Legislation will invest $40 million in affordable housing solutions
DENVER, CO – The House advanced a bipartisan bill on a preliminary vote today that would save Coloradans money on housing. HB22-1282, sponsored by Representatives Kyle Mullica and Mike Lynch, would boost the affordable housing stock, increase homeownership rates and create jobs through innovative housing solutions. This bill is part of a package of bills to save Coloradans money on housing as recommended by the Affordable Housing Transformational Task Force.
“We’re working toward innovative solutions to address Colorado’s affordable housing crisis,” said Rep. Kyle Mullica, D-Federal Heights. “This legislation will boost the construction of homes that can be built efficiently while meeting our state’s ever-increasing demand for affordable housing. These modular and manufactured homes are innovative, affordable and will save hardworking Coloradans money on housing while boosting homeownership in our state.”
Innovative Housing Incentive Program: HB22-1282 deploys $40 million to attract, encourage and support the construction of innovative forms of affordable housing to be built all across Colorado. Examples include modular, pre-fabricated, manufactured and other innovative forms of housing.
This will quickly boost the affordable housing stock in communities that have been disproportionately impacted by COVID-19, as well as increase the rate of homeownership in communities that have traditionally lacked access to this important wealth-building tool. The legislation will also create jobs by incentivizing new innovative housing companies to manufacture and place their homes in Colorado. Additionally, HB22-1282 will expand Colorado’s workforce by assisting current housing manufacturing companies to expand their capacity, operations and employees to fill affordable housing demands.