Larimer County assigns 2026 private activity bond allocation to preserve 118 units at Country Ranch Apartments

The Larimer County Board of County Commissioners on July 14 approved a resolution to assign the county's 2026 private activity bond (PAB) allocation to Housing Catalyst, enabling April Housing to use the allocation to preserve and renovate Country Ranch Apartments in Fort Collins.

Under the resolution, which passed 3‑0, the county will assign the PAB allocation to Housing Catalyst as the bond issuer; Housing Catalyst will then issue bonds to support April Housing's Country Ranch preservation project. Leah Rodriguez of the county's housing stability team told the board the county's PAB review committee unanimously recommended assigning the county's allocation to April Housing to preserve low‑income rental units.

Project details: April Housing's Joseph Backlit said Country Ranch comprises 118 units built around 2000; the preservation plan includes roughly $11 million in hard construction costs (about $93,000 per unit averaged across the site) to renovate interiors and exteriors, upgrade HVAC and mechanical systems, resurface parking and improve landscaping and accessibility. Backlit said the full capital stack for the project is approximately $60 million, with major sources described as bond proceeds, federal 4% low‑income housing tax credit equity (about $19.6 million) and a seller note; April Housing also plans to contribute roughly $8.1 million of proceeds and defer most of its developer fee to make the deal work.

Housing Catalyst's Kristen Fritz explained the local delivery approach: Housing Catalyst, the public housing authority for the city of Fort Collins, will receive the PAB allocation and act as the issuer; it will then turn bond proceeds to the April Housing project. Fritz said this structure allows the county to retain flexibility to redeploy bonds to other Northern Colorado projects if needed.

Affordability, relocation and timeline: Presenters said all units will remain deed‑restricted at 60% of area median income (AMI) and that preservation will extend affordability through the tax‑credit partnership (presenters cited a typical preservation horizon of about 20 years). Backlit said construction is anticipated to begin after financing closes (applications to CHFA are planned in late 2026 and early 2027) and construction will take roughly 18 months; tenants will be temporarily relocated to on‑site vacant units or off‑site hotel units as necessary and April Housing will cover moving and storage costs.

Board action: Commissioner Kristen Stevens moved the resolution to assign the PAB allocation; the motion passed by voice vote 3‑0. Commissioners asked multiple clarifying questions about HVAC efficiency and tenant relocation; presenters confirmed energy upgrades are planned to reduce utility costs and that April Housing will pay relocation costs and engage a relocation consultant.

What it means: The allocation supports preservation rather than new construction, keeping 118 rental units affordable at 60% AMI and leveraging private and federal financing to cover renovation and acquisition costs. Housing Catalyst noted Larimer County has previously contributed more than $50 million in PAB allocations since 2013 to preserve and produce affordable units.

Next steps: Housing Catalyst and April Housing will pursue CHFA applications and finalize bond issuance; county staff said the assigned allocation will be tracked to ensure deployment on this project or redeployed locally if the project cannot close.