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DENVER, CO - The House Finance Committee today passed legislation sponsored by Representatives Brianna Titone and Leslie Herod to expand eligibility for the successful Community Revitalization Grant Program that creates jobs and supports local economies, and creates a tax credit for capital improvements. HB24-1295 passed by a vote of 10-1.
“The Community Revitalization Tax Credit offers significant help to many communities across Colorado to help them get housing and creative projects built,” said Rep. Brianna Titone, D-Arvada. "Our legislation expands on our past grant program’s eligibility criteria, so we can fund many projects waiting for funding to revitalize communities and downtowns across Colorado. With this bill, we’re creating job opportunities and boosting small businesses and local Colorado economies.”
“The Community Revitalization Grant Program has provided crucial funding for local communities in every corner of our state, helping local businesses stay in their community while creating essential housing and child care opportunities,” said Rep. Leslie Herod, D-Denver. "This bill would bolster the grant program, dedicating new funding that Colorado communities need to keep the unique character of their town while keeping up with the demand for workforce housing, commercial spaces, and other resources.”
In 2022, Representatives Brianna Titone and Leslie Herod sponsored legislation to allocate $20 million of federal American Rescue Plan funds to the Community Revitalization Grant Program, which the legislature created as part of the Democrats’ Colorado Comeback State Stimulus plan. The program provides gap funding for projects in creative districts, historic districts, main streets, or neighborhood commercial centers to create workforce housing, commercial spaces, and child care centers to support the state’s economic recovery. Projects that have already received funding can be found here.
HB24-1295 would expand eligibility for the Community Revitalization Grant Program to include projects that are qualified for funding under the Space to Create Colorado Program. The Space to Create Colorado Program helps communities develop affordable housing opportunities, commercial spaces, community gathering spaces, childcare centers, non-profit organizations, and other projects that provide community resources.
The bill also establishes a refundable tax credit program for tax years 2026 through 2032 for creative industries and mixed-use and creative-use spaces for the general public.
The committee also passed HB24-1358, sponsored by Representatives Leslie Herod and Marc Snyder, that would modify the Film Incentive Tax Credit to include additional eligible expenses and extend the tax credit. These dollars would help spur additional film production in Colorado, creating new jobs in the creative sector.