Nonprofit organizations, quasi-governmental agencies, and private businesses are now eligible to apply for Private Activity Bonds (PABs) to benefit unincorporated Adams County. Adams County can assign $6,009,763 as PABs to eligible projects, and the 2021 bonds must be expended by September 2024.
PABs are tax-exempt bonds that can be used for projects that will expand housing, job opportunities, and the tax base in unincorporated Adams County. Municipalities or housing authorities issue the bonds but have no obligation to repay the investors who purchase the bonds.
“We’re excited to offer these bonds to agencies to be used for projects to help Adams County residents,” said County Manager Raymond Gonzales. “There is such a need for more affordable housing and good jobs in the county, and the projects these bonds help fund will make a real difference in some of our residents’ lives.”
Examples of specific uses for PABs include property acquisition, construction or renovation of affordable multifamily housing, financing mortgage revenue bonds, or mortgage credit certificates. PABs can also be combined with other funding sources, such as Low-Income Housing Tax Credits, Community Development Block Grants (CDBG), and Home Investment Partnerships Program (HOME) funds.
To see the full program guidelines, eligibility requirements, and applicable fees, visit the Adams County Private Activity Bonds webpage.
Visit the website to download an application in English and Spanish. Completed letters of application must be submitted in person to the Adams County Community & Economic Development Department, 1st Floor, 4430 S. Adams County Pkwy., Brighton, by Friday, May 28. The PAB Applications Committee will present applications to the Adams County Board of County Commissioners in June.
For questions, contact our Economic Development team with the subject line “Private Activity Bonds.”