Council assigns private‑activity bond cap to preserve and renovate Greens of Northglenn apartments

On July 13 Northglenn’s council unanimously approved CR 90 to assign the city’s 2026 private activity bond (PAB) allocation—about $2.5 million—to the Colorado Housing and Finance Authority (CHFA) to support a preservation and renovation project at the 128‑unit Greens of Northglenn.

Director Becky Smith said the assignment helps meet federal bond financing requirements that enable the developer to qualify for 4% low‑income housing tax credits. A representative from Security Properties, Sean Burrows (by phone), described the project as a preservation recapitalization that would deepen affordability and extend the property’s affordability covenant by an additional 30 years. He said the renovation scope would include flooring, appliances, HVAC, roofing, accessibility upgrades and common‑area improvements, with an estimated renovation cost of roughly $80,000 per unit and total project capital in the tens of millions.

Burrows said the financing plan would combine the city’s allocation with CHFA bond allocations and 4% tax credits to leverage roughly $30–35 million of capital; he emphasized the plan did not include rent increases and is intended to preserve deep set‑aside levels (about 40–45% of area median income for many units).

Council members praised the preservation approach and asked staff to continue exploring available state and regional funding sources. The resolution passed unanimously with staff noting that if CHFA does not use the allocation for this project it would be reallocated to an eligible Northglenn use or returned to the state allocation process.