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.
Current El Paso County Multi-Family Partnerships
2020 Partnerships Currently in Development:
- The Creek at Cottonwood: 258 potential units of multifamily workforce housing
- Barnes and Medical View Apartments: 242 potential units of multifamily workforce housing
- Winfield Apartments: 160 unit acquisition rehabilitation of currently existing affordable housing units
- Copper Range: El Paso County issued Private Activity Bonds (PAB) for this 240 unit workforce multifamily complex
- Traditions: El Paso County issued PAB for this 180 unit affordable senior complex. The El Paso County Housing Authority (EPCHA) also provided a $1.3M loan
- Whitney Young: El Paso County issued PAB for this 200 unit acquisition rehabilitation deal of already existing affordable housing units
El Paso County PAB Specifics
Issuer Closing Fee: .40% (40 bps)
Annual Compliance Fee: .15% (15bps)
Maximum Funding Amount
Due to the highly competitive nature of Private Activity Bonds, PAB will only be awarded for 51-55% of the eligible aggregate basis.