The Weld County Board of Commissioners awarded over $11 million in Private Activity Bonds (PABs) for affordable housing projects, including a 129 unit complex in Firestone and a 135-unit complex in Johnstown. $7,692,568 was awarded to Big Red Development LLC for the Firestone complex. Kentro Group received $3,954,897 in partnership with the Town of Johnstown.
“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.”
The federal government provides cities and counties the opportunity to issue PABs as a tax-exempt financing option for community infrastructure projects, including affordable housing units. Weld County is considered a “pass-through issuer” and has no debt or financial responsibility associated with these projects. There are no county tax dollars involved in the financing of these projects and they are also exempt from federal income tax.
Between these two affordable housing projects, Weld County has issued the full amount allotted for 2025. Companies submitted their letters of interest by the deadline of May 2, 2025 and the Weld County Commissioners chose the awardees this week. No more PAB funds will be available for Weld County until 2026.
A new study by the American Enterprise Institute (AEI) Housing Center found Colorado has a seven percent shortage in housing, a total shortage of 188,197. This problem is compounded because Colorado is one of ten states considered a “blast zone” for California, which has a 12 percent deficit and a shortage of 1.8 million houses. The study concluded the country needs six million more homes to solve the current housing shortage.
