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May 1, 2024

RELEASE: House Passes Bills to Save Coloradans Money

DENVER, CO - The House today passed legislation that will save Coloradans money by making housing more affordable and creating affordable child care opportunities. HB24-1316 passed by a vote of 44-19, HB24-1434 passed by a vote of 47-15, and HB24-1237 passed by a vote of 39-12.

“Housing affordability is a top priority for Colorado Democrats, and this legislation would increase our housing stock for our lower- and middle-income Coloradans,” Rep. William Lindstedt, D-Broomfield, sponsor of HB24-1316. “The middle class is not immune to the rising cost of housing. Our legislation would save Coloradans money on housing by building more homes for our teachers, first responders, and other essential workers so they can afford to live in the communities where they work.”

“Colorado Democrats have passed a variety of laws that encourage the development and preservation of affordable housing options, but we also need more housing for middle-income Coloradans that don’t qualify for housing support,” Rep. Mandy Lindsay, D-Aurora, sponsor of HB24-1316. “Coloradans need more housing options that work for their budget and allow them to live in the community where they work and raise their kids. With this bill, we can add more middle-income housing opportunities throughout Colorado to support our workforce and address the housing crisis.”

HB24-1316 would create the first Middle-Income Housing Tax Credit Pilot Program in the nation to boost the development of rental housing for middle-income Coloradans. This pilot program would direct the Colorado Housing and Finance Authority (CHFA) to award up to $10 million per year in five-year state income tax credits for tax years 2025 through 2027. A total of $150 million in tax credits may be allocated through this program.

“The Affordable Housing Tax Credit has been the most successful affordable housing program in our state, and I’m proud to carry this bill that will expand on the relief that this tax credit can provide to hardworking Coloradans,” Rep. Shannon Bird, D-Westminster, sponsor of HB24-1434. “This tax credit program is our most effective tool in addressing housing affordability throughout Colorado. This bipartisan effort will continue to boost affordable housing projects so more Coloradans can access housing that works for their budget.”

HB24-1434, also sponsored by Representative Ron Weinberg, R-Loveland, is a bipartisan bill that would increase Colorado’s Affordable Housing Income Tax Credit (AHTC) annually by $20 million for 2024-2026, $16 million for 2027-2029, and $10 million for 2023-2031. Administered by CHFA, the state AHTC is paired with federal incentives to create greater statewide impact.  

The AHTC Program was created in 2021 to support affordable housing developments across the state and has been renewed numerous times since then. From 2015 to 2021, the program has aided the development of over 8,000 housing units, supported nearly 24,000 jobs, and had an economic impact of $3.6 billion.

HB24-1237, also sponsored by Representative Mary Bradfield, R-Colorado Springs, would help reduce costs for developing child care facilities by providing technical planning, building, construction, and development support to increase child care providers.

“Increasing affordable child care options will save Colorado families money and make it easier for new families to return to the workforce and support our thriving economies,” Rep. Meghan Lukens, D-Steamboat Springs, sponsor of HB24-1237. “This bipartisan legislation would make it easier to build new child care facilities and find safe ways to reuse existing spaces to boost child care options for Colorado families.”

Specifically, this legislation would create the framework to provide planning and capital grants and technical support for local governments, institutions of higher education, public schools, employers, private partners, builders, and child care providers.

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