By Josh Beckerman
A nonprofit corporation working to address housing issues in Vail, Colo., plans to sell $118.3 million of bonds to finance part of a workforce housing development.
Vail, with a limited amount of buildable land and a booming second-home market, has used strategies including deed restrictions to address housing shortages.
Vail Home Partners Corp., formed in March, will sell tax-exempt Housing Facilities Revenue Bonds with expected maturities through 2064, according to documents posted on MuniOS.
Pricing is expected on May 6, and closing is scheduled for May 20.
Proceeds will be used for West Middle Creek, a 268-unit rental housing unit. It will be deed-restricted, generally limited to those households with one member working at least 30 hours per week in Eagle County.
The project site is currently owned by the town and will be conveyed to Vail Home Partners.
The offering document discusses the slowdown in Eagle County's population growth. "High occupancy rates for the past several years suggest that a shortage of available housing is the primary factor in slower population growth," the corporation said.
As part of the financing for the project, the Town of Vail will issue $73 million of certificates of participation.
A credit rating was not sought for the bonds. The certificates are rated AA- by S&P Global Ratings.
Piper Sandler is the underwriter on the bond and certificates of participation.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
April 28, 2025 18:09 ET (22:09 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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