Amy Cox, chief housing and homelessness response officer for the City of Colorado Springs, told council on Aug. 11 that the city is preparing to introduce an ordinance to authorize multifamily housing revenue private activity bonds for the Bradley Ridge Apartments, a 336‑unit Low‑Income Housing Tax Credit (LIHTC) project in Southeast Colorado Springs.

Cox said the ordinance introduction is the final municipal step after an inducement resolution the council approved May 13; the project has completed due diligence items required by the city’s private activity bond process, including a market study, commitment to purchase the bonds and sufficient debt and equity to close. The ordinance described a bond cap not to exceed $76,832,222.72 and a total project cost presented in the meeting packet of about $157 million.

Why it matters: Bradley Ridge will add 336 apartments in two‑, three‑ and four‑bedroom configurations, rents projected 24% to 32% below area market rates, an on‑site Early Connections Learning Centers childcare facility with 60–65 slots prioritized for residents, and an anticipated 20 units set aside for veterans. The city emphasized that the project targets lower‑income households and provides added community benefits (childcare, family‑sized units) that align with the city’s housing priorities.

Funding and allocation: Cox described the private activity bond allocation for Bradley Ridge as a combination of the city’s annual allocation, plus $5,000,000 from a statewide competitive balance allocation and $7,000,000 assigned from the Colorado Springs Housing Authority through a prior carry‑forward resolution. Cox said the project is ready to proceed to ordinance readings (first reading at the council’s next regular meeting, final reading Sept. 9), with financial closing expected in December and construction completion estimated in January 2028.

Council questions and context: Council members noted the project’s family focus, the unusually high number of four‑bedroom units (84), and the childcare component. Katie Sunderland, housing solutions manager, said developers previously delivered similar family‑sized units at Interquest Ridge and that four‑bedroom units leased quickly there. Council discussion placed the project in the context of larger housing shortfalls (staff referenced an estimated local gap of roughly 28,000 units from the housing needs assessment) and emphasized the need to scale production and reduce development timelines and costs.

Next steps: staff will present ordinance readings as scheduled; council members and staff discussed continuing efforts to encourage affordable‑housing production, streamline approvals and pursue additional funding sources.