Roberts Bill to Expand Property Tax Exemptions for Affordable Housing Clears Committee

HB23-1184 will help boost Colorado’s supply of affordable homes

DENVER, CO – Legislation sponsored by Senator Dylan Roberts, D-Avon, that would expand property tax exemptions for nonprofit housing developers cleared the Senate Finance Committee today.

HB23-1184 expands property tax exemptions to include more nonprofit organizations like community land trusts that build and sell affordable housing, and increases the Area Median Income to qualify for this housing from 80 percent to 100 percent.

“The cost of land is often the biggest barrier that keeps affordable housing projects from getting done, especially for nonprofit homebuilders who build housing for our state's workforce,” Roberts said. “This bill would be a huge step forward for nonprofit homebuilders and will make it easier for nonprofit developers to do what they do best: build more housing for working Coloradans so that families can afford to live in the communities they call home.”

HB23-1184 also extends the exemption period from five years to 10 years to better reflect the development timeline for larger affordable housing projects. The bill would create a new property tax exemption for land owned by community land trusts and other affordable housing nonprofits that develop permanently affordable for-sale homes. This exemption only applies to the land, and not to the home.

HB23-1184 will now move to consideration before the Senate Appropriations Committee. Track the bill’s progress HERE.