Second Regular Session
Seventy-third General Assembly
STATE OF COLORADO
INTRODUCED
LLS NO. 22-0808.01 Bob Lackner x4350
SENATE BILL 22-159
Senate Committees House Committees
Local Government
A BILL FOR AN ACT
C
ONCERNING THE CREATION OF A RE VOLVING LOAN FUND WITHIN THE101
DIVISION OF HOUSING IN THE DEPARTMENT OF LOCAL AFFAIRS102
TO MAKE INVESTMENTS IN TRANSFORMATIONAL AFFORDABLE103
HOUSING.104
Bill Summary
(Note: This summary applies to this bill as introduced and does
not reflect any amendments that may be subsequently adopted. If this bill
passes third reading in the house of introduction, a bill summary that
applies to the reengrossed version of this bill will be available at
http://leg.colorado.gov
.)
The bill creates the transformational affordable housing revolving
loan fund program (loan program) in the division of housing (division) in
the department of local affairs (department) as a revolving loan program
SENATE SPONSORSHIP
Bridges and Zenzinger,
HOUSE SPONSORSHIP
Ortiz and Will,
Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
Capital letters or bold & italic numbers indicate new material to be added to existing statute.
Dashes through the words indicate deletions from existing statute. in accordance with the requirements of the bill and the policies
established by the division. The loan program provides flexible,
low-interest, and below-market rate loan funding to assist eligible
recipients in completing the eligible loan projects identified in the bill.
The division may administer the loan program or, if it determines
that it would be more efficient and effective to contract out full or partial
administration of the program, the division may enter into a contract with
a third-party entity to administer the loan program.
The division is required to establish and publicize policies for the
loan program. The bill specifies factors the division is encouraged to
consider in evaluating loan applications.
The transformational affordable housing revolving loan fund
(fund) is created in the state treasury and the bill specifies requirements
pertaining to the administration of the fund.
The bill requires a transfer of a specified sum of money to the
fund.
The division is required to report on the activities of the loan
program as part of the regular annual public report prepared by the
division on affordable housing spending undertaken by the state.
Be it enacted by the General Assembly of the State of Colorado:1
SECTION 1. Legislative declaration. (1) The general assembly2
hereby finds and declares that:3
(a) Though it has been exacerbated by the COVID-19 pandemic,4
the housing crisis that Colorado faces is not new. For decades, the lack of5
affordable housing has upended the lives of thousands who face6
homelessness in the Denver metropolitan area and across the state,7
shuttered Colorado businesses, hindered working-class employment8
because of a lack of workforce housing, and exacerbated inequities for9
communities of color.10
(b) Currently, Colorado has a shortage of nearly 121,00011
affordable rental units, and the Colorado housing and finance authority12
reports that nearly half of all Colorado renters pay at least thirty percent13
of their income on housing, with an additional twenty-four percent paying14
SB22-159-2- fifty percent or more of their income on housing;1
(c) In House Bill 21-1329, enacted in 2021, the general assembly2
created the affordable housing transformational task force, referred to in3
this section as the "task force", to recommend transformational policies4
to Colorado's housing sector that will produce immediate, sweeping, and5
long-lasting change. The impetus of the task force brought together the6
legislative and executive branches of state government, as well as a7
diverse group of stakeholders made up of affordable housing practitioners8
and experts, to tackle the affordable housing crisis and determine which9
investments would make the biggest impact. The sixteen-member task10
force was made up of a bipartisan group of ten members of the general11
assembly, five agency directors, and the executive director of the12
Colorado housing and finance authority. A fifteen-member subpanel of13
diverse affordable housing experts was also appointed to advise the task14
force. The task force and subpanel undertook a deliberative, iterative, and15
transparent process. Ultimately the task force came to a near unanimous16
consensus on its funding recommendations and allocations, as well as a17
broad agreement on several policy concepts.18
(d) The recommendations made by the task force will not solve19
Colorado's affordable housing crisis completely but will be a20
transformational step forward in achieving that objective. Once21
implemented at the local level across the state, these policies will make22
significant strides in increasing access to flexible capital sources,23
fostering innovation, strengthening the social safety net, enhancing24
market stability, and ultimately promoting more broad and equitable25
home ownership and rental housing opportunities for Coloradans in every26
corner of the state. These investments will result in more affordable27
SB22-159
-3- housing being built across the state and will maintain existing affordable1
housing stock that is at risk of becoming unsafe or unaffordable. The2
recommendations made by the task force will help reduce disparities and3
address homelessness. They will help many Coloradans purchase homes4
that were previously out of financial reach, which will help build5
intergenerational wealth across the state.6
(e) The task force also identified an equitable funding distribution7
to effectively address the disproportionate impacts from COVID-19;8
(f) The revolving loan program created by this act will provide9
individuals and households across the state critical financial support with10
more flexible loan criteria not regularly offered by traditional financial11
institutions, thereby assisting Coloradans in obtaining necessary access12
to capital;13
(g) A revolving loan fund ensures that these funds are evergreen14
and recycled many times across multiple generations, thereby assisting the15
provision of affordable housing for all Coloradans far into the future; and16
(h) By providing eligible recipients who face barriers in17
establishing borrower relationships with traditional lenders to access18
capital, a revolving loan program can provide financial support to19
unserved or underserved populations.20
(2) The general assembly intends to address the affordable21
housing crisis in Colorado, in part, by creating a revolving loan fund to22
provide flexible, low-interest, and below-market rate funding that will23
support increases in new housing developments, the preservation and24
rehabilitation of existing home stock, property conversions, and25
nontraditional housing capacity in diverse geographic communities where26
the economic impact of COVID-19 has significantly affected housing27
SB22-159
-4- affordability and availability. The funds provided by the revolving loan1
fund are intended to support the development of new affordable housing2
units and the purchase of existing affordable housing units, either rental3
housing or for-sale homes, including mixed-income developments.4
Supporting the recommendations of the task force, the general assembly5
intends that interest rates on loans made available under this section be6
below-market rates and not exceed those necessary to meaningfully7
advance affordable housing development or the preservation of existing8
affordable housing stock in local communities across the state. Further,9
money should be made available to local and regional groups,10
governments, and community partners to be used for a variety of more11
specific affordable housing needs across the state as specified in this12
section.13
SECTION 2. In Colorado Revised Statutes, add 24-32-726 as14
follows:15
24-32-726. Revolving loan fund - eligible projects - report -16
definitions - legislative declaration. (1) Definitions. A
S USED IN THIS17
SECTION, UNLESS THE CONTEXT OTHERWISE REQUIRES :18
(a) "A
DMINISTRATOR" MEANS A THIRD-PARTY ENTITY OR ENTITIES19
THAT THE DIVISION CONTRACTS WITH TO ADMINISTER ALL OR ANY PART OF20
THE LOAN PROGRAM PURSUANT TO SUBSECTION (2)(b) OF THIS SECTION.21
(b) "A
FFORDABLE HOUSING" MEANS:22
(I) F
OR A HOUSEHOLD RESIDING IN HOUSING ON A RENTAL BASIS ,23
ANNUAL INCOME OF THE HOUSEHOLD IS AT OR BELOW ONE HUNDRED24
TWENTY PERCENT OF THE AREA MEDIAN INCOME OF HOUSEHOLDS OF THAT25
SIZE IN THE COUNTY IN WHICH THE HOUSING IS LOCATED ;26
(II) F
OR A HOUSEHOLD RESIDING IN HOUSING ON A HOME27
SB22-159
-5- OWNERSHIP BASIS, ANNUAL INCOME OF THE HOUSEHOLD IS AT OR BELOW1
ONE HUNDRED TWENTY PERCENT OF THE AREA MEDIAN INCOME OF2
HOUSEHOLDS OF THAT SIZE IN THE COUNTY IN WHICH THE HOUSING IS3
LOCATED; OR4
(III) H
OUSING THAT INCORPORATES MIXED -INCOME5
DEVELOPMENT.6
(c) "C
OMMUNITY PARTNER" MEANS A NONPROFIT ORGANIZATION7
THAT UNDERTAKES ANY OF THE ACTIVITIES OR SERVICES DESCRIBED IN8
SUBSECTION (3) OF THIS SECTION.9
(d) "D
EPARTMENT" MEANS THE DEPARTMENT OF LOCAL AFFAIRS .10
(e) "E
LIGIBLE RECIPIENT" MEANS A LOCAL GOVERNMENT , A11
FOR-PROFIT DEVELOPER, OR A COMMUNITY PARTNER THAT APPLIES FOR A12
LOAN THROUGH THE LOAN PROGRAM .13
(f) "F
UND" MEANS THE TRANSFORMATIONAL AFFORDABLE14
HOUSING REVOLVING LOAN FUND CREATED IN SUBSECTION (9)(a) OF THIS15
SECTION.16
(g) "L
OAN PROGRAM " MEANS THE TRANSFORMATIONAL17
AFFORDABLE HOUSING REVOLVING LOAN FUND PROGRAM CREATED IN18
SUBSECTION (2)(a) OF THIS SECTION.19
(h) "L
OCAL GOVERNMENT" MEANS A COUNTY, MUNICIPALITY, CITY20
AND COUNTY, TRIBAL GOVERNMENT, SPECIAL DISTRICT ORGANIZED UNDER21
TITLE 32, SCHOOL DISTRICT, DISTRICT, HOUSING AUTHORITY, OR ANY22
OTHER POLITICAL SUBDIVISION OF THE STATE.23
(i) "M
IXED INCOME DEVELOPMENT " MEANS HOUSING THAT24
INCORPORATES DEVELOPMENT THAT IS MARKETED FOR HOUSEHOLDS IN25
DIFFERENT INCOME LEVELS. SPECIFICALLY, SOME, BUT NOT ALL, HOUSING26
UNITS WITHIN A PARTICULAR DEVELOPMENT HAVE RESTRICTED27
SB22-159
-6- AVAILABILITY TO HOUSEHOLDS AT OR BELOW THE INCOME LEVELS1
SPECIFIED IN SUBSECTION (1)(b) OF THIS SECTION IN ADDITION TO SOME2
UNITS THAT ARE ABOVE SUCH INCOME LEVELS WITH OR WITHOUT SUCH3
RESTRICTED AVAILABILITY.4
(2) Creation of loan program - administration. (a) T
HE5
TRANSFORMATIONAL AFFORDABLE HOUSING REVOLVING LOAN FUND6
PROGRAM IS HEREBY CREATED IN THE DIVISION AS A REVOLVING LOAN7
PROGRAM IN ACCORDANCE WITH THE REQUIREMENTS OF THIS SECTION AND8
THE POLICIES ESTABLISHED BY THE DIVISION PURSUANT TO SUBSECTION (5)9
OF THIS SECTION. THE LOAN PROGRAM IS ESTABLISHED TO PROVIDE10
FLEXIBLE, LOW-INTEREST, AND BELOW-MARKET RATE LOAN FUNDING TO11
ASSIST ELIGIBLE RECIPIENTS IN COMPLETING THE ELIGIBLE LOAN PROJECTS12
IDENTIFIED IN SUBSECTION (3) OF THIS SECTION.13
(b) T
HE DIVISION MAY ADMINISTER THE LOAN PROGRAM OR , IF IT14
DETERMINES THAT IT WOULD BE MORE EFFICIENT AND EFFECTIVE TO15
CONTRACT OUT FULL OR PARTIAL ADMINISTRATION OF THE PROGRAM , IT16
MAY ENTER INTO A CONTRACT WITH A BUSINESS NONPROFIT17
ORGANIZATION, BANK, NONDEPOSITORY COMMUNITY DEVELOPMENT18
FINANCIAL INSTITUTION, BUSINESS DEVELOPMENT CORPORATION ,19
NONPROFIT OR GANIZATION THAT ADMINISTERS GAP FI NANCING ,20
CONSTRUCTION, OR MORTGAGE LOAN PROGRAMS , OR OTHER ENTITY AS21
DETERMINED BY THE DIVISION TO ADMINISTER THE LOAN PROGRAM IN22
WHOLE OR IN PART. IF THE DIVISION CONTRACTS WITH AN ENTITY OR23
ENTITIES TO ADMINISTER THE PROGRAM, THE DIVISION SHALL USE AN OPEN24
AND COMPETITIVE PROCESS TO SELECT THE ENTITY OR ENTITIES . A25
CONTRACT WITH AN ADMINISTRATOR MAY INCLUDE AN ADMINISTRATION26
FEE ESTABLISHED BY THE DIVISION AT AN AMOUNT REASONABLY27
SB22-159
-7- CALCULATED TO COVER THE ONGOING ADMINISTRATIVE COSTS OF THE1
DIVISION IN OVERSEEING THE LOAN PROGRAM . THE DIVISION MAY2
ADVANCE MONEY TO AN ENTITY UNDER A CONTRACT IN PREPARATION IN3
THE FORM OF A GRANT OR PAYMENT FOR ISSUING LOANS AND4
ADMINISTERING THE LOAN PROGRAM .5
(c) T
HE DIVISION MAY WORK WITH THE COLORADO HOUSING AND6
FINANCE AUTHORITY, CREATED IN SECTION 29-4-704 (1), TO ASSIST IN7
OFFERING LOANS UNDER THE LOAN PROGRAM .8
(3) Eligible loan projects. I
N ORDER TO RECEIVE LOAN FUNDING9
UNDER THE LOAN PROGRAM , THE PROJECT FOR WHICH THE LOAN10
APPLICANT SEEKS LOAN FUNDING MUST DO ONE OR MORE OF THE11
FOLLOWING:12
(a) D
EVELOP AND INTEGRATE HOUSING -RELATED INFRASTRUCTURE13
TO OFFSET CONSTRUCTION AND PREDEVELOPMENT COSTS ;14
(b) P
ROVIDE GAP FINANCING FOR HOUSING DEVELOPMENT15
PROJECTS, INCLUDING TRANSACTIONS UNDER THE FEDERAL LOW -INCOME16
TAX CREDIT DEFINED IN SECTION 39-22-2101 (7) AND THE AFFORDABLE17
HOUSING TAX CREDIT CREATED IN SECTION 39-22-2102 (1). FOR PURPOSES18
OF THIS SUBSECTION (3)(b), GAP FINANCING INCLUDES FINANCING19
MECHANISMS THAT ALLOW PERSONS SEEKING AFFORDABLE HOUSING TO20
PURCHASE EXISTING AFFORDABLE HOUSING AND MULTI -FAMILY21
STRUCTURES, PARTICULARLY IN COMMUNITIES WHERE EFFORTS HAVE22
BEEN MADE TO ENCOURAGE AFFOR DABLE HOUSING DEVELOPMENT OR IN23
COMMUNITIES IN WHICH LOW CONCENTRATIONS OF AFFORDABLE HOUSING24
EXIST.25
(c) M
AINTAIN EXISTING AFFORDABLE HOUSING THROUGH FUNDING26
FOR THE PRESERVATION AND RESTORATION OF AFFORDABLE HOUSING27
SB22-159
-8- STOCK THROUGH REHABILITATION , RETROFITTING, RENOVATION, CAPITAL1
IMPROVEMENTS, AND REPAIR OF CURRENT AFFORDABLE HOUSING STOCK ,2
INCLUDING HOUSING MADE AVAILABLE UNDER 42 U.S.C. SEC. 1437f AND3
AFFORDABLE HOUSING FOR POPULATIONS AND HOUSEHOLDS4
DISPROPORTIONATELY IMPACTED BY THE COVID-19 PANDEMIC WITH5
COMMITMENTS FOR LONG -TERM AFFORDABILITY. THE USES COVERED BY6
THIS SUBSECTION (3)(c) MUST INCLUDE INVESTMENTS IN ONE OR MORE OF7
THE FOLLOWING:8
(I) S
ENIOR HOUSING;9
(II) T
HE REMEDIATION OF LOW -QUALITY OR CONDEMNED10
PROPERTIES;11
(III) H
OUSING SPECIFICALLY DESIGNED FOR PEOPLE LIVING WITH12
DISABILITIES;13
(IV) W
EATHERIZATION AND ENERGY IMPROVEMENTS TO14
MULTI-FAMILY AND SINGE-FAMILY RESIDENTS TO MAINTAIN AND IMPROVE15
THE QUALITY OF AFFORDABLE HOMES AND RENTAL UNITS ;16
(V) T
HE PURCHASE AND TRANSITION OF CURRENT HOUSING STOCK17
INTO AFFORDABLE HOUSING, INCLUDING PROPERTIES CURRENTLY IN USE18
ON A SHORT-TERM RENTAL BASIS;19
(VI) P
ROGRAMS OR INITIATIVES TO ENSURE THAT EXISTING20
HOUSING REMAINS AFFORDABLE FOR LOCAL WORKFORCE OR COMMUNITY21
HOUSEHOLDS;22
(VII) L
AND ACQUISITION FOR AFFORDABLE HOUSING ;23
(VIII) P
ROPERTY CONVERSION AND ADAPTIVE REUSE ; OR24
(IX) P
ERMANENT SUPPORTIVE HOUSING .25
(d) F
INANCE ENERGY IMPROVEMENTS IN AFFORDABLE HOUSING ,26
WHICH WILL PROVIDE FUNDING FOR INCREMENTAL UP -FRONT COSTS FOR27
SB22-159
-9- EFFICIENT, ELECTRIC MEASURES, AND RENEWABLE ENERGY SYSTEMS FOR1
BOTH EXISTING BUILDINGS AND NEW HOUSING CONSTRUCTION .2
(4) Loan program goals. (a) T
HE LOAN PROGRAM MUST BE3
ADMINISTERED WITH A GOAL OF GENERATING ENOUGH RETURN ON LOANS4
MADE UNDER THE LOAN PROGRAM TO REPLENISH THE LOAN PROGRAM FOR5
FUTURE LOAN ALLOCATIONS .6
(b) A
LL LOANS FINANCED THROUGH THE LOAN PROGRAM MUST7
OFFER FLEXIBLE TERMS AND LOW-INTEREST AND BELOW-MARKET RATES.8
(5) Loan program policies. T
HE DIVISION OR THE9
ADMINISTRATOR, AS APPLICABLE, SHALL ESTABLISH AND PUBLICIZE10
POLICIES FOR THE LOAN PROGRAM . AT A MINIMUM, THE POLICIES MUST11
ADDRESS:12
(a) T
HE PROCESS AND DEADLINES FOR APPLYING FOR AND13
RECEIVING A LOAN UNDER THE LOAN PROGRAM , INCLUDING THE14
INFORMATION AND DOCUMENTATION REQUIRED FOR A L OAN APPLICATION ;15
(b) E
LIGIBILITY CRITERIA FOR INDIVIDUALS OR ENTITIES APPLYING16
FOR A LOAN UNDER THE LOAN PROGRAM ;17
(c) T
HE MAXIMUM ASSISTANCE LEVELS FOR LOANS ;18
(d) L
OAN TERMS, INCLUDING INTEREST RATES AND REPAYMENT19
TERMS;20
(e) R
EPORTING REQUIREMENTS FOR LOAN RECIPIENTS ;21
(f) L
OAN PROGRAM FEES , INCLUDING THE APPLICATION FEE ,22
ORIGINATION FEE, AND CLOSING COST POLICIES;23
(g) U
NDERWRITING AND RISK MANAGEMENT POLICIES ;24
(h) T
HE AMOUNT OF ANY APPLICATION OR ORIGINATION FEES AND25
CLOSING COST POLICIES; AND26
(i) A
NY ADDITIONAL REQUIREMENTS THAT THE DIVISION DEEMS27
SB22-159
-10- NECESSARY TO ADMINISTER THE LOAN PROGRAM .1
(6) Prioritization requirements. (a) T
HE GENERAL ASSEMBLY2
HEREBY ENCOURAGES THE DIVISION , TO THE EXTENT PRACTICABLE , IN3
REVIEWING LOAN APPLICATIONS, TO CONSIDER PRIORITIZING APPLICATIONS4
FOR PROJECTS THAT:5
(I) A
RE LOCATED IN COMMUNITIES THAT :6
(A) F
ACE BARRIERS TO ACCESSING CAPITAL FROM TRADITIONAL7
SOURCES;8
(B) H
AVE SUFFERED SIGNIFICANT NEGATIVE FINANCIAL OR OTHER9
IMPACTS RESULTING FROM THE COVID-19 PANDEMIC; OR10
(C) A
RE OTHERWISE UNDERSERVED ;11
(II) A
LIGN WITH OTHER STATE ECONOMIC DEVELOPMENT EFFORTS ;12
(III) C
REATE PERMANENTLY AFFORDABLE HOME OWNERSHIP13
OPPORTUNITIES; OR14
(IV) A
RE HIGHLY ENERGY EFFICIENT OR USE HIGH -EFFICIENCY15
ELECTRIC EQUIPMENT FOR SPACE AND WATER HEATING . THE DIVISION MAY16
CONSULT WITH THE COLORADO ENERGY OFFICE CREATED IN SECTION17
24-38.5-101
(1) TO DEVELOP CRITERIA FOR MEETING THE OBJECTIVES18
DESCRIBED IN THIS SUBSECTION (6)(a)(IV).19
(b) T
O THE EXTENT PRACTICABLE , THE DIVISION AND THE20
ADMINISTRATOR, AS APPLICABLE, SHALL SUPPORT INNOVATIVE FUNDING21
MECHANISMS THAT ALLOW MONEY TO REVOLVE QUICKLY TO ENSURE THE22
RAPID REUSE OF MONEY FOR ONGOING PROJECTS .23
(7) Publicizing the loan program. T
HE DIVISION SHALL WORK24
WITH THE MINORITY BUSINESS OFFICE CREATED IN SECTION 24-49.5-102,25
SMALL BUSINESS DEVELOPMENT CENTERS , COMMUNITY DEVELOPMENT26
FINANCIAL INSTITUTIONS, AND STAKEHOLDER PARTNERS TO PROMOTE THE27
SB22-159
-11- PROGRAM TO ELIGIBLE RECIPIENTS WHO PRIMARILY SERVE COMMUNITIES1
THAT ARE UNDERSERVED OR DISADVANTAGED , INCLUDING ELIGIBLE2
RECIPIENTS LOCATED IN RURAL COUNTIES . ON OR BEFORE DECEMBER 1,3
2022,
THE DIVISION SHALL DEVELOP AND ADMINISTER A MARKETING4
INITIATIVE FOR THE PROGRAM IN COORDINATION WITH THE MINORITY5
BUSINESS OFFICE CREATED IN SECTION 24-49.5-102, THE SMALL BUSINESS6
ASSISTANCE CENTER CREATED IN SECTION 24-48.5-102, LOCAL CHAMBERS7
OF COMMERCE, AND OTHER LOCAL AND REGIONAL ECONOMIC8
DEVELOPMENT ENTITIES TO PROMOTE THE PROGRAM TO ELIGIBLE9
RECIPIENTS AND TARGET COMMUNITIES . THE MARKETING INITIATIVE10
SHALL BE CONDUCTED IN THE TOP SPOKEN LAN GUAGES IN THOSE11
COMMUNITIES.12
(8) Gifts, grants, and donations - leveraging federal money.13
(a) T
HE DIVISION MAY SEEK, ACCEPT, AND EXPEND GIFTS, GRANTS, OR14
DONATIONS FROM PRIVATE OR PUBLIC SOURCES FOR THE PURPOSES OF THIS15
SECTION. THE DIVISION SHALL TRANSMIT ALL MONEY RECEIVED THROUGH16
GIFTS, GRANTS, OR DONATIONS TO THE STATE TREASURER , WHO SHALL17
CREDIT THE MONEY TO THE FUND.18
(b) T
HE DIVISION MAY EXPEND, DEPLOY, OR LEVERAGE MONEY19
RECEIVED FROM FEDERAL GOVERNMENT PROGRAMS THAT SUPPORT L OANS20
AND INVESTMENTS FOR ONE OR MORE OF THE ELIGIBLE PROJECTS SPECIFIED21
IN SUBSECTION (3) OF THIS SECTION TO MAKE LOANS UNDER THE LOAN22
PROGRAM OR TO OTHERWISE MARKET , PROMOTE, OR SUPPORT LOANS23
UNDER THE PROGRAM, IF ALLOWED UNDER FEDERAL LAW .24
(9) Transformational affordable housing revolving loan fund25
- transfer of money to fund - payment of administrative costs -26
appropriation. (a) T
HE TRANSFORMATIONAL AFFORDABLE HOUSING27
SB22-159
-12- REVOLVING LOAN FUND IS HEREBY CREATED IN THE STATE TREASURY . THE1
FUND CONSISTS OF MONEY TRANSFERRED TO THE FUND IN ACCORDANCE2
WITH SUBSECTION (9)(d) OF THIS SECTION, ANY OTHER MONEY THAT THE3
GENERAL ASSEMBLY APPROPRIATES OR TRANSFERS TO THE FUND , AND ANY4
GIFTS, GRANTS, OR DONATIONS CREDITED TO THE FUND PURSUANT TO5
SUBSECTION (8)(a) OF THIS SECTION.6
(b) T
HE STATE TREASURER SHALL CREDIT ALL INTEREST AND7
INCOME DERIVED FROM THE DEPOSIT AND INVESTMENT OF MONEY IN THE8
FUND TO THE FUND.9
(c) M
ONEY IN THE FUND IS CONTINUOUSLY APPROPRIATED TO THE10
DEPARTMENT FOR THE PURPOSES SPECIFIED IN THIS SECTION . THE11
DEPARTMENT MAY EXPEND UP TO FIVE PERCENT OF THE MONEY12
APPROPRIATED OR TRANSFERRED INTO , OR REPAID FROM, THE FUND ON AN13
ANNUAL BASIS TO PAY FOR ITS DIRECT AND INDIRECT COSTS IN14
ADMINISTERING THIS SECTION.15
(d) O
N JULY 1, 2022, OR AS SOON AS PRACTICABLE THEREAFTER ,16
THE STATE TREASURER SHALL TRANSFER ONE HUNDRED FIFTY MILLION17
DOLLARS TO THE FUND . THE DIVISION SHALL USE THE MONEY18
TRANSFERRED PURSUANT TO THIS SUBSECTION (9)(d) ONLY FOR:19
(I) M
AKING LOANS TO ELIGIBLE RECIPIENTS PURSUANT TO THE20
LOAN PROGRAM; AND21
(II) T
HE COSTS OF ADMINISTERING THE LOAN PROGRAM AS MAY BE22
INCURRED BY THE DIVISION OR THE ADMINISTRATOR , AS APPLICABLE, IN23
ACCORDANCE WITH SUBSECTION (9)(c) OF THIS SECTION. ALL SUCH24
ADMINISTRATIVE COSTS MUST BE PAID OUT OF THE MONEY EITHER25
TRANSFERRED TO THE FUND PURSUANT TO SUBSECTION (9)(c) OF THIS26
SECTION OR THAT IS APPROPRIATED TO THE FUND .27
SB22-159
-13- (10) Reporting. I N CONNECTION WITH THE PUBLIC REPORT THE1
DIVISION PREPARES IN ACCORDANCE WITH SECTION 24-32-705.5 (1), THE2
DIVISION SHALL INCLUDE IN THE REPORT INFORMATION SUMMARIZING THE3
USE OF ALL OF THE MONEY THAT WAS PROVIDED AS A LOAN FROM THE4
LOAN PROGRAM IN THE PRECEDING STATE FISCAL YEAR . AT A MINIMUM,5
THE INFORMATION INCLUDED IN THE REPORT PERTAINING TO THE LOAN6
PROGRAM MUST SPECIFY THE NUMBER OF ELIGIBLE RECIPIENTS THAT7
APPLIED FOR A LOAN, THE NUMBER OF ELIGIBLE RECIPIENTS THAT WERE8
NOT AWARDED A LOAN , THE AMOUNT OF LOAN MONEY DISTRIBUTED TO9
EACH LOAN RECIPIENT, A DESCRIPTION OF EACH LOAN RECIPIENT'S USE OF10
THE LOAN MONEY, AND HOW THE USE OF THE LOAN FURTHERED THE VISION11
OF TRANSFORMATIONAL AFFORDABLE HOUSING DESCRIBED IN THE FINAL12
REPORT OF THE TASK FORCE ESTABLISHED IN SECTION 24-75-229 (6)(a).13
T
HE DIVISION SHALL ALSO INCLUDE IN THE REPORT ITS14
RECOMMENDATIONS CONCERNING FUTURE ADMINISTRATION OF THE LOAN15
PROGRAM.16
SECTION 3. In Colorado Revised Statutes, 24-32-705, amend17
(7) as follows:18
24-32-705. Functions of division. (7) The division shall19
administer:20
(a) The affordable housing guided toolkit and local officials guide21
program in accordance with section 24-32-721.5;22
(b) T
HE TRANSFORMATIONAL AFFORDABLE HOUSING REVOLVING23
LOAN FUND PROGRAM CREATED IN SECTION 24-32-726 (2)(a), UNLESS THE24
DIVISION ELECTS TO CONTRACT OUT FULL OR PARTIAL ADMINISTRATION OF25
THE LOAN PROGRAM PURSUANT TO SECTION 24-32-726 (2)(b).26
SECTION 4. In Colorado Revised Statutes, 24-32-705.5, add27
SB22-159
-14- (3.5) as follows:1
24-32-705.5. Annual public report on funding of affordable2
housing preservation and production - definition. (3.5) F
OR THE3
PUBLIC REPORT REQUIRED BY SUBSECTION (1) OF THIS SECTION, THE4
DIVISION MUST INCLUDE, ON AN ANNUAL BASIS , THE INFORMATION5
REQUIRED TO BE INCLUDED IN ACCORDANCE WITH SECTION 24-32-7266
(10).7
SECTION 5. Safety clause. The general assembly hereby finds,8
determines, and declares that this act is necessary for the immediate9
preservation of the public peace, health, or safety.10
SB22-159
-15-