of about $31.8 million for 2025 (staff said…
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