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Castle Pines staff recommend assigning $1.03 million private activity bond allocation to Douglas County Housing Partnership
Summary
City staff told council the city received a $1,030,235 private activity bond allocation and recommended assigning it to the Douglas County Housing Partnership so the regional body can pool and allocate funds to qualifying affordable housing projects within partner jurisdictions.
City of Castle Pines staff told the council on May 12 that the city received a direct private activity bond allocation of $1,030,235 and recommended assigning that allocation to the Douglas County Housing Partnership (DCHP).
Maria Chano, executive director of the Douglas County Housing Partnership, described private activity bonds as tax-exempt financing commonly used to support affordable housing, mortgage programs for low- and moderate-income buyers and certain small-issue manufacturing projects. Staff noted state volume-cap rules limit allocations and that the statewide allocation process is driven in part by population. "We received an allocation of $1,030,235," staff said during the presentation.
Chano and staff described four options the city must decide on by Sept. 15, 2026: issue bonds for a local eligible activity, assign the allocation to another local government or housing authority, delegate the allocation to an issuing authority (for example, the Colorado Housing Finance Authority), or carry the allocation forward for up to three years for a specific project. Staff recommended assignment to DCHP, a multi-jurisdiction partnership that includes Lone Tree, Parker, Castle Rock and Douglas County.
Council members asked whether an assignment would obligate the city to accept local projects; staff replied it would not. "It allows all of those private activity bond allocations to be pulled and allocated to certain development projects based on what the board of the Douglas County Housing Partnership decides," staff said. Council members requested additional detail about DCHP's selection criteria; Chano said staff evaluates pipeline projects that have local support and funding readiness and then presents recommendations to the DCHP board for a vote.
The assignment will appear on the consent agenda as Resolution 26-29. If the council approves the assignment, the partnership may deploy the allocation anywhere across partner jurisdictions; if Castle Pines declines to assign it, the allocation can be returned to the statewide balance and reallocated elsewhere.
