Legislation directs $178 million in federal and state funds to build and sustain affordable housing
DENVER, CO – The House today passed legislation to direct the largest investment in state history in affordable housing—$178 million in grants to nonprofits and local governments to build and sustain affordable housing. The vote was 43-20.
“This transformational investment of nearly $180 million will help build and sustain thousands of affordable housing options for our teachers, nurses, first responders, and workers and families across Colorado,” said Rep. Dylan Roberts, D-Avon, chair of the Affordable Housing Task Force. “Nearly every community in our state is facing an affordable housing crisis, and this bill will help jumpstart projects all over the state to build and maintain affordable housing for hardworking Coloradans. We are excited and thankful to see this bill moving forward with strong and bipartisan support.”
HB22-1304, sponsored by Representatives Dylan Roberts and Mary Bradfield, is part of a package of legislation that will direct $428 million to make housing more affordable and save Coloradans money on housing.
The bill invests $178 million, a historic sum, to provide direct, flexible, and timely grant funding to nonprofits and local governments all across the state that have or are pursuing measures to facilitate affordable housing development, including purchasing land. This includes development of supportive, rental, and for-sale housing targeted at populations disproportionately impacted by COVID-19. The bill also makes a substantial investment for local communities to create strategic development patterns, including funding for infrastructure projects and updating land and use codes.
The legislation will ensure flexibility of funding, including allowances for operating grants to community-based organizations and qualified local governments, particularly in small, rural, and mountain resort communities, so they can best meet their own development needs according to their community’s workforce and local economy. By building homes closer to where people work, the bill will also save Coloradans money on their transportation costs.