Bank Qualified Debt Available

[David Bolin]

Hi all:   Please see the message from Stuart Grogan with Boulder Housing Partners.   David Bolin Executive Director Center for People With Disabilities 1675 Range Street Boulder, CO 80301 303-442-8662 303-442-0502 FAX [EMAIL PROTECTED] www.cpwd-ilc.org This email message, and any included attachments from the Center for People With Disabilities (CPWD), is confidential and is intended solely for the use of the individual or entity to which it is addressed.  The information contained herein may include protected health information or otherwise privileged information.  Unauthorized review, forwarding, printing, copying, distributing, or using such information is strictly prohibited and may be unlawful.  If you received this message in error, please notify the sender by reply to this message and delete the email without disclosure.  Thank you .    Dear Friends,   Lower interest rates may be available to Boulder County non-profit and service organizations for construction, acquisition, and refinancing through partnerships with Boulder Housing Partners (BHP).   Background As a public housing authority, BHP is able to issue debt at a bank qualified tax exempt rate up to a total of $10,000,000 annually.  Due to tax benefits to a lender, bank qualified tax exempt debt may have a rate as much as one to two percent below market.  Changes in State law make it possible for BHP to pass through that ability creating interest savings for a non-profit service or housing provider planning or implementing a project.  In recent years, BHP has issued debt in support of the Boulder Homeless Shelter for new construction, the Center for People with Disabilities to refinance a project and Thistle Community Housing for an affordable housing acquisition project.   On August 28, 2006, the Board of Commissioners directed that, because BHP would not use its 2006 authority, capped at $10,000,000, for BHP projects, that a notice be sent out to advise non-profits and service providers that they may able to take advantage of this resource.   Criteria BHP’s Board of Commissioners adopted the following criteria to be used to determine if a project is eligible for use of BHP’s bank qualified debt capacity:            i.      Project is located in Boulder County;        ii.      The project is consistent with BHP’s mission, meets the housing needs of low and moderate income households; addresses the housing needs of unique or special need populations; or exceeds the minimum requirements of the City of Boulder’s Inclusionary Zoning ordinance       iii.      The project does not compromise the needs of BHP for use on its projects;      iv.      BHP determines that the project is technically and financially feasible; and        v.      Project will pay BHP’s fee.   Next Steps Typically, a potential partner will contact their advisors to determine if use of bank qualified debt will be advantageous to their project.  If so, the partner and a banker will go through a preliminary underwriting process to determine feasibility.  Once a feasible project has been determined, please contact BHP to set up an appointment to discuss next steps.  At any point in this early planning process, please feel free to contact BHP with any questions.   Deadline Applicants should begin this process soon to be sure that they can close before the end of this year.    For additional information, please contact Stuart Grogan, Housing Planner, by phone at 720-564-4644, or by email at [EMAIL PROTECTED]. Stuart Grogan P: 720.564.4644 F: 303.544.9553