Private Activity Bonds (PABs) are tax-exempt security bonds issued by or on behalf of a local government for the sole purpose of extending special financing benefits for qualified projects. PABs help finance specific projects for public or common good. Municipalities can use the cap to support several uses including economic development, homeownership, and rental housing. Economic development project eligibility includes manufacturing industrial development bonds for the construction of manufacturing facilities that produce goods, qualified redevelopment bonds for acquiring property in blighted areas; preparing land for redevelopment and relocating occupants of structures on the acquired property; exempt facility bonds for hazardous waste facilities, solid waste disposal facilities, water and sewer facilities, mass commuting facilities, local district heating and cooling facilities, and local electric or gas facilities; and qualified 501c(3) bonds for use by non-profit hospitals and private universities.
While the City will review and consider all projects, currently the City of Grand Junction will prioritize affordable housing projects.
The City of Grand Junctions 2023 allocation is $4,031,651.
Application will remain open until May 15, 2023
Due to the system time out, please be sure to save your work frequently or write answers on a different form and copy/paste into the document.
The Principal Representative of the organization is the lead of the organization/entity/developer who is responsible for signing and approving documents.
The Responsible Administrator will receive communications for the Application.
If the Responsible Administrator and Principal Representative are the same person, only the first and last name fields are required. If they are different individuals, all fields are required.
Please provide a 1 paragraph summary of the project. 1000 characters max
Please provide a description of the project in detail. 5000 characters max.
Please answer all of the questions listed below.
1. Is the project considered economic development, homeownership or rental housing?
2. Does the property include any buildings on site? If so, please briefly describe the intention of the use or demolition of building.
3. Does this project include new construction or renovation of existing building?
4. If a housing project, will units be for rent, ownership, or both? Please give ideal percentage breakdown.
Describe the project timeline, including information on when each phase is expected to begin, major milestones for each phase, an predevelopment work that will need to be completed. Identify any major risks to the timeline being delayed beyond the anticipated project completion date. Identify if site will need to be zoned differently, etc.
Describe the development pattern that applies to the project (infill, greenfield, etc). Aside from impact fees, describe if any new infrastructure will be required as part of the project. Describe land use practices (adaptive reuse, walkability, density, complete streets,etc) are being incorporated into the project.
Does the project intend to rehabilitate and/or repurpose a vacant, or underutilized commercial or industrial building in a core commercial, blighted or industrial area for affordable housing? If so, describe what type of rehabilitation will be needed, the former use of the building, how long it has been vacant, etc. Extra points are given for Rehabilitation projects.
Please describe the number of affordable housing units and total number of units the project will create. If the project will include multiple phases, please outline the phases and how many units will be completed in each phase. 900 characters max
Please address how this project will address housing needs? Which populations does this project intend to serve? Include AMI levels, as well as, housing unit types (for individuals or families)? What is the impact of serving these specific populations in the community?
Describe how the community benefits from this project; including supports/programs for the future residents and/or broader community/neighborhood. Some community benefits may include: increased multi-modal transportation access, access to early childhood education/childcare centers, energy efficiency of unit, proximity to jobs/schools. Describe the projects site proximity to services nad amentinities such as transportation, employment hubs, grocery stores, schools, parks, public services, childcare, etc.
Describe the proximity of the project site in relation to hazardous areas (floodplain, heavy industrial areas, wildfire, railroad, water canals, etc). Describe any hazards the project site may have already been impacted by previously. Describe what hazard mitigation strategies are planned.
If applicable, describe how the project may be built to higher energy efficiency standards. Extra point is given to projects seeking higher energy efficiency standards.
Please include a preliminary plan for project financing, including any grants, fundraising, and/or investment opportunities you will need to access and the estimated timeline. Will you be pursuing 4% LIHTC, either as a by-right or seeking a competitive award.
What mechanism (deed restriction or other) will be used to ensure the units will be secured as affordable? What programs and/or policies will be used to monitor compliance with long-term affordability? (Note: Bonus Points for over 20 years)
If awarded a partial amount, what is the minimum amount of funds necessary so that the project can retain key components such as AMI levels, target unit numbers, affordability term lengths, etc? Are there any matching funds? From who? Explain what the impact would be between receiving your minimum and requested amount of funding.
Please include the name and title of the person who will be managing the project, as well as any additional staff and resources (such as partner organizations) that will be a part of the project.
Describe capacity to administer the project and/or program long term and provide the person or entity responsible for managing the affordability of the units long term and their experience.
Describe the community leadership and stakeholder support for the project currently, including adopted plans, policies, and financial or in-kind commitments. Provide links to any plans or policies. Discuss any challenges in getting support and what you plan to do to gain that support. Identify supporting capacity (part organization, business, board members, consultants, etc). Partners and stakeholders can demonstrate their involvement/commitment with letters of support and/or financial commitments.
Describe your community engagement strategies, include how your efforts will address equity, diversity, inclusion and accessibility. How will you find future tenants? What will you do to gain neighbor and community support for the project, participate in stakeholder engagement, etc.?
Please upload additional or supporting documentation you may wish to include. Examples include: site plan, area amenities, MOUs, support letters, etc.
You may also send any additional documents to firstname.lastname@example.org
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