To: Honorable Mayor and Members of Town Council
Through: David L. Corliss, Town Manager
From: Tara Vargish, PE, Director, Development Services
Brad Boland, AICP Planning Manager, Development Services
Title
Resolution Authorizing the Assignment and Transfer to the Douglas County Housing Partnership of all of the Town of Castle Rock’s 2026 Private Activity Bond Volume Cap Allocation and the Execution and Delivery of an Assignment and Other Documents in Connection Therewith
Body
________________________________________________________________________________
Executive Summary
The purpose and intent of this Resolution is to assign the Town of Castle Rock’s 2026 Private Activity Bond Allocation (PAB) to the Douglas County Housing Partnership (DCHP) (Attachments A and B). On February 9, 2026, the Colorado Department of Local Affairs notified the Town of our 2026 Private Activity Bond Allocation of $5,688,874 (Attachment C). The assigned allocation is intended to be used for housing revenue bonds for low- and moderate-income families in the Town of Castle Rock and throughout Douglas County.
From 2005 to 2011, the Town assigned its PAB allocation to the Colorado Housing Finance Authority (CHFA) for single-family Mortgage Revenue Bonds (MRB) and single-family Mortgage Credit Certificates (MCC). Beginning in 2012, CHFA stopped accepting PAB allocations. Staff found that assigning the PAB allocations to the Douglas County Housing Partnership for future housing projects in Castle Rock and throughout Douglas County was the best option to help finance housing projects that diversify the housing opportunities for the Castle Rock community, especially since the Town does not issue bonds for this purpose.
If any portion of this allocation is not used, is carried forward, or transferred to another entity by an entitlement community before September 15, it is recaptured into the statewide pool for reallocation to other entities.
Attachments
Attachment A: Resolution
Attachment B: Douglas County Housing Partnership (DCHP) Assignment
Attachment C: Colorado Department of Local Affairs PAB Assignment Letter