Print
E-mail
Comment
Bonds for affordable housing complex OK'd
The Douglas Board of County Commissioners unanimously approved Oct. 7 issuing $4.5 million in state bond money to a company wanting to build an affordable housing complex in the Meridian International Business Center.
By By: Sean Hadden
The Douglas Board of County Commissioners unanimously approved Oct. 7 issuing $4.5 million in state bond money to a company wanting to build an affordable housing complex in the Meridian International Business Center.
The money is part of this year's share of bonds the county receives each year from a fund administered by the Colorado Department of Local Affairs for private capital improvement projects, said Douglas County Finance Director Karen Montgomery.
The county issued similar bonds for the Parker Hilltop multifamily housing project in 1997 and 1998, she said.
Because Douglas County desperately needs affordable housing projects to attract and keep workers in the county, commissioners thought such a project was a good way to spend this year's allocation, she said.
The project would consist of 132 affordable housing units near the intersection of Interstate 25 and Lincoln Avenue in Meridian.
As the resolution stands now, the bonds become officially available Dec. 1 unless amended at the developer's request.
The developer is identified in the resolution as LincolnPointe Lofts One Limited Partnership, county documents say.
The county assumes no liability for repayment of the bonds should the project run into financial difficulty, the resolution authorizing the bonds says.
The county can offer the bonds but suffers no liability should a project fail financially, Montgomery said. Those who buy the bonds are ultimately responsible for any losses and hold the power to foreclose on the property.
All 132 units ultimately built will be open only to people and families earning 60 percent or less of the county median income, the resolution says.
The median income in Douglas County is more than $80,000, reports have shown.
The median income is established annually by the U.S. Department of Housing and Urban Development.
Rent charged to occupants of the units could not exceed 30 percent of each occupant's total income, the resolution says.
The money is part of this year's share of bonds the county receives each year from a fund administered by the Colorado Department of Local Affairs for private capital improvement projects, said Douglas County Finance Director Karen Montgomery.
The county issued similar bonds for the Parker Hilltop multifamily housing project in 1997 and 1998, she said.
Because Douglas County desperately needs affordable housing projects to attract and keep workers in the county, commissioners thought such a project was a good way to spend this year's allocation, she said.
The project would consist of 132 affordable housing units near the intersection of Interstate 25 and Lincoln Avenue in Meridian.
As the resolution stands now, the bonds become officially available Dec. 1 unless amended at the developer's request.
The developer is identified in the resolution as LincolnPointe Lofts One Limited Partnership, county documents say.
The county assumes no liability for repayment of the bonds should the project run into financial difficulty, the resolution authorizing the bonds says.
The county can offer the bonds but suffers no liability should a project fail financially, Montgomery said. Those who buy the bonds are ultimately responsible for any losses and hold the power to foreclose on the property.
All 132 units ultimately built will be open only to people and families earning 60 percent or less of the county median income, the resolution says.
The median income in Douglas County is more than $80,000, reports have shown.
The median income is established annually by the U.S. Department of Housing and Urban Development.
Rent charged to occupants of the units could not exceed 30 percent of each occupant's total income, the resolution says.
Submit a Comment
|
You must be logged in to post a comment.
|
Not yet a registered member?
Click here to become one. |
