Senate Committee Passes Bipartisan Bill to Save Coloradans Money on Housing
DENVER, CO – The Senate Finance Committee today passed bipartisan legislation that would save Coloradans money on housing by expanding the Affordable Housing Tax Credit (AHTC).
HB24-1434, sponsored by Senator Rachel Zenzinger, D-Arvada, and Senator Cleave Simpson, R-Alamosa, would increase Colorado’s Affordable Housing Income Tax Credit (AHTC) annually by $20 million for 2024-2026, $16 million for 2027-2029, and $10 million for 2023-2031. The state AHTC is paired with federal incentives to create a greater statewide impact.
“Colorado’s Affordable Housing Tax Credit in its previous form was so successful, we had three applicants for every one that we could satisfy,” said Zenzinger. “By doubling the amount available to incentivize developers, we anticipate that we will generate thousands of living units that otherwise wouldn’t have existed, helping so many working families to get into their own homes. I look forward to watching the positive results as they unfold in the coming years.”
The AHTC Program was created in 2021 to support affordable housing developments across the state and has been renewed numerous times since then. From 2015 to 2021, the program has aided the development of over 8,000 housing units, supported nearly 24,000 jobs, and had an economic impact of $3.6 billion.
Additionally, the bill would invest $150 million in the Transit-Oriented Communities Infrastructure Fund for tax credits to incentivize the development of affordable housing in transit corridors. This incentive would ensure Colorado communities can plan for the future and increase the housing supply near existing, new, or expanded public transit, jobs and job centers, and safe biking and walking corridors.
The bill now heads to the Senate Appropriations Committee. Follow its progress HERE.