April 30, 2019
Denver, CO – The Colorado State Senate recently voted 32-to-2 with 1 excused to pass HB19-1228, Increase Tax Credit Allocation Affordable Housing, a bipartisan bill sponsored by Senator Rachel Zenzinger (D-Arvada) to increase the amount of affordable housing for Colorado families. The bill now heads to Governor Jared Polis for his signature.
“People all across Colorado are struggling with the high cost of housing, and too many hardworking Colorado families are making tough choices to keep a roof over their heads,” said Senator Zenzinger. “We need to pass effective solutions to address our affordable housing crisis, and by doubling tax credits for affordable housing developers we can help Coloradans find an affordable, comfortable place to call home.”
Under current law, the Colorado Housing and Finance Authority (CHFA) can allocate up to $5 million each year under the affordable housing tax credit. HB19-1228 will increase that annual amount to $10 million from 2020 to 2024, incentivizing developers to increase the number of affordable housing options in Colorado.
For more information about HB19-1228, please visit https://leg.colorado.gov/bills/hb19-1228.