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Council reassigns private activity bond allocations to affordable-housing projects
Summary
The council approved a series of unanimous resolutions revoking and reassigning portions of the city's 2024–2026 private activity bond allocations to Maker Housing Partners, CHFA and specific affordable-housing projects, directing funds to rehabilitation and first‑time homebuyer assistance.
The Thornton City Council unanimously approved resolutions revoking and reassigning portions of the city's private activity bond allocations for 2024, 2025 and 2026 to finance affordable‑housing projects and down‑payment assistance programs.
Staff recommended reallocating roughly $6.5 million from 2024 to a Dawson Square affordable‑housing rehabilitation project and diverting $2.5 million to CHFA for down‑payment assistance; the 2025 allocation would place approximately $6 million toward Maker Housing Partners’ June Grama senior development and $3.4 million to other future affordable‑housing needs; and 2026 allocations included about $4 million toward the Sheryl Wood senior housing development and $6 million to Maker Housing Partners for additional affordable projects.
Council members described private activity bonds as an important local financing tool for affordable housing and pledged to continue advocating for the program at the state and federal levels. Each resolution was moved, discussed briefly and passed unanimously.
