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File #: RES 2020-062    Version: 1 Name:
Type: Resolution Status: Passed
File created: 6/25/2020 In control: Town Council
On agenda: 7/21/2020 Final action: 7/21/2020
Title: Resolution Assigning and Transferring to Douglas County Housing Partnership All of the Town of Castle Rock's 2020 Private Activity Bond Volume Cap Allocation from the State Ceiling for Private Activity Bonds; and Authorizing the Execution and Delivery of an Assignment and Other Documents in Connection Therewith
Attachments: 1. Staff Report, 2. Attachment A: Resolution, 3. Attachment B: Douglas County Housing Partnership (DCHP) Assignment, 4. Attachment C: Colorado Department of Local Affairs - PAB Assignment Letter

To:                     Honorable Mayor and Members of Town Council

 

Through:                     Tara Vargish, PE, Director, Development Services

 

From:                     Julie Kirkpatrick, PLA, ASLA, Long Range Project Manager

 

Title

Resolution Assigning and Transferring to Douglas County Housing Partnership All of the Town of Castle Rock’s 2020 Private Activity Bond Volume Cap Allocation from the State Ceiling for Private Activity Bonds; and Authorizing 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 2020 Private Activity Bond Allocation (PAB) to the Douglas County Housing Partnership (DCHP).  On January 10, 2020, the Colorado Department of Local Affairs notified the Town of our 2020 Private Activity Bond Allocation.  The assigned allocation would be used for housing revenue bonds for low- and moderate-income families in the Town of Castle Rock and throughout Douglas County.  The Town of Castle Rock will have priority for projects utilizing the allocation.

 

From 2005 to 2011, the Town of Castle Rock 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 (DCHP) 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.

 

If any portion of this allocation is not used, carried forward, or transferred to another entity by an entitlement community before September 15th, it is recaptured into the statewide pool for reallocation to other entities.

 

Budget Impact

 

There is no financial impact to the Town because this is an allocation of the right to issue bonds for the benefit of Town residents.  The Town does not issue the bonds and has no financial liability.

 

Staff Recommendation

 

Staff recommends approval of this resolution. 

 

Proposed Motion

 

“I move to approve the Resolution as introduced by title.”

 

Attachments

 

Attachment A:  Resolution

Attachment B:                     Douglas County Housing Partnership (DCHP) Assignment

Attachment C:                     Colorado Department of Local Affairs PAB Assignment Letter