Committee Passes Bipartisan Bill to Increase Affordable For-Sale Housing

DENVER, CO - The House Transportation, Housing & Local Government Committee today passed bipartisan legislation sponsored by Representative Manny Rutinel that would improve Colorado’s ability to invest in affordable for-sale housing.

“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,” said Rep. Manny Rutinel, D-Commerce City. “This is a bipartisan solution that will save people money on housing and open up additional funding to build homes that work for every budget. We’re boosting more ‘starter homes’ in our communities, supporting local workforces and making it easier for hardworking Coloradans to become homeowners.”

SB25-006 would allow the state treasurer to invest up to $50 million in Colorado Housing Finance Authority (CHFA) bonds to buy down the construction and mortgage costs of affordable for-sale housing that would otherwise not be built. These funds would give low interest rates to builders in exchange for long-term affordability restrictions and low mortgage rates to first-time buyers to ease their way into the housing market.

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

SB25-006, also sponsored by Rep. Mary Bradfield, R-El Paso County, passed by a vote of 9-3.