Council assigns $2.08 million private-activity bond cap to Foothills Regional Housing
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Summary
Wheat Ridge approved assigning its 2025 private activity bond volume cap of $2,080,116 to Foothills Regional Housing to support affordable housing projects; council approved the resolution by roll call with eight ayes.
WHEAT RIDGE, Colo. — The Wheat Ridge City Council on Monday approved Resolution 44-20-25 to assign $2,080,116 of the city's 2025 private activity bond volume cap to Jefferson County Housing Authority, doing business as Foothills Regional Housing.
Councilor Amanda Weaver moved the resolution; Councilor Janice Hoppe seconded. The council recorded eight ayes and the motion carried.
City staff explained private activity bonds are tax-exempt financing tools governed by federal rules that municipalities can allocate for community development projects, including affordable housing. The staff presentation referenced the Tax Reform Act of 1987 in describing the program and noted the city has previously assigned its allocation to Foothills Regional Housing for projects including Caesar Square Apartments, Allison Village in Arvada, and recent work on the Ives affordable housing project.
Foothills Regional Housing asked for the allocation to be applied either to phase two of the Ives project or to the Miller Ridge (Ridge Road) affordable housing project. Amy Case Miranda of Foothills Regional Housing participated by Zoom and was available for questions, staff said.
Councilor Dan Larson voiced strong support for the Miller Ridge development and noted the planned units and income targeting discussed by Foothills Regional Housing. The assignment authorizes city staff to execute the documents required to transfer the volume cap to Foothills Regional Housing.
