Since 1983, El Paso County has financed the development of thousands of units of multifamily housing through the issuance of tax-exempt bonds. This is primarily accomplished through the issuance of Private Activity Bonds (PAB), which are typically coupled with federal Low Income Housing Tax Credits (LIHTC). These projects range from newly constructed complexes to acquired and rehabilitated properties in return for a lower interest rate on the loans and potential tax credits. In exchange, each project sets aside some or all of their units for County residents of low- to moderate-income. While some of these projects are no longer subject to these restrictions, the following developments still provide some of their units for affordable housing pursuant to County guidelines.
El Paso County PAB Specifics
Pre-application meetings are required before submitting a PAB application. Be sure to schedule your meeting early in the development process.
Applications are accepted on May 1 and November 1 each year.
- Issuer Closing Fee = .40% (40bps)
- Annual Compliance Fee = .15% (15 bps)
- Due to the highly competitive nature of Private Activity Bonds, PAB will only be awarded for 51-55% of the eligible basis.
- EPC uses the same application for PAB and Housing Trust Fund (HTF).
El Paso County will not be accepting applications for PAB in the November 2024 application cycle due to insufficient availability of Cap. Please check back in early Spring 2025 to see if Cap will be available.
Recent El Paso County Multi-Family PAB Partnerships
2022
Panorama Heights
$23,500,000 PAB
133 units of multi-family workforce housing (under construction)
2022
Artspace Colorado Springs
$14,500,000 PAB
51 units of multi-family artist housing with gallery space (under construction)
For more information, or to schedule your
pre-application meeting, contact:
Randi Davis
Community Development Analyst
9 E. Vermijo Avenue
Colorado Springs, CO 80903
719-520-6481
randidavis2@elpasoco.com