JOINT RELEASE: Incentives for Affordable, Innovative Homes Signed into Law
Legislation invests $40 million of federal pandemic relief dollars to construct new, affordable, innovative homes that will save people money, increase housing supply and create jobs
GRAND JUNCTION, CO – Governor Jared Polis today signed legislation sponsored by Representative Kyle Mullica and Senator Jeff Bridges that will jumpstart construction of new, affordable homes to save Coloradans money on housing, increase the housing supply and create jobs. HB22-1282 was developed based on recommendations from the state’s Affordable Housing Task Force.
“The legislation Governor Polis signed today will make housing more affordable in communities across our state and save people money on housing,” said Rep. Kyle Mullica, D-Thornton. “Nearly every community in our state is looking at how to reduce the cost of housing. This $40 million investment will attract and expand businesses that build high quality innovative homes that cost less. This will save families money on new homes, expand our supply of affordable homes, and create jobs all across Colorado.”
“Hard working Colorado families deserve to have a home they can afford,” said Sen. Jeff Bridges, D-Greenwood Village. “But too many Coloradans are getting priced out of the neighborhoods where they work and currently live. This new law will create good-paying jobs while quickly increasing our housing stock with quality, affordable homes that will help drive down housing costs and get roofs over heads as quickly as possible. I am proud to champion this critical legislation as we continue fighting to make sure every Colorado family has a place they can afford to call home.”
“This session, we made the largest investment in the state’s history to reduce the cost of housing, help develop more homes, and save families money,” said Rep. Dylan Roberts, D-Avon, Chair of the Affordable Housing Transformational Task Force. “I’m proud Governor Polis signed HB22-1282, one of our Task Force recommendations, today to boost the construction of affordable, innovative homes, which will be manufactured right here in Colorado, create jobs, and support rural economies all while significantly increasing our supply of affordable homes.”
HB22-1282 deploys $40 million to attract, encourage and support the construction of innovative forms of affordable housing to be built all across Colorado. Examples include modular, pre-fabricated, manufactured and other innovative forms of housing. The funding could be used to build or expand factories, hire additional workers, and expand manufacturers’ ability to produce and construct innovative homes.
This will quickly boost the affordable housing stock in communities that have been disproportionately impacted by COVID-19, as well as increase the rate of homeownership in communities that have traditionally lacked access to this important wealth-building tool. The legislation will also create jobs by incentivizing new innovative housing companies to manufacture and place their homes in Colorado. Additionally, HB22-1282 will expand Colorado's workforce by helping current housing manufacturing companies expand their capacity, operations and number of employees to meet affordable housing demands.