ICYMI: Senate Passes Winter & Jaquez Lewis Bill to Increase and Retain Affordable Housing Stock
HB23-1190 would create opportunities for local governments to increase and preserve affordable housing stock
DENVER, CO – Yesterday the Senate passed Senators Faith Winter’s, D-Westminster, and Sonya Jaquez Lewis, D-Longmont, bill to increase and retain affordable housing stock.
HB23-1190 would give local governments the chance to match an offer on a multifamily or mixed-use property, if they commit to maintaining the property as affordable housing for at least 100 years. To qualify under the bill, properties must be 30 years or older and consist of fifteen or more residential units in urban counties and five or more residential units in rural or rural resort counties.
“Whether it’s Broomfield or Berthoud, housing is a top concern for Coloradans,” Winter said. “This year we’re taking bold action to tackle Colorado’s housing crisis from all angles. By giving cities and towns an additional tool to preserve the affordable housing stock we already have and create new stock, Coloradans will be better positioned to find housing options that fit their budget.”
“Colorado is in the midst of a housing crisis. We must do everything we can to help renters and homeowners,” said Jaquez Lewis. “By opening up opportunities for local governments to acquire properties they can use for affordable housing, we’re ensuring more Coloradans – especially lower income families – have a place they can call home.”
The bill requires sellers to notify their municipality or county of their intent to sell or a potential sale. The local government would then have seven calendar days to retain their right to first refusal, 30 calendar days to make an offer, and 90 calendar days to close on the property.
Colorado has 168,752 extremely low-income renter households with only 43,763 rental homes affordable and available for extremely low-income renters.
HB23-1190 now returns to the House for consideration of amendments. You can track its progress HERE.