Left to right: Weld County Commissioners, Scott James, Lynette Peppler, Perry Buck, Jason Maxey and Kevin Ross. Credit: Weld County

Two Weld County towns will get a boost to help build low- to moderate-cost housing units, the county commissioner agreed.

The Town of Firestone and the Town of Johnstown will both get Private Activity Bonds approved by the Weld County Board of Commissioners, according to a news release on July 1.

“We are happy to support these organizations in their housing development endeavors,” Commissioner Chair Perry Buck said. “This funding mechanism allows Weld County to support critical initiatives that might otherwise be challenging to finance.”

In Frederick, Big Red Development LLC will receive $7.7 million to build 129 affordable housing units for 300 low- to moderate-income residents.

In Johnstown, the Kentro Group will get $4 million to develop 135 affordable housing units at Waggoner Crossing apartment complex, according to officials. 

The Private Activity Bonds are authorized by the federal government and allocated to counties, cities and towns. The bonds offer tax-exempt financing to support projects that develop community infrastructure, affordable housing, and promote economic growth. 

County officials said the Private Activity Bonds are crucial for developing affordable housing in communities and helping businesses and nonprofits obtain funding for important community projects. 

The bonds function as a pass-through issuer, so no county tax dollars are used for this process and the County does not incur any debt or financial responsibility that would affect taxpayers. Developers can benefit from lower borrowing costs, and the interest on these bonds is exempt from federal income tax. 

 For more information about PABs, visit the Weld County Department of Finance and Administration webpage.

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