County Provides Support for Housing Projects
Published on February 10, 2021
For years, Weld County government has worked both locally and regionally in supporting affordable housing projects through the allocation of its Private Activity Bonds (PABs). This year, by Board direction, the county’s $8.6 million dollars in PABs will be allocated along with Greeley’s $6 million in PABs to support the Copper Platte, Immaculata Plaza project and the Hope Springs projects, all located in Greeley.
PABs are not county funds, rather they are tax-exempt bonds allocated to the state by the Federal government and are used by the private sector for programs such as mortgages and student loans. The state allocates a portion of its share of PABs to county governments, which become the financing vehicle for private industry to use the bonds to fund projects.
There is no financial liability for the county, and the PABs have been used to support much needed projects in both Weld and Larimer Counties.
This year, the Weld County and Greeley PABs will be used to support the creation of 518 affordable housing units for both families and seniors in Weld County, specifically Greeley.