El Paso County Multifamily Mortgage Bond Program

Since 1983, El Paso County has financed the development of approximately 2,000 units of multifamily housing through the issuance of tax-exempt bonds. These projects have all been newly constructed by developers who, in return for a lower interest rate on the loans and potential tax credits, set aside some or all of their units for County residents of low- to moderate-income. While some of these projects are no longer subject to these restrictions, the following developments still provide some of their units for affordable housing pursuant to County guidelines.

Apartment Developments with Affordable Units

Briarglen Apartments
Cottonwood Terrace Apartments
Lynmar Apartments
Constitution Square Apartments
West Meadow Peaks Apartments
Stetson Meadows Apartments

Applications for Tax-Exempt Bond Financing

The County, through its Housing Authority, is accepting applications from developers for the award of private activity bond (PAB) allocation for tax-exempt bonds in order to finance multifamily projects that will provide affordable housing for its residents. Over $10,000,000 in PAB allocation has been reserved for the issuance and additional allocation may also be available. The tax-exempt status of bonds will achieve a lower interest rate for the loan. In addition, projects financed in this manner are eligible to apply to the Colorado Housing and Finance Authority (CHFA) for low-income housing tax credits. The Authority is seeking a development(s) that will have a substantial impact on rents and benefit a large number of lower-income residents.

The requirements of the County, CHFA, and the Internal Revenue Service regarding tax-exempt bonds and low-income housing tax credits all must be met. Both new construction and acquisition/rehabilitation of apartment complexes serving low- to middle-income residents will be considered. If the bonds are publicly offered, the County requires that the bonds be rated AA or better. Therefore, credit enhancement must be provided by FHA or an enhancement entity rated AA or better. In the case of a private placement of the bonds, this requirement may be waived.

Only complete applications (an original and eight copies) will be accepted for consideration by the Authority. An application must be accompanied by a check in the amount of $500.00 payable to El Paso County Housing Authority. This application fee will be non-refundable. In the event of award, the fee will be used to offset a portion of the County's inception fee, anticipated to be 1/2 of 1%. Applications will be accepted until an award of allocation is made.

Interviews will be scheduled as completed applications are reviewed. The Authority will consider all applications and determine which provides the most public purpose in recommending any award to the El Paso County Board of Commissioners. The Authority reserves the right to reject any and all applications. All costs incurred in preparation of the application or preparing responses are the sole responsibility of, and shall be borne by, the applicant.

Application Form

Application - Worksheet Attachments