Boost for first-time homebuyers
Residents looking to buy their first home could get a boost after Mesa County agreed to allocate nearly $3.6 million in bonds to the Colorado Housing and Finance Authority to finance affordable home mortgages for low- and middle-income homebuyers.
Private activity bonds are tax-exempt bonds that can be issued for a variety of purposes, including affordable housing, small-business financing, manufacturing, higher education and environmental projects.
The county last year transferred nearly $3.5 million in bonds to CHFA, which used the money to close more than $34 million in affordable home mortgages in the county, helping 213 buyers achieve home ownership, county officials said.
CHFA Executive Director and Chief Executive Officer Milroy A. Alexander said the authority estimates this year’s bond allocation will generate $6.9 million in economic activity and create 48 new jobs in the county.