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February 13, 2024

Bipartisan Bill to Boost Affordable Workforce Housing Passes Committee

DENVER, CO - The House Transportation, Housing & Local Government Committee today passed bipartisan legislation to grant local governments the authority to create property tax rebate programs to address areas of specific local concern, including affordable housing development. SB24-002 passed committee unanimously. 

“We’re working hand-in-hand with rural and mountain communities, like my home county of Summit County, to address the affordability crisis in Colorado and save people money on housing, child care and health care,” said Speaker Julie McCluskie, D-Dillon. "This bipartisan bill provides local governments with new tools to create more workforce housing, high-quality child care options and economic development.”

SB24-002, also sponsored by Rep. Lisa Frizell, R-Castle Rock, would allow local governments to establish property tax incentive programs to address critical issues related to housing, child care, behavioral health, and economic development. This could include programs that address affordable housing needs, the availability of in-home daycares, economic revitalization, the creation of stronger social resources and services for working families.

Under the bill, a municipality would be able to authorize tax credits or rebates that incentivize property owners to convert rental properties from short-term to long-term, boosting the availability of workforce and more permanent housing. The bill allows a local government to renew a tax rebate or incentive program for up to one year if they find that it has effectively addressed the area of specific local concern.

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