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Commissioners to place $3 million private-activity-bond reallocation on consent for Dove Valley affordable housing
Summary
Staff asked the board to reallocate $3,000,000 in private activity bond proceeds returned by a project and to award them to the Dove Valley property as a split-liability partner under a 4% LIHTC approach; staff said the change would support more than 200 units and the board agreed to place the item on the consent agenda.
County staff proposed reallocating $3 million in private activity bond (PAB) authority that a developer returned after the project opted for 9% tax credits. Staff asked the board to award the returned PABs to the county's Dove Valley site to support a 4% low-income housing tax credit (LIHTC) financing approach.
Presenting staff said the Dove Valley property is one of the county's previously selected split-liability partner sites and that using the $3 million PAB allocation would support a 4% LIHTC financing stack for a development that the presenter estimated would create more than 200 units. Commissioners asked for brief clarifications about why the project was chosen and for updates on the other projects in the pipeline; staff said other projects had municipal PABs, were not ready to move forward or would return in the fall with a stronger financing package.
Commissioners indicated thumbs-up support and instructed staff to add the reallocation to the consent agenda.
Provenance: item introduced at SEG 063 and consensus reached at SEG 135.
Speakers quoted: Elizabeth (presenter).
