May 17, 2019
Westminster, CO – Governor Jared Polis today signed into law 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 rising cost of living continues to impede Coloradans who are struggling to find an affordable place to live or even just to maintain the living quarters they have,” said Senator Zenzinger. “This bill is an effective tool that will encourage all those developers who have been so eager to partner with us in these community-wide housing efforts.”
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.
HB19-1228 passed the Senate on April 27, 2019 by a vote of 32-2 and passed the Colorado House of Representatives on April 16, 2019 by a vote of 43-20.
For more information about HB19-1228, please visit https://leg.colorado.gov/bills/hb19-1228.