Bill to Increase Affordable For-Sale Housing Signed Into Law

FRISCO, CO – Today, legislation sponsored by Senator Dylan Roberts, D-Frisco, and Representative Manny Rutinel, D-Commerce City, to unlock Colorado’s ability to invest in affordable for-sale housing was signed into law. 

Cosponsored by Representative Mary Bradfield, R-El Paso County, SB25-006 will allow the state treasurer to invest up to $50 million in Colorado Housing Finance Authority bonds to buy down the construction and mortgage costs of affordable for-sale housing that would otherwise not be built. These funds will give low interest rates to builders in exchange for long-term affordability protections and low mortgage rates to low- and middle-income buyers to ease their way into the housing market.

“We know that affordable and attainable housing is a challenge facing our whole state,” said Roberts. “This law will allow us to use existing resources to help build more ‘starter homes’ which is key to giving hardworking Coloradans the opportunity to own a home and accumulate generational wealth.” 

“This bipartisan law will save people money on housing and open up additional funding to build homes that work for every budget,” said Rutinel. “Coloradans sent us to the Capitol to help make our state more affordable, and that is especially true when it comes to the housing crisis. More ‘starter homes’ in our communities will support local workforces and make it easier for hardworking Coloradans to become homeowners.”

The $50 million is expected to finance homeownership for 175-200 new low- and middle-income residents.