Important PAB Information Page Image Image Caption Page ContentFAQs On Monday, November 13, 2017 CHFA held a call for developers their lenders, investors and counsel to review this information. In response to questions received on the call and via email, CHFA published an FAQ dated November 14, 2017. As we have shared, the Tax Cuts and Jobs Act, H.R. 1, proposes to eliminate the tax-exemption on all Private Activity Bonds (PABs) including single family, multifamily housing, industrial development, and 501 c3 bonds effective December 31, 2017. As currently drafted in H.R. 1, this would effectively eliminate issuance of PABs after December 31, 2017. We greatly appreciate the tremendous Congressional outreach that Colorado’s affordable housing community has been doing to advocate for PAB preservation. We are encouraged that the Senate version of the bill, released late on Thursday, November 9, 2017 retains both tax-exempt PAB and LIHTC. This is great progress, and we encourage everyone to continue their outreach to the delegation. While Congressional debate continues, CHFA is working rapidly to develop a plan to assist those transactions that fall into one of the following categories: conduit transactions utilizing new tax-exempt bonds that are able to close on the bonds into escrow before December 31, 2017; Notice: Deals Not Closed (Please note: the following option (ii) is no longer available.) transactions utilizing new tax-exempt bonds that cannot close on the bonds into escrow prior to December 31, 2017 (which may be able to be assisted through CHFA’s 4% FHA Risk Share loan program); and Notice: Deals Not Closed + Risk Share transactions with outstanding tax-exempt bonds that have not fully drawn down all bond proceeds. Notice: Closed Deals Bonds Not Fully Drawn Please note: For transactions that have not yet closed, full completion of every step noted as part of the program conditions will be required by the deadlines noted in order to ensure that CHFA and our bond counsel have adequate time, and all required information from the developer and their team to fulfill our legal obligations prior to bond issuance. PAB cap is subject to availability. FAQs On Monday, November 13, 2017 CHFA held a call for developers their lenders, investors and counsel to review this information. In response to questions received on the call and via email, CHFA published an FAQ dated November 14, 2017. If you have questions about this information, program conditions, or CHFA’s processes for reviewing PAB requests under this program, please click here to submit those questions to CHFA. In order to help manage the volume of inquiries, we kindly request that you email your questions to PAB2017@chfainfo.com versus sending individual questions to CHFA’s tax credit or legal staff. Disclaimer: This and future Notices are not intended as legal guidance. They are only intended to provide detail regarding proposed year-end processes and procedures. Furthermore, the program conditions will be developed using the best information available and based on H.R. 1 as drafted upon introduction. CHFA reserves the right to modify, change, or eliminate this program based on revisions that may be introduced in pending or adopted law or based on clarification from bond counsel. CHFA will publish this and any updated Notices, checklists, programs, or further guidance on our website at www.chfainfo.com/pab2017.