Greeley, Weld County to issue $13.6M in bonds for affordable housing near Greeley Mall

GREELEY — The Greeley City Council and Weld County Board of Commissioners appear set to issue just more than $13.61 million in bonds for a low and moderate-income housing project near the Greeley Mall.

The council’s agenda Tuesday lists the issuance of the private activity bonds for Copper Steppe, a proposed apartment complex east of the Greeley Mall with 240 units limited to families making less than 60% of the area median income.

The agenda item also shows the board of commissioners plan to issue $7.93 million in private activity bonds in support of the project.

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No plans for Copper Steppe have yet to appear on Greeley’s public lists of developments as of Monday afternoon, and it’s not clear where exactly the development could be located. 

The developer is Inland Group, a Spokane, Washington-based real estate group that mainly operates senior living homes and apartments in Washington state, Idaho and Nevada. It is the developer and operator of the Affinity senior homes in Lafayette, Loveland, Fort Collins, Colorado Springs and a soon-to-open location in Aurora.

The company also has affordable housing complexes under the “Copper” brand name in Colorado Springs, Parker, Longmont and Lafayette.

Inland development lead Keith James declined to specify the project’s location when reached by BizWest, saying the company is in confidential ongoing negotiations. However, he said the project could begin as soon as the second quarter of 2021 and last about 18 months.

Private activity bonds are used by local governments to borrow money for private companies in order to fund specific types of projects with a public benefit, such as affordable housing, airports or hospitals. This type of bond allows for public-private project financing at usually better rates than a private company issuing a corporate bond or bank loan on its own.

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