Historic Investment to Save Coloradans Money on Housing Clears Senate
HB22-1304 invests $178 million to facilitate affordable housing development
DENVER, CO - The Senate today gave bipartisan approval on historic legislation to invest $178 million to build and sustain affordable housing across Colorado - the largest investment in state history in affordable housing.
HB22-1304, sponsored by Senator James Coleman, D-Denver, and Senator Julie Gonzales, D-Denver, invests $178 million in federal pandemic relief funding to provide direct, flexible, and timely grant funding to nonprofits and local governments all across the state that have or are pursuing measures to facilitate affordable housing development, including purchasing land.
“Our state is growing, and we must make sure communities have the resources they need to keep pace,” said Gonzales, Vice Chair of the Affordable Housing Task Force. “This bill will help local governments and nonprofits access the space and funding that communities need to equitably accommodate that growth. By helping communities increase their housing supply we can make sure every Coloradan has access to a home they can afford.”
“As Colorado’s population continues to grow, we have to make sure communities have the land and resources required to develop affordable housing now and in the future,” Coleman said. “Nonprofits and folks on the ground are the experts when it comes to pinpointing their communities’ unique needs. That’s why this bill is targeted at uplifting their work and providing the necessary tools to achieve their housing development goals.”
HB22-1304 also provides for the development of supportive, rental, and for-sale housing targeted at populations disproportionately impacted by COVID-19. The bill also makes a substantial investment for local communities to create strategic development patterns, including funding for infrastructure projects and updating land and use codes.
This legislation was developed based on recommendations from the Affordable Housing Transformational Task Force.
HB22-1304 will now head to the House for final concurrence. Follow the bill’s progress HERE.