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Bipartisan legislation would invest $189 million in federal pandemic relief funds to create more affordable housing and assist families in tax filings
DENVER, CO – Three bills to save Coloradans money won committee approval today. SB22-159 and SB22-160 are part of a package of bills recommended by the Transformational Affordable Housing Task Force to save Coloradans money on housing. SB22-182 uses federal economic relief funds to provide family tax filing assistance and education.
“Mobile home park ownership can change hands fairly quickly – leading to skyrocketing lot-rent prices and sometimes displacement of park residents,” said Rep. Andrew Boesenecker, D-Fort Collins, sponsor of SB22-160. “This legislation invests critical resources to keep mobile homes affordable by empowering mobile homeowners to purchase the land their homes sit on. Resident-owned communities are important for keeping Coloradans housed.”
“Mobile homeowners are feeling the pressure of rising housing costs, but often face an uphill battle when it comes to fighting high rent prices,” said Rep. Mandy Lindsay, D-Aurora, sponsor of SB22-160. “Our bill invests $35 million toward creating critical protections for mobile park residents so they can invest in their own communities and create the stability they need to keep their homes affordable.”
Loan Program Resident Owned Communities: SB22-160, sponsored by Representatives Andrew Boesenecker and Mandy Lindsay, passed the House Transportation and Local Government Committee by a vote of 8 to 5. This bill will invest $35 million into the newly created Mobile Home Park Resident Empowerment Loan and Grant Program Fund. The Fund will provide financing to eligible mobile home homeowners so they can purchase the land under their homes and convert into a resident-owned community.
Additionally, the bill establishes a mechanism for nonprofits to receive grant funding to provide technical assistance to homeowners and help them build the capacity, resources, and know-how to organize and purchase their mobile home park. This bill will provide a critical financial tool for mobile homeowners across the state at risk of displacement or exorbitant lot rent increases that often occur when a park is sold from one for-profit owner to another.
“Any way you slice it, Colorado needs more affordable homes and our bipartisan bill invests $150 million to create, modify and improve Colorado’s affordable housing stock,” said Rep. David Ortiz, D-Littleton, sponsor of SB22-159. “This record investment in affordable housing leverages local and private investments to increase the supply of affordable housing in every corner of the state in a sustainable and adaptable manner.”
Revolving Loan Fund Invest Affordable Housing: SB22-159, sponsored by Representatives David Ortiz and Perry Will passed the House Finance Committee by a vote of 7 to 2. This bill will invest $150 million to create the Transformational Affordable Housing Revolving Loan Program to develop and integrate housing-related infrastructure, provide gap financing for affordable housing development projects, and preserve and rehabilitate existing affordable housing.
“Colorado families have not been immune to the rising costs and pandemic pressures,” said Rep. Lindsey Daugherty, D-Arvada, sponsor of SB22-182. “Our bill provides families with tax filing assistance and information so families can claim the tax credits they’re owed. Working together with local partners, we’ll ensure that Colorado families will receive the tax credits they are eligible for and be able to pay for groceries, rent and other necessities.”
“Some Colorado families might not know they’re eligible for certain tax credits,” said Rep. Mary Young, D-Greeley, sponsor of SB22-182. “Our bill provides tax filing assistance and outreach to Coloradans so they can keep more of their paycheck and receive the tax credits they are owed. Economic education is an important tool for saving Colorado families money.”
Economic Mobility Program: SB22-182, sponsored by Representatives Lindsey Daugherty and Mary Young passed the House Finance Committee by a vote of 6-5. This bill would save Coloradans money by providing $4 million to extend the successful Economic Mobility Program, which provides tax filing assistance for eligible Coloradans. Among other things, this program helps people claim tax credits, including the Child Tax Credit, the Earned Income Tax Credit and the Child and Dependent Care Tax Credit, which Colorado families may not know they are eligible for.
SB22-182 aims to help low-income families and those disproportionately impacted by the pandemic by facilitating communication, training, and technical assistance in tax filing with state agency partners, public health agencies and community based organizations focused on economic mobility. This investment will increase awareness and enrollment in economic assistance programs available to low-income individuals and families. It will also provide grants to nonprofits, local public health agencies, and other community based organizations that help people access economic support.