Legislators should also pass House Bill 1245. Sponsored by Rep. Mike Weissman, and Sens. Julie Gonzales and Mike Foote, this legislation would increase funding for affordable housing by limiting the amount of sales tax revenue Colorado’s largest retailers can keep as their “fee” for collecting the tax. The additional revenue would be transferred to the same housing fund within the Department of Local Affairs, and also would be used to preserve or expand the supply of affordable housing in Colorado. HB 1245 would provide roughly $23 million for housing in the first year and $45 million to $50 million per year thereafter.
Both HB 1322 and HB 1245 will help us begin to address the lack of affordable housing in targeted and creative ways without affecting taxpayers or other funding priorities. Both measures deserve support. Together, these bills could help thousands of Coloradans better afford a home so they can devote more of their hard-earned money to other essential needs.