JOINT RELEASE: INNOVATIVE BILLS TO SAVE PEOPLE MONEY ON HOUSING INTRODUCED
Legislation will invest $65 million in pandemic relief funds to spur development of innovative housing and expand access to “missing middle” workforce housing
DENVER, CO – Legislation to save people money on housing by building thousands more innovative homes, such as factory-built homes, and expanding access to critical workforce housing were introduced in the House and Senate yesterday afternoon.
“This legislation is going to save people money on housing by boosting the construction of innovative housing units across Colorado,” said Rep. Kyle Mullica, D-Federal Heights. “The homes we’re looking to promote with this bill can be built quickly, are affordable, and will create new manufacturing and construction jobs in Colorado. This bill will lead to thousands of new affordable homes across the state that will increase Colorado’s homeownership rate and drive down housing costs for hardworking families.”
“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, where they grew up, or really anywhere in the state. This bill will create good-paying jobs while quickly increasing our housing stock with quality, affordable homes that will help drive down the cost of housing and get roofs over heads as quickly as possible. I am proud to sponsor this critical bipartisan legislation as we continue fighting to make sure every Colorado family has a place they can afford to call home.”
Innovative Housing Incentive Program: HB22-1282, sponsored by Representatives Kyle Mullica and Mike Lynch, and Senators Jeff Bridges and Rob Woodward, 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. 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 affordable housing. The legislation will also create jobs by incentivizing new innovative housing companies to manufacture and place their homes in Colorado.
“The lack of affordable workforce housing is devastating communities, employers and middle income Coloradans across the state, which is why I’m so excited to sponsor legislation that will inject funding into the state’s Middle Income Access Program,” said Rep. Marc Snyder, D-Manitou Springs. “The Middle Income Access Program has a successful track record of leveraging funds to foster the development of affordable workforce housing. This bill makes a meaningful investment to build off of that success, saving people money on housing through the creation of workforce housing across the state.”
“Coloradans across the state are struggling to afford a place to live, and the time to act is now,” said Sen. Rachel Zenzinger, D-Arvada. “This bill will improve support systems for middle income families whose modest resources squeeze them between skyrocketing housing costs and ineligibility for assistance, save people money, and help more Colorado families thrive.”
CHFA Middle Income Access Program: SB22-146, sponsored by Senators Rachel Zenzinger and Denis Hisey and Representatives Marc Snyder and Marc Catlin, will expand critical workforce housing so that more Coloradans and communities have access to affordable housing where it’s needed most. The legislation provides $25 million for the Colorado Housing and Finance Authority’s Middle-Income Access Program, which serves middle income families and individuals with incomes too high to qualify for low income housing tax credits. Typically, the missing middle is made up of renters whose income is between 80 percent and 120 percent of area median income.