Bipartisan Bill to Increase Affordable For-Sale Housing Passes Committee

SB25-006 would invest up to $50 million to spur development of affordable for-sale housing

DENVER, CO – Today, bipartisan legislation sponsored by Senator Dylan Roberts, D-Frisco, to unlock Colorado’s ability to invest in affordable for-sale housing passed the Senate Local Government and Housing Committee. 

SB25-006 would allow the state treasurer to invest up to $50 million in Colorado Housing Finance Authority (CHFA) bonds to buy down the construction and mortgage costs of affordable for-sale housing that would otherwise not be built. These funds would give low rates to builders in exchange for long-term affordability restrictions and low mortgage rates to first-time buyers to ease their way into the housing market. 

“We know that affordable and attainable housing is a challenge facing our whole state,” said Roberts. “This bill will allow us to use existing resources to help build more ‘starter homes’ which is key to giving hardworking Coloradans the opportunity to own a home and accumulate generational wealth. I’m grateful this bipartisan bill that doesn’t require new spending is moving forward.” 

The $50 million would finance homeownership for 175-200 new low- and middle-income residents. The program would be funded through the treasurer’s investment portfolio and there would be no impact to the state’s general fund. 

SB25-006 will now head to the Senate floor for further consideration. Track the bill’s progress HERE.