HomeMy WebLinkAboutMemo - Mail Packet - 6/15/2021 - Memorandum From Sue Beck-Ferkiss Re: Follow Up - 2021 Private Activity Bond Assignment
Social Sustainability
222 Laporte Avenue
PO Box 580
Fort Collins, CO 80522
970.221.6758
MEMORANDUM
DATE: June 10, 2021
TO: Mayor Jeni Arndt & City Councilmembers
THRU: Darin Atteberry, City Manager
Kyle Stannert, Deputy City Manager
Jacqueline Kozak-Thiel, Chief Sustainability Officer
Meaghan Overton, Housing Manager
FROM: Sue Beck-Ferkiss, Social Policy and Housing Programs Manager
RE: Follow up - 2021 Private Activity Bond Assignment
Question Presented: During the June 1, 2021 City Council meeting, clarification was
requested regarding Item 8 (Resolution 2021-063) authorizing the assignment of the
City s Private Activity Bond Allocation for 2021 to Housing Catalyst to finance the new
construction and rehabilitation of affordable housing units. Specifically, Council
requested clarification about the number of homes (units) being redeveloped and
constructed by Housing Catalyst at the two locations near Impala Circle, close to
Poudre High School.
Bottom line:
Housing Catalyst will substantially renovate 13 existing duplexes, totaling 26 affordable
rental homes. Additionally, Housing Catalyst is replacing 11 aging and inefficient single
family public housing rental homes with 60 newly constructed energy efficient affordable
apartment rental homes. Upon completion, there will be a net increase of 49 new
affordable homes to the City s inventory of affordable housing.
Both projects will be developed using 4% Low-Income Housing Tax Credit financing.
Next Steps:
An Assignment Agreement will be circulated for signatures and Housing Catalyst can
either issue the Private Activity Bonds this year or carry them forward for up to three
years.