Wheat Ridge allocates 2025 private activity bond cap to Foothills; council backs regional needs assessment and expedited-review plan

Wheat Ridge City Council agreed Monday to assign the city's 2025 private activity bond (PAB) allocation to Foothills Regional Housing for the Ridge mixed‑use affordable housing project at approximately Ridge Road and Miller Street, and expressed support for participating in the Denver Regional Council of Governments' regional housing needs assessment and for codifying an expedited review process required to remain eligible for the state’s Prop 1‑2‑3 funding.

The city’s staff said Wheat Ridge’s 2025 PAB allocation is “just over $2,000,000,” and that the city has repeatedly designated its annual allocation to Foothills in recent years for affordable projects such as Caesar Square, Lisonbee Village and the Ives project. Dana of Foothills Regional Housing told council the Ridge project is planned in three phases — senior housing, multifamily rental and a proposed homeownership component — and that current estimates put overall development costs at about $94,000,000. Dana said the PAB assignment enables access to 4% low‑income housing tax credits commonly used to finance such developments.

Councilors voiced broad support for the assignment. “This for me is a no brainer,” Councilor Hobby said, citing the quality of Caesar Square. Councilor Larson and others described site visits and asbestos‑abatement work at the Miller Ridge site; Councilor Hultein asked whether Jefferson County or neighboring Arvada were being…