Private Activity Bonds

Adams County can assign $6,009,763 of Private Activity Bonds (PABs) to an eligible project(s) within unincorporated Adams County. Nonprofit organizations, quasi-governmental agencies, and private businesses are eligible to apply for the bonds.

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. Examples of specific uses include property acquisition, construction or renovation of affordable multifamily housing, or 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. The 2021 bonds must be expended by September 2024.

Eligibility

Municipalities or housing authorities issue the bonds but have no obligation to repay the investors. Investors purchase the bonds.

Eligible activities include:

  • New construction or acquisition/rehabilitation of housing for low- to moderate-income people.
  • Single-family mortgage revenue bonds (SFMRB) sold by local and state agencies for mortgages for low- and moderate-income people.
  • Mortgage Credit Certificates (MCC), which is a bond allocation for qualified homebuyers.
  • Manufacturing “small issue” industrial development bonds (not to exceed $10,000,000) for 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, local electric energy or gas facilities, and multifamily housing bonds.
  • Qualified 501(c) (3) bonds for use by non-profit hospitals and private universities.

How to Submit Your Application

Letters must be submitted in person to the Community & Economic Development Department, 1st Floor, 4430 S. Adams County Pkwy., Brighton.

Fees

The following fees apply to the Issuance of PABs:

  • All applications for PABs issued by Adams County shall be accompanied by the applicant’s demonstration of commitment to the overall economic health and vitality of Adams County.
  • There shall be imposed a service fee by Adams County equal to three-eighths of one percent (3/8 of 1%) of the face amount of the bonds issued, with a minimum fee of Twenty-Five Hundred Dollars ($2,500) and no maximum fee. The $2,500 minimum service fee shall be payable to Adams County at the time of application and shall not be refundable but will be deducted from the service fee at closing. Such service fees will be credited to the County General Fund of Adams County.
  • The applicant shall pay for reasonable attorney fees of the county’s bond counsel the county incurs as a direct result of the PAB application and subsequent issuance, if applicable.  
  • The applicant shall be responsible for all other fees that may be charged by the state or other entities.

Timeline

  • Application due date: Friday, May 28
  • PAB Allocations Committee present applications to Board of County Commissioners in June

For questions and concerns, please contact our Economic Development team at EconomicDevelopment@adcogov.org with the subject line “Private Activity Bonds.”