DENVER, CO – The House Transportation and Local Government Committee today passed bipartisan legislation to expand workforce housing. This bill was developed based on recommendations from the state’s Affordable Housing Task Force and will invest $25 million to save Coloradans money on housing.
“Our state needs more affordable workforce housing to support communities, Coloradans and our economy,” said Rep. Marc Snyder, D-Manitou Springs. “This bill includes a $25 million investment to further support the Middle Income Access Program, which has successfully bridged the housing affordability gap for hundreds of Coloradans. This bill will leverage our investment to support nearly $250 million to make housing more affordable for hardworking families and build stronger communities.”
CHFA Middle Income Access Program: SB22-146, sponsored by 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.
To date, the Middle Income Access Program has leveraged $14 million in CHFA-invested funds to support five developments comprising over 600 units. This program has leveraged the original $14 million investment into $140 million for affordable housing. Developments leverage significant private sector investment and have brought much needed housing to communities such as Estes Park, Keystone, Steamboat Springs, Gypsum and Denver.
SB22-146 passed committee by a vote of 10-2.