Greeley council approves bonds for 292 affordable homes

Greeley City Council approved a resolution June 16 to award private activity bonds for three affordable housing developments, a move city officials said will help create or preserve 292 affordable homes.

According to the city, private activity bonds are federally regulated, tax-exempt bonds issued by the state that help privately developed housing projects qualify for 4% Low-Income Housing Tax Credits. The city said the bonds are awarded through Greeley but are not city funds and are not part of the city budget.

Housing Solutions Director Deb Callies said the bonds are an important tool for development and preservation of affordable housing. "By leveraging these financing opportunities, we can support projects that expand housing choices and meet critical community needs," she said.

The awards will support three developments: Lincoln Avenue Communities will preserve 108 HUD-supported homes near Island Grove; The Vistas at Hope Springs by Brickwell Development will add 120 rental homes for families earning below 80% of the area median income, including 40 fully ADA-accessible homes; and High Plains Development will rehabilitate 64 homes across the Prairie Rose properties for families making 40% to 50% of the area median income.

The city said the projects are part of its Housing Solutions work under City Council’s 2037 Vision goal of "Housing for All."