JOINT RELEASE: Bipartisan Bill to Improve Housing Affordability Introduced
DENVER, CO – The House yesterday introduced legislation sponsored by Speaker Julie McCluskie, Representative Lisa Frizell and Senator Dylan Roberts that will increase flexibility in the housing affordability programs approved by voters with the passage of Proposition 123 in the 2022 election.
“We’re working hard to help Coloradans across the state find a place to live that they can afford,” said Speaker Julie McCluskie, D-Dillon. “The goal of this legislation is to effectively deliver on voters’ intent, while increasing flexibility for rural resort communities and addressing any potential administrative challenges with implementing the new initiatives. Every Coloradan deserves to live in the communities they work in, and this bill will help us build a Colorado for all by creating additional housing options that are affordable for hardworking people in all corners of our state.”
"Folks who live in rural communities like the ones I represent know firsthand just how hard it is to find a home they can afford," said Senator Dylan Roberts, D-Avon. "This bill will ensure that the funds are distributed equitably to all corners of the state and deliver increased flexibility for rural and mountain communities to ensure the goals of Prop 123 are met so that more of our neighbors can afford to live in the communities where they work. I'm excited to see this important legislation move forward with bipartisan support, and to help ensure that every Colorado family has a safe and affordable place to call home."
HB23-1304 will ensure the housing affordability programs created through Proposition 123, which voters approved in the 2022 election, can be implemented effectively across the state and have the greatest impact by getting dollars out the door as soon as possible.
The bill ensures that tribal governments can access Proposition 123 funds in addition to local governments. It also makes it possible for rural resort communities to access the historic funding of Proposition 123 to accommodate the high cost of living in these areas. These communities will also be able to partner with neighboring local governments to reach their targeted growth rate of three percent.
In 2022, voters approved Proposition 123, which created new housing affordability programs funded with surplus state income tax revenue. The proposition dedicated an estimated $300 million to help local governments purchase land for affordable homes, provide financing for low- and middle income multi-family housing and provide direct support to renters, supply debt financing for projects that qualify for housing tax credits, offer grants and loans for nonprofits to help people purchase homes, and fund programs for people experiencing homelessness.