Weld commishes award more than $11M for affordable housing - Greeley Trib
Thomas Clayton
The Weld County commissioners awarded more than $11.6 million in private activity bonds to support the construction of affordable housing in Johnstown and Firestone.
On Tuesday, Weld County announced that the commissioners awarded two private activity bonds to Big Red Development LLC and Kentro Group. The two plan to construct a total of 264 affordable units, with the Big Red Development housing complex expected to accommodate about 300 low- and moderate-income residents in Firestone.
Arizona-based Big Red Development will construct a 129-unit affordable housing complex, having received $7,692,568 from the county.
Denver-based Kentro Group has entered into a partnership with the town of Johnstown to develop Waggoner Crossing, a 135-unit affordable apartment complex. The county has awarded them $3,954,897 to aid in this development. Kentro Group has historically developed grocery-anchored shopping centers and urban street retail in popular and developing neighborhoods. Kentro
“We are happy to support these organizations in their housing development endeavors,” Commissioner Chair Perry Buck said in a county news release. “This funding mechanism allows Weld County to support critical initiatives that might otherwise be challenging to finance.”
Private activity bonds are tax-exempt bonds authorized by the federal government, designed to support projects that expand affordable housing, enhance the local economy and promote community development. County officials said these bonds are crucial for local businesses and nonprofits to secure financing for important development projects.
The county doesn’t take on any debt or financial responsibility for issuing the bonds, ensuring that taxpayers are not impacted. The federal government gives counties and cities the authority to issue these bonds, and because the interest is exempt from federal income tax, developers typically pay lower borrowing costs.
RevContent Feed
Around the Web
Weld County awards more than $11.6M for affordable housing
The Weld County commissioners awarded more than $11.6 million in private activity bonds to support the construction of affordable housing in Johnstown and Firestone.
On Tuesday, Weld County announced that the commissioners awarded two private activity bonds to Big Red Development LLC and Kentro Group. The two plan to construct a total of 264 affordable units, with the Big Red Development housing complex expected to accommodate about 300 low- and moderate-income residents in Firestone.
Arizona-based Big Red Development will construct a 129-unit affordable housing complex, having received $7,692,568 from the county.
Denver-based Kentro Group has entered into a partnership with the town of Johnstown to develop Waggoner Crossing, a 135-unit affordable apartment complex. The county has awarded them $3,954,897 to aid in this development. Kentro Group has historically developed grocery-anchored shopping centers and urban street retail in popular and developing neighborhoods. Kentro
“We are happy to support these organizations in their housing development endeavors,” Commissioner Chair Perry Buck said in a county news release. “This funding mechanism allows Weld County to support critical initiatives that might otherwise be challenging to finance.”
Private activity bonds are tax-exempt bonds authorized by the federal government, designed to support projects that expand affordable housing, enhance the local economy and promote community development. County officials said these bonds are crucial for local businesses and nonprofits to secure financing for important development projects.
Continue watchingIsrael outlines plans to pack Gaza’s population into a closed border zone. Here’s a closer lookafter the adThe county doesn’t take on any debt or financial responsibility for issuing the bonds, ensuring that taxpayers are not impacted. The federal government gives counties and cities the authority to issue these bonds, and because the interest is exempt from federal income tax, developers typically pay lower borrowing costs.
RevContent Feed
Around the Web
 | Tom Clayton Communication and Media Specialist, Public Affairs |
| Commissioners' Office 200 W Oak St, Fort Collins, 80522 | 2nd Floor W: (970) 498-7005 tcla...@larimer.org | www.larimer.org |