Colorado Commits $45 Million Annually, Additional $30 Million to Housing Fund

HB 19-1245 provides Colorado with a robust source of dedicated funding for affordable housing, a long sought after goal of housing and homeless advocates throughout the state. The legislation adjusts an existing Colorado vendor fee and commits the revenue generated to the Division of Housing’s Housing Development Grant Fund to improve, preserve, or expand the supply of affordable housing in Colorado. This minor change in the way the allowance is administered will result in roughly $8 million being invested in housing across Colorado in 2019 and 2020, and then increase to $45-50 million per year thereafter. Thirty-three percent (33%) of the funds must be targeted at developments and programs targeted to households living at 30% area median income (AMI) and below which is where the largest housing shortages currently exist in Colorado. Housing Development Grant Fund provides funds through a competitive application process to improve, preserve or expand the supply of affordable housing.

Colorado Commits $45 Million Annually, Additional $30 Million to Housing Fund