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 be accepting applications for PAB in the May 2025 application cycle! Please contact staff before submitting your PAB application.
Recent El Paso County Multi-Family PAB Partnerships
2019
Winfield Apartments
$16,830,000 PAB
160 units of acquisition/rehab workforce housing
2020
The Creek at Cottonwood
$42,900,000 PAB
258 units of multi-family workforce housing
2020
Alpine Vista
$22,311,000 PAB
242 units of multi-family workforce housing
2022
Panorama Heights
$23,500,000 PAB
133 units of multi-family workforce housing (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