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City staff recommends assigning 2026 private activity bond allocation ($1.47M) to CHFA for local housing projects
Summary
Director Jace told council the city's 2026 private activity bond allocation is $1,470,000 and staff recommends assigning that allocation to the Colorado Housing and Finance Authority (CHFA) to support local affordable-housing and first-time homeowner projects; staff said there is no fiscal liability to the city.
Director Jace briefed the council on the city's 2026 private-activity bond allocation and recommended assigning the $1,470,000 allocation to the Colorado Housing and Finance Authority (CHFA) for use on local projects.
Jace explained that federal tax-exempt bond authority is allocated to states and then to local governments; rather than the city issuing bonds directly, staff historically has assigned the allocation to CHFA to avoid the administrative, legal and compliance responsibilities of being a bond issuer. He cited past uses of the allocation, including CHFA financing that preserved the San Juan Apartments and CHFA's single-family home-ownership program, which staff said has supported local below-market mortgages and down-payment assistance since 2021.
Jace said assigning the allocation imposes no debt or financial liability on the city; staff's recommendation was to follow prior practice and allocate the 2026 authority to CHFA for local projects. Council asked whether CHFA is a state entity or private; staff confirmed CHFA is a state authority and answered additional process questions. There was no recorded vote at the work session.
