Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Miha Bond Issuance topic
No spam. Unsubscribe anytime.
State middle‑income housing authority issues first $18.6M conduit bond for Frisco project
Summary
The Middle Income Housing Authority (MiHA) reported its first conduit bond issuance — $18.6 million for Galena Apartments in Frisco (54 units targeting middle‑income AMIs) — and outlined its financing model and pipeline amid market uncertainty.
The Middle Income Housing Authority (MiHA), administered in contract with OEDIT, announced its first conduit bond issuance: $18.6 million for the Galena Apartments in Frisco, a 54‑unit middle‑income project targeting roughly 80–120% area median income with completion expected in 2026.
MiHA chair Peter Lafari and OEDIT staff described the authority — created by the legislature in 2022 as a special purpose, independent authority — as a financing vehicle that issues taxable and tax‑exempt revenue bonds, enables property tax exemption (where approved locally), and forms public‑private partnerships such as special limited partnerships to support middle‑income rental housing.
Lafari and OEDIT noted the Galena financing structure: MiHA conduit bonds covered about 60% of total development costs, local government (Town of Frisco and Summit County) provided roughly 27–30% (land contributions and a subordinate low‑cost loan), and a Division of Local Affairs infrastructure grant covered about 13% of costs. NHP Foundation serves as the developer/owner and will manage the project; MiHA leveraged NHP’s credit strength to secure favorable rates despite a difficult capital market.
Speakers flagged market uncertainties and a challenging bond market that has slowed many middle‑income deals; MiHA said it is monitoring rent pressures in Metro Denver and exploring additional special limited partnership and bond transactions while conserving administrative cash until market conditions improve.
Committee members asked about pipeline projects and AMI definitions. MiHA said projects in Granby, the greater Denver area and rural resort communities are under consideration; the Frisco project is the most advanced. The committee adjourned after the presentation.
