DENVER, CO – The House Transportation and Local Government Committee today passed legislation to make housing more affordable and save Coloradans money on housing.
“We’re working hard this session to save Coloradans money everywhere we can, and that’s what this bill will do by increasing access to affordable housing,” said Rep. Shannon Bird, D-Westminster. “Every Coloradan should be able to afford a place to live. This bill will help bring down the cost of housing so that more Colorado families can have a secure future.”
HB22-1051, which passed by a vote of 10-2, is sponsored by Representatives Shannon Bird and Hugh McKean. It would extend the Colorado Housing and Finance Authority’s Colorado Affordable Tax Credit program until 2034 and increase annual funding for the program from $10 million to $15 million. The tax credit program helps leverage private funds to support the development and preservation of affordable rental housing.
According to CHFA, the tax credit program has directly supported the development of 8,294 affordable rental units and allowed CHFA to support 28,267 total units using state and federal funds. The development of these units is estimated to generate over $3.6 billion in economic activity for the state and support almost 24,000 jobs. The program is an important source of workforce housing and supports affordable housing in communities in all regions of the state. The tax credits generate over $1 billion in private sector equity investment in Colorado that otherwise would not have occurred.