Town of Windsor allocates $1.1 million to Loveland Housing Authority, Windsor Meadows Phase II
September 22, 2015
Thanks to Colorado's Private Activity Bond program, the town of Windsor gave the Loveland Housing Authority $1.1 million for the construction of the Windsor Meadows Phase II Monday night.
As a newly established entitlement community — meaning Windsor crossed the population threshold to be ranked so by the state — the town will receive Private Activity Bond money each year for public improvement projects and allocations.
"The primary purpose of the PAB program is to encourage private investment in housing, manufacturing, higher education, infrastructure and environmental projects," according to materials presented by staff.
If any portion of the money is not used, carried forward or transferred to another entity, such as the Loveland Housing Authority, by Sept. 15, the state pool recaptures the funds and redistributes them.
“The primary purpose of the PAB program is to encourage private investment in housing, manufacturing, higher education, infrastructure and environmental projects,” Materials presented by staff
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"Each year you'll get them, it grows slightly based on capita," Loveland Housing Authority Director Sam Betters said Monday night.
Funds for communities under the population threshold come from state authorities, which capture 50 percent of the bond each year.
As of Aug. 28, the Windsor Meadows homes had a waiting list of 331 people, said Windsor Housing Authority Chairman John Moore Monday night.
If the authority didn't receive money from the town, they could have pursued funding from the state, but would have had to pay an additional $2,500-$3,000 in fees for the use from that resource pool.
The consistent help from the town since the project's start has allowed the development and authority to be able to sustain itself over the years, Betters said.
"We're committed to that," he said. "As our partnerships have evolved and grown so have our ways and means to make these things happen."