Colorado 2022 Regular Session

Colorado Senate Bill SB159 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
	1	+	Second Regular Session
	2	+	Seventy-third General Assembly
	3	+	STATE OF COLORADO
	4	+	REREVISED
	5	+	This Version Includes All Amendments
	6	+	Adopted in the Second House
	7	+	LLS NO. 22-0808.01 Bob Lackner x4350
1	8		SENATE BILL 22-159
2		-	BY SENATOR(S) Bridges and Zenzinger, Buckner, Coleman, Fields,
3		-	Ginal, Gonzales, Hansen, Hinrichsen, Hisey, Holbert, Jaquez Lewis,
4		-	Kolker, Lee, Moreno, Pettersen, Rankin, Rodriguez, Scott, Simpson, Story,
5		-	Winter, Woodward, Fenberg;
6		-	also REPRESENTATIVE(S) Ortiz and Will, Amabile, Bacon, Benavidez,
7		-	Bernett, Bird, Boesenecker, Caraveo, Cutter, Duran, Esgar, Exum, Froelich,
8		-	Gonzales-Gutierrez, Herod, Hooton, Jodeh, Kipp, Lindsay, McCluskie,
9		-	McCormick, McLachlan, Michaelson Jenet, Ricks, Sirota, Snyder, Titone,
10		-	Valdez A., Valdez D., Weissman, Young, Garnett.
	9	+	Senate Committees House Committees
	10	+	Local Government Finance
	11	+	Finance Appropriations
	12	+	Appropriations
	13	+	A BILL FOR AN ACT
11	14		C
12		-	ONCERNING THE CREATION OF A REVOLVING LOAN FUND WITHIN THE
13		-	DIVISION OF HOUSING IN THE DEPARTMENT OF LOCAL AFFAIRS TO
14		-	MAKE INVESTMENTS IN TRANSFORMATIONAL AFFORDABLE HOUSING
15		-	,
16		-	AND, IN CONNECTION THEREWITH, MAKING AN APPROPRIATION.
17		-	Be it enacted by the General Assembly of the State of Colorado:
18		-	SECTION 1. Legislative declaration. (1) The general assembly
19		-	hereby finds and declares that:
20		-	(a) Though it has been exacerbated by the COVID-19 pandemic, the
21		-	housing crisis that Colorado faces is not new. For decades, the lack of
22		-	NOTE: This bill has been prepared for the signatures of the appropriate legislative
23		-	officers and the Governor. To determine whether the Governor has signed the bill
24		-	or taken other action on it, please consult the legislative status sheet, the legislative
25		-	history, or the Session Laws.
26		-	________
27		-	Capital letters or bold & italic numbers indicate new material added to existing law; dashes
28		-	through words or numbers indicate deletions from existing law and such material is not part of
29		-	the act. affordable housing has upended the lives of thousands who face
30		-	homelessness in the Denver metropolitan area and across the state, shuttered
31		-	Colorado businesses, hindered working-class employment because of a lack
32		-	of workforce housing, and exacerbated inequities, including for
33		-	communities of color, immigrant or mixed-status households, low-wage
34		-	earners, older adults, people with disabilities, and others living on fixed
35		-	incomes.
36		-	(b) Currently, Colorado requires approximately 225,000 affordable
37		-	for-sale and rental homes to address the state's housing crisis, and the
38		-	Colorado housing and finance authority reports that nearly half of all
39		-	Colorado renters pay at least thirty percent of their income on housing, with
40		-	an additional twenty-four percent paying fifty percent or more of their
41		-	income on housing;
42		-	(c) The average home price in the state increased 130% from 2011
43		-	to 2021. Statewide, the median home price increased an additional 7% from
44		-	January to February 2022, and the median price is now $555,540, a 90%
45		-	increase over March 2021. The townhome and condominium market also
46		-	reached a new pricing level in February 2022, and the median price of such
47		-	units now stands at $402,390, which is an increase of 17% from February
48		-	2021. Six out of 10 Colorado households are unable to afford the average
49		-	priced home.
50		-	(d) In House Bill 21-1329, enacted in 2021, the general assembly
51		-	created the affordable housing transformational task force, referred to in
52		-	this section as the "task force", to recommend transformational policies to
53		-	Colorado's housing sector that will produce immediate, sweeping, and
54		-	long-lasting change. The impetus of the task force brought together the
55		-	legislative and executive branches of state government, as well as a diverse
56		-	group of stakeholders made up of affordable housing practitioners and
57		-	experts, to tackle the affordable housing crisis and determine which
58		-	investments would make the biggest impact. The sixteen-member task force
59		-	was made up of a bipartisan group of ten members of the general assembly,
60		-	five agency directors, and the executive director of the Colorado housing
61		-	and finance authority. A fifteen-member subpanel of diverse affordable
62		-	housing experts was also appointed to advise the task force. The task force
63		-	and subpanel undertook a deliberative, iterative, and transparent process.
64		-	Ultimately the task force came to a near unanimous consensus on its
65		-	funding recommendations and allocations, as well as a broad agreement on
66		-	PAGE 2-SENATE BILL 22-159 several policy concepts.
67		-	(e) The recommendations made by the task force will not solve
68		-	Colorado's affordable housing crisis completely but will be a
69		-	transformational step forward in achieving that objective. Once
70		-	implemented at the local level across the state, these policies will make
71		-	significant strides in increasing access to flexible capital sources, fostering
72		-	innovation, strengthening the social safety net, enhancing market stability,
73		-	and ultimately promoting more broad and equitable home ownership and
74		-	rental housing opportunities for Coloradans in every corner of the state.
75		-	These investments will result in more affordable housing being built across
76		-	the state and will maintain existing affordable housing stock that is at risk
77		-	of becoming unsafe or unaffordable. The recommendations made by the
78		-	task force will help reduce disparities and address homelessness. They will
79		-	help many Coloradans purchase homes that were previously out of financial
80		-	reach, which will help build intergenerational wealth across the state.
81		-	(f) The task force also identified an equitable funding distribution
82		-	to effectively address the disproportionate impacts from COVID-19;
83		-	(g) The revolving loan program created by this act will provide
84		-	individuals and households across the state critical financial support with
85		-	more flexible loan criteria not regularly offered by traditional financial
86		-	institutions, thereby assisting Coloradans in obtaining necessary access to
87		-	capital;
88		-	(h) A revolving loan fund ensures that these funds are evergreen and
89		-	recycled many times across multiple generations, thereby assisting the
90		-	provision of affordable housing for all Coloradans far into the future; and
91		-	(i) By providing eligible recipients who face barriers in establishing
92		-	borrower relationships with traditional lenders access to capital, and by
93		-	engaging in concerted outreach and education concerning the availability
94		-	of this program, a revolving loan program can provide financial support to
95		-	unserved or underserved populations.
96		-	(2) The general assembly intends to address the affordable housing
97		-	crisis in Colorado, in part, by creating a revolving loan fund to provide
98		-	flexible, low-interest, and below-market rate funding that will support
99		-	increases in new housing developments, the preservation and rehabilitation
100		-	PAGE 3-SENATE BILL 22-159 of existing home stock, property conversions, and nontraditional housing
101		-	capacity in diverse geographic communities where the economic impact of
102		-	COVID-19 has significantly affected housing affordability and availability.
103		-	The funds provided by the revolving loan fund are intended to support the
104		-	development of new affordable housing units and the purchase of existing
105		-	affordable housing units, either rental housing or for-sale homes, including
106		-	mixed-income developments, and the purchase of land or buildings for
107		-	future development within a defined timeline. In addition, funding to
108		-	maintain existing affordable housing through projects that incorporate
109		-	permanent supportive housing is intended to compliment tangential
110		-	legislative efforts and aims to support individuals experiencing
111		-	homelessness, victims of domestic violence or sexual assault, and
112		-	individuals living with disabilities. Supporting the recommendations of the
113		-	task force, the general assembly intends that interest rates on loans made
114		-	available under this section be below-market rates and not exceed those
115		-	necessary to meaningfully advance affordable housing development or the
116		-	preservation of existing affordable housing stock in local communities
117		-	across the state. Further, money should be made available to local and
118		-	regional groups, governments, and community partners to be used for a
119		-	variety of more specific affordable housing needs across the state as
120		-	specified in this section.
121		-	SECTION 2. In Colorado Revised Statutes, add 24-32-731 as
122		-	follows:
123		-	24-32-731. Revolving loan fund - eligible projects - report -
	15	+	ONCERNING THE CREATION OF A RE VOLVING LOAN FUND WITHIN THE101
	16	+	DIVISION OF HOUSING IN THE DEPARTMENT OF LOCAL AFFAIRS102
	17	+	TO MAKE INVESTMENTS IN TRANSFORMATIONAL AFFORDABLE103
	18	+	HOUSING, AND, IN CONNECTION THEREWITH , MAKING AN
	19	+	104
	20	+	APPROPRIATION.105
	21	+	Bill Summary
	22	+	(Note: This summary applies to this bill as introduced and does
	23	+	not reflect any amendments that may be subsequently adopted. If this bill
	24	+	passes third reading in the house of introduction, a bill summary that
	25	+	applies to the reengrossed version of this bill will be available at
	26	+	http://leg.colorado.gov
	27	+	.)
	28	+	The bill creates the transformational affordable housing revolving
	29	+	loan fund program (loan program) in the division of housing (division) in
	30	+	HOUSE
	31	+	3rd Reading Unamended
	32	+	May 9, 2022
	33	+	HOUSE
	34	+	Amended 2nd Reading
	35	+	May 3, 2022
	36	+	SENATE
	37	+	3rd Reading Unamended
	38	+	April 25, 2022
	39	+	SENATE
	40	+	Amended 2nd Reading
	41	+	April 22, 2022
	42	+	SENATE SPONSORSHIP
	43	+	Bridges and Zenzinger, Buckner, Coleman, Fenberg, Fields, Ginal, Gonzales, Hansen,
	44	+	Hisey, Holbert, Jaquez Lewis, Kolker, Lee, Moreno, Pettersen, Rankin, Rodriguez, Scott,
	45	+	Simpson, Winter, Woodward
	46	+	HOUSE SPONSORSHIP
	47	+	Ortiz and Will, Amabile, Bacon, Benavidez, Bernett, Bird, Boesenecker, Caraveo, Cutter,
	48	+	Duran, Esgar, Exum, Froelich, Garnett, Gonzales-Gutierrez, Herod, Hooton, Jodeh, Kipp,
	49	+	Lindsay, McCluskie, McCormick, McLachlan, Michaelson Jenet, Ricks, Sirota, Snyder,
	50	+	Titone, Valdez A., Valdez D., Weissman, Young
	51	+	Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
	52	+	Capital letters or bold & italic numbers indicate new material to be added to existing statute.
	53	+	Dashes through the words indicate deletions from existing statute. the department of local affairs (department) as a revolving loan program
	54	+	in accordance with the requirements of the bill and the policies
	55	+	established by the division. The loan program provides flexible,
	56	+	low-interest, and below-market rate loan funding to assist eligible
	57	+	recipients in completing the eligible loan projects identified in the bill.
	58	+	The division may administer the loan program or, if it determines
	59	+	that it would be more efficient and effective to contract out full or partial
	60	+	administration of the program, the division may enter into a contract with
	61	+	a third-party entity to administer the loan program.
	62	+	The division is required to establish and publicize policies for the
	63	+	loan program. The bill specifies factors the division is encouraged to
	64	+	consider in evaluating loan applications.
	65	+	The transformational affordable housing revolving loan fund
	66	+	(fund) is created in the state treasury and the bill specifies requirements
	67	+	pertaining to the administration of the fund.
	68	+	The bill requires a transfer of a specified sum of money to the
	69	+	fund.
	70	+	The division is required to report on the activities of the loan
	71	+	program as part of the regular annual public report prepared by the
	72	+	division on affordable housing spending undertaken by the state.
	73	+	Be it enacted by the General Assembly of the State of Colorado:1
	74	+	SECTION 1. Legislative declaration. (1) The general assembly2
	75	+	hereby finds and declares that:3
	76	+	(a) Though it has been exacerbated by the COVID-19 pandemic,4
	77	+	the housing crisis that Colorado faces is not new. For decades, the lack of5
	78	+	affordable housing has upended the lives of thousands who face6
	79	+	homelessness in the Denver metropolitan area and across the state,7
	80	+	shuttered Colorado businesses, hindered working-class employment8
	81	+	because of a lack of workforce housing, and exacerbated inequities,
	82	+	9
	83	+	including for communities of color, immigrant or mixed-status10
	84	+	households, low-wage earners, older adults, people with disabilities, and11
	85	+	others living on fixed incomes.12
	86	+	(b) Currently, Colorado requires approximately 225,00013
	87	+	affordable for-sale and rental homes to address the state's housing crisis,14
	88	+	159-2- and the Colorado housing and finance authority reports that nearly half of1
	89	+	all Colorado renters pay at least thirty percent of their income on housing,2
	90	+	with an additional twenty-four percent paying fifty percent or more of3
	91	+	their income on housing;4
	92	+	(c) The average home price in the state increased 130% from 20115
	93	+	to 2021. Statewide, the median home price increased an additional 7%6
	94	+	from January to February 2022, and the median price is now $555,540,7
	95	+	a 90% increase over March 2021. The townhome and condominium8
	96	+	market also reached a new pricing level in February 2022, and the median9
	97	+	price of such units now stands at $402,390, which is an increase of 17%10
	98	+	from February 2021. Six out of 10 Colorado households are unable to11
	99	+	afford the average priced home.12
	100	+	(d) In House Bill 21-1329, enacted in 2021, the general assembly13
	101	+	created the affordable housing transformational task force, referred to in14
	102	+	this section as the "task force", to recommend transformational policies15
	103	+	to Colorado's housing sector that will produce immediate, sweeping, and16
	104	+	long-lasting change. The impetus of the task force brought together the17
	105	+	legislative and executive branches of state government, as well as a18
	106	+	diverse group of stakeholders made up of affordable housing practitioners19
	107	+	and experts, to tackle the affordable housing crisis and determine which20
	108	+	investments would make the biggest impact. The sixteen-member task21
	109	+	force was made up of a bipartisan group of ten members of the general22
	110	+	assembly, five agency directors, and the executive director of the23
	111	+	Colorado housing and finance authority. A fifteen-member subpanel of24
	112	+	diverse affordable housing experts was also appointed to advise the task25
	113	+	force. The task force and subpanel undertook a deliberative, iterative, and26
	114	+	transparent process. Ultimately the task force came to a near unanimous27
	115	+	159
	116	+	-3- consensus on its funding recommendations and allocations, as well as a1
	117	+	broad agreement on several policy concepts.2
	118	+	(e) The recommendations made by the task force will not solve3
	119	+	Colorado's affordable housing crisis completely but will be a4
	120	+	transformational step forward in achieving that objective. Once5
	121	+	implemented at the local level across the state, these policies will make6
	122	+	significant strides in increasing access to flexible capital sources,7
	123	+	fostering innovation, strengthening the social safety net, enhancing8
	124	+	market stability, and ultimately promoting more broad and equitable9
	125	+	home ownership and rental housing opportunities for Coloradans in every10
	126	+	corner of the state. These investments will result in more affordable11
	127	+	housing being built across the state and will maintain existing affordable12
	128	+	housing stock that is at risk of becoming unsafe or unaffordable. The13
	129	+	recommendations made by the task force will help reduce disparities and14
	130	+	address homelessness. They will help many Coloradans purchase homes15
	131	+	that were previously out of financial reach, which will help build16
	132	+	intergenerational wealth across the state.17
	133	+	(f) The task force also identified an equitable funding distribution18
	134	+	to effectively address the disproportionate impacts from COVID-19;19
	135	+	(g) The revolving loan program created by this act will provide20
	136	+	individuals and households across the state critical financial support with21
	137	+	more flexible loan criteria not regularly offered by traditional financial22
	138	+	institutions, thereby assisting Coloradans in obtaining necessary access23
	139	+	to capital;24
	140	+	(h) A revolving loan fund ensures that these funds are evergreen25
	141	+	and recycled many times across multiple generations, thereby assisting the26
	142	+	provision of affordable housing for all Coloradans far into the future; and27
	143	+	159
	144	+	-4- (i) By providing eligible recipients who face barriers in1
	145	+	establishing borrower relationships with traditional lenders access to2
	146	+	capital, and by engaging in concerted outreach and education concerning3
	147	+	the availability of this program, a revolving loan program can provide4
	148	+	financial support to unserved or underserved populations.5
	149	+	(2) The general assembly intends to address the affordable6
	150	+	housing crisis in Colorado, in part, by creating a revolving loan fund to7
	151	+	provide flexible, low-interest, and below-market rate funding that will8
	152	+	support increases in new housing developments, the preservation and9
	153	+	rehabilitation of existing home stock, property conversions, and10
	154	+	nontraditional housing capacity in diverse geographic communities where11
	155	+	the economic impact of COVID-19 has significantly affected housing12
	156	+	affordability and availability. The funds provided by the revolving loan13
	157	+	fund are intended to support the development of new affordable housing14
	158	+	units and the purchase of existing affordable housing units, either rental15
	159	+	housing or for-sale homes, including mixed-income developments, and16
	160	+	the purchase of land or buildings for future development within a defined17
	161	+	timeline. In addition, funding to maintain existing affordable housing18
	162	+	through projects that incorporate permanent supportive housing is19
	163	+	intended to compliment tangential legislative efforts and aims to support20
	164	+	individuals experiencing homelessness, victims of domestic violence or21
	165	+	sexual assault, and individuals living with disabilities. Supporting the22
	166	+	recommendations of the task force, the general assembly intends that23
	167	+	interest rates on loans made available under this section be below-market24
	168	+	rates and not exceed those necessary to meaningfully advance affordable25
	169	+	housing development or the preservation of existing affordable housing26
	170	+	stock in local communities across the state. Further, money should be27
	171	+	159
	172	+	-5- made available to local and regional groups, governments, and1
	173	+	community partners to be used for a variety of more specific affordable2
	174	+	housing needs across the state as specified in this section.3
	175	+	SECTION 2. In Colorado Revised Statutes, add 24-32-726 as4
	176	+	follows:5
	177	+	24-32-726. Revolving loan fund - eligible projects - report -6
124	178		definitions - legislative declaration. (1) Definitions. A
125		-	S USED IN THIS
126		-	SECTION
127		-	, UNLESS THE CONTEXT OTHERWISE REQUIRES :
	179	+	S USED IN THIS7
	180	+	SECTION, UNLESS THE CONTEXT OTHERWISE REQUIRES :8
128	181		(a) "A
129		-	DMINISTRATOR" MEANS A THIRD-PARTY ENTITY OR ENTITIES
130		-	THAT THE DIVISION CONTRACTS WITH TO ADMINISTER ALL OR ANY PART OF
131		-	THE LOAN PROGRAM PURSUANT TO SUBSECTION
132		-	(2)(b) OF THIS SECTION.
133		-	(b) "C
134		-	OMMUNITY PARTNER " MEANS A NONPROFIT ORGANIZATION
135		-	THAT UNDERTAKES ANY OF THE ACTIVITIES OR SERVICES DESCRIBED IN
136		-	SUBSECTION
137		-	(3) OF THIS SECTION.
138		-	(c) "D
139		-	EPARTMENT" MEANS THE DEPARTMENT OF LOCAL AFFAIRS .
140		-	(d) "E
141		-	LIGIBLE RECIPIENT" MEANS A LOCAL GOVERNMENT , A
142		-	PAGE 4-SENATE BILL 22-159 FOR-PROFIT DEVELOPER, A COMMUNITY PARTNER , OR A POLITICAL
143		-	SUBDIVISION OF THE STATE THAT APPLIES FOR A LOAN THROUGH THE LOAN
144		-	PROGRAM
145		-	.
146		-	(e) "F
147		-	UND" MEANS THE TRANSFORMATIONAL AFFORDABLE HOUSING
148		-	REVOLVING LOAN FUND CREATED IN SUBSECTION
149		-	(9)(a) OF THIS SECTION.
150		-	(f) "L
151		-	OAN PROGRAM" MEANS THE TRANSFORMATIONAL AFFORDABLE
152		-	HOUSING REVOLVING LOAN FUND PROGRAM CREATED IN SUBSECTION
153		-	(2)(a)
154		-	OF THIS SECTION.
155		-	(g) "L
156		-	OCAL GOVERNMENT" MEANS A COUNTY, MUNICIPALITY, CITY
157		-	AND COUNTY
158		-	, TRIBAL GOVERNMENT, SPECIAL DISTRICT ORGANIZED UNDER
159		-	TITLE
160		-	32, SCHOOL DISTRICT, DISTRICT, OR A HOUSING AUTHORITY CREATED
161		-	UNDER PART
162		-	2 OF ARTICLE 4 OF TITLE 29.
	182	+	DMINISTRATOR" MEANS A THIRD-PARTY ENTITY OR ENTITIES9
	183	+	THAT THE DIVISION CONTRACTS WITH TO ADMINISTER ALL OR ANY PART OF10
	184	+	THE LOAN PROGRAM PURSUANT TO SUBSECTION (2)(b) OF THIS SECTION.11
	185	+
	186	+	12
	187	+	(b) "COMMUNITY PARTNER" MEANS A NONPROFIT ORGANIZATION13
	188	+	THAT UNDERTAKES ANY OF THE ACTIVITIES OR SERVICES DESCRIBED IN14
	189	+	SUBSECTION (3) OF THIS SECTION.15
	190	+	(c) "DEPARTMENT" MEANS THE DEPARTMENT OF LOCAL AFFAIRS .16
	191	+	(d) "ELIGIBLE RECIPIENT" MEANS A LOCAL GOVERNMENT , A17
	192	+	FOR-PROFIT DEVELOPER, A COMMUNITY PARTNER , OR A POLITICAL18
	193	+	SUBDIVISION OF THE STATE THAT APPLIES FOR A LOAN THROUGH THE LOAN19
	194	+	PROGRAM.20
	195	+	(e) "FUND" MEANS THE TRANSFORMATIONAL AFFORDABLE21
	196	+	HOUSING REVOLVING LOAN FUND CREATED IN SUBSECTION (9)(a) OF THIS22
	197	+	SECTION.23
	198	+	(f) "LOAN PROGRAM " MEANS THE TRANSFORMATIONAL24
	199	+	AFFORDABLE HOUSING REVOLVING LOAN FUND PROGRAM CREATED IN25
	200	+	SUBSECTION (2)(a) OF THIS SECTION.26
	201	+	(g) "LOCAL GOVERNMENT" MEANS A COUNTY, MUNICIPALITY, CITY27
	202	+	159
	203	+	-6- AND COUNTY , TRIBAL GOVERNMENT, SPECIAL DISTRICT ORGANIZED UNDER1
	204	+	TITLE 32, SCHOOL DISTRICT, DISTRICT, OR A HOUSING AUTHORITY CREATED2
	205	+	UNDER PART 2 OF ARTICLE 4 OF TITLE 29.3
	206	+	4
163	207		(2) Creation of loan program - administration. (a) T
164		-	HE
165		-	TRANSFORMATIONAL AFFORDABLE HOUSING REVOLVING LOAN FUND
166		-	PROGRAM IS HEREBY CREATED IN THE DIVISION AS A REVOLVING LOAN
167		-	PROGRAM IN ACCORDANCE WITH THE REQUIREMENTS OF THIS SECTION AND
168		-	THE POLICIES ESTABLISHED BY THE DIVISION PURSUANT TO SUBSECTION
169		-	(5)
170		-	OF THIS SECTION. THE LOAN PROGRAM IS ESTABLISHED TO PROVIDE
171		-	FLEXIBLE
172		-	, LOW-INTEREST, AND BELOW-MARKET RATE LOAN FUNDING TO
173		-	ASSIST ELIGIBLE RECIPIENTS IN COMPLETING THE ELIGIBLE LOAN PROJECTS
174		-	IDENTIFIED IN SUBSECTION
175		-	(3) OF THIS SECTION.
	208	+	HE5
	209	+	TRANSFORMATIONAL AFFORDABLE HOUSING REVOLVING LOAN FUND6
	210	+	PROGRAM IS HEREBY CREATED IN THE DIVISION AS A REVOLVING LOAN7
	211	+	PROGRAM IN ACCORDANCE WITH THE REQUIREMENTS OF THIS SECTION AND8
	212	+	THE POLICIES ESTABLISHED BY THE DIVISION PURSUANT TO SUBSECTION (5)9
	213	+	OF THIS SECTION. THE LOAN PROGRAM IS ESTABLISHED TO PROVIDE10
	214	+	FLEXIBLE, LOW-INTEREST, AND BELOW-MARKET RATE LOAN FUNDING TO11
	215	+	ASSIST ELIGIBLE RECIPIENTS IN COMPLETING THE ELIGIBLE LOAN PROJECTS12
	216	+	IDENTIFIED IN SUBSECTION (3) OF THIS SECTION.13
176	217		(b) T
177		-	HE DIVISION MAY ADMINISTER THE LOAN PROGRAM OR , IF IT
178		-	DETERMINES THAT IT WOULD BE MORE EFFICIENT AND EFFECTIVE TO
179		-	CONTRACT OUT FULL OR PARTIAL ADMINISTRATION OF THE PROGRAM
180		-	, IT MAY
181		-	ENTER INTO A CONTRACT WITH A BUSINESS NONPROFIT ORGANIZATION
182		-	,
183		-	BANK, NONDEPOSITORY COMMUNITY DEVELOPMENT FI NANCIAL INSTITUTION ,
184		-	BUSINESS DEVELOPMENT CORPORATION , NONPROFIT ORGANIZATION THAT
185		-	ADMINISTERS GAP FINANCING
186		-	, CONSTRUCTION, OR MORTGAGE LOAN
187		-	PROGRAMS
188		-	, OR OTHER ENTITY AS DETERMINED BY THE DIVISION TO
189		-	ADMINISTER THE LOAN PROGRAM IN WHOLE OR IN PART
190		-	. IF THE DIVISION
191		-	CONTRACTS WITH AN ENTITY OR ENTITIES TO ADMINISTER THE PROGRAM
192		-	,
193		-	THE DIVISION SHALL USE AN OPEN AND COMPETITIVE PROCESS TO SELECT
194		-	THE ENTITY OR ENTITIES
195		-	. A CONTRACT WITH AN ADMINISTRATOR MAY
196		-	INCLUDE AN ADMINISTRATION FEE ESTABLISHED BY THE DIVISION AT AN
197		-	AMOUNT REASONABLY CALCULATED TO COVER THE ONGOING
198		-	PAGE 5-SENATE BILL 22-159 ADMINISTRATIVE COSTS OF THE DIVISION IN OVERSEEING THE LOAN
199		-	PROGRAM
200		-	. THE DIVISION MAY ADVANCE MONEY TO AN ENTITY UNDER A
201		-	CONTRACT IN PREPARATION IN THE FORM OF A GRANT OR PAYMENT FOR
202		-	ISSUING LOANS AND ADMINISTERING THE LOAN PROGRAM
203		-	.
	218	+	HE DIVISION MAY ADMINISTER THE LOAN PROGRAM OR , IF IT14
	219	+	DETERMINES THAT IT WOULD BE MORE EFFICIENT AND EFFECTIVE TO15
	220	+	CONTRACT OUT FULL OR PARTIAL ADMINISTRATION OF THE PROGRAM , IT16
	221	+	MAY ENTER INTO A CONTRACT WITH A BUSINESS NONPROFIT17
	222	+	ORGANIZATION, BANK, NONDEPOSITORY COMMUNITY DEVELOPMENT18
	223	+	FINANCIAL INSTITUTION, BUSINESS DEVELOPMENT CORPORATION ,19
	224	+	NONPROFIT OR GANIZATION THAT ADMINISTERS GAP FI NANCING ,20
	225	+	CONSTRUCTION, OR MORTGAGE LOAN PROGRAMS , OR OTHER ENTITY AS21
	226	+	DETERMINED BY THE DIVISION TO ADMINISTER THE LOAN PROGRAM IN22
	227	+	WHOLE OR IN PART. IF THE DIVISION CONTRACTS WITH AN ENTITY OR23
	228	+	ENTITIES TO ADMINISTER THE PROGRAM, THE DIVISION SHALL USE AN OPEN24
	229	+	AND COMPETITIVE PROCESS TO SELECT THE ENTITY OR ENTITIES . A25
	230	+	CONTRACT WITH AN ADMINISTRATOR MAY INCLUDE AN ADMINISTRATION26
	231	+	FEE ESTABLISHED BY THE DIVISION AT AN AMOUNT REASONABLY27
	232	+	159
	233	+	-7- CALCULATED TO COVER THE ONGOING ADMINISTRATIVE COSTS OF THE1
	234	+	DIVISION IN OVERSEEING THE LOAN PROGRAM . THE DIVISION MAY2
	235	+	ADVANCE MONEY TO AN ENTITY UNDER A CONTRACT IN PREPARATION IN3
	236	+	THE FORM OF A GRANT OR PAYMENT FOR ISSUING LOANS AND4
	237	+	ADMINISTERING THE LOAN PROGRAM .5
204	238		(c) T
205		-	HE DIVISION MAY WORK WITH THE COLORADO HOUSING AND
206		-	FINANCE AUTHORITY
207		-	, CREATED IN SECTION 29-4-704 (1), TO ASSIST IN
208		-	OFFERING LOANS UNDER THE LOAN PROGRAM
209		-	.
	239	+	HE DIVISION MAY WORK WITH THE COLORADO HOUSING AND6
	240	+	FINANCE AUTHORITY, CREATED IN SECTION 29-4-704 (1), TO ASSIST IN7
	241	+	OFFERING LOANS UNDER THE LOAN PROGRAM .8
210	242		(d) A
211		-	NY LOAN MADE UNDER THE LOAN PROGRAM BY THE STATE , ANY
212		-	DEPARTMENT
213		-	, DIVISION, OR AGENCY OF THE STATE, OR ANY ADMINISTRATOR
214		-	TO A DISTRICT
215		-	, AS DEFINED IN SECTION 20 (2)(b) OF ARTICLE X OF THE STATE
216		-	CONSTITUTION
217		-	, MUST EITHER BE APPROVED BY THE VOTERS OF THE DISTRICT
218		-	IN ACCORDANCE WITH SECTION
219		-	20 (4)(b) OF ARTICLE X OF THE STATE
220		-	CONSTITUTION OR BE STRUCTURED SO THAT IT IS NOT A MULTIPLE
221		-	-FISCAL
222		-	YEAR DIRECT OR INDIRECT DISTRICT DEBT OR OTHER FINANCIAL OBLIGATION
223		-	WHATSOEVER THAT REQUIRES VOTER APPROVAL UNDER SECTION
224		-	20 (4)(b)
225		-	OF ARTICLE X OF THE STATE CONSTITUTION.
	243	+	NY LOAN MADE UNDER THE LOAN PROGRAM BY THE STATE ,
	244	+	9
	245	+	ANY DEPARTMENT , DIVISION, OR AGENCY OF THE STATE , OR ANY10
	246	+	ADMINISTRATOR TO A DISTRICT , AS DEFINED IN SECTION 20 (2)(b) OF11
	247	+	ARTICLE X OF THE STATE CONSTITUTION, MUST EITHER BE APPROVED BY12
	248	+	THE VOTERS OF THE DISTRICT IN ACCORDANCE WITH SECTION 20 (4)(b) OF13
	249	+	ARTICLE X OF THE STATE CONSTITUTION OR BE STRUCTURED SO THAT IT14
	250	+	IS NOT A MULTIPLE-FISCAL YEAR DIRECT OR INDIRECT DISTRICT DEBT OR15
	251	+	OTHER FINANCIAL OBLIGATION WHATSOEVER THAT REQUIRES VOTER16
	252	+	APPROVAL UNDER SECTION 20 (4)(b) OF ARTICLE X OF THE STATE17
	253	+	CONSTITUTION.18
226	254		(3) Eligible loan projects. I
227		-	N ORDER TO RECEIVE LOAN FUNDING
228		-	UNDER THE LOAN PROGRAM
229		-	, THE PROJECT FOR WHICH THE LOAN APPLICANT
230		-	SEEKS LOAN FUNDING MUST DO ONE OR MORE OF THE FOLLOWING
231		-	:
	255	+	N ORDER TO RECEIVE LOAN FUNDING19
	256	+	UNDER THE LOAN PROGRAM , THE PROJECT FOR WHICH THE LOAN20
	257	+	APPLICANT SEEKS LOAN FUNDING MUST DO ONE OR MORE OF THE21
	258	+	FOLLOWING:22
232	259		(a) D
233		-	EVELOP AND INTEGRATE HOUSING -RELATED INFRASTRUCTURE
234		-	TO OFFSET CONSTRUCTION AND PREDEVELOPMENT COSTS
235		-	;
	260	+	EVELOP AND INTEGRATE HOUSING -RELATED INFRASTRUCTURE23
	261	+	TO OFFSET CONSTRUCTION AND PREDEVELOPMENT COSTS ;24
236	262		(b) P
237	263		ROVIDE GAP FINANCING FOR HOUSING DEVELOPMENT ,
238		-	INCLUDING TRANSACTIONS UNDER THE FEDERAL LOW -INCOME TAX CREDIT
239		-	DEFINED IN SECTION
240		-	39-22-2101 (7) AND THE AFFORDABLE HOUSING TAX
241		-	CREDIT CREATED IN SECTION
242		-	39-22-2102 (1). FOR PURPOSES OF THIS
243		-	SUBSECTION
244		-	(3)(b), GAP FINANCING INCLUDES FINANCING MECHANISMS
245		-	THAT ALLOW PERSONS SEEKING AFFORDABLE HOUSING TO PURCHASE
246		-	EXISTING AFFORDABLE HOUSING
247		-	, MULTI-FAMILY STRUCTURES, LAND, AND
248		-	BUILDINGS
249		-	, PARTICULARLY IN COMMUNITIES WHERE EFFORTS HAVE BEEN
250		-	MADE TO ENCOURAGE AFFORDABLE HOUSING DEVELOPMENT OR IN
251		-	COMMUNITIES IN WHICH LOW CONCENTRATIONS OF AFFORDABLE HOUSING
252		-	EXIST
253		-	.
	264	+	25
	265	+	INCLUDING TRANSACTIONS UNDER THE FEDERAL LOW -INCOME TAX CREDIT26
	266	+	DEFINED IN SECTION 39-22-2101 (7) AND THE AFFORDABLE HOUSING TAX27
	267	+	159
	268	+	-8- CREDIT CREATED IN SECTION 39-22-2102 (1). FOR PURPOSES OF THIS1
	269	+	SUBSECTION (3)(b), GAP FINANCING INCLUDES FINANCING MECHANISMS2
	270	+	THAT ALLOW PERSONS SEEKING AFFORDABLE HOUSING TO PURCHASE3
	271	+	EXISTING AFFORDABLE HOUSING, MULTI-FAMILY STRUCTURES, LAND, AND4
	272	+	BUILDINGS, PARTICULARLY IN COMMUNITIES WHERE EFFORTS HAVE BEEN5
	273	+	MADE TO ENCOURAGE AFFORDABLE HOUSING DEVELOPMENT OR IN6
	274	+	COMMUNITIES IN WHICH LOW CONCENTRATIONS OF AFFORDABLE HOUSING7
	275	+	EXIST.8
254	276		(c) I
255	277		NCREASE THE SUPPLY OF NEW AFFORDABLE FOR -SALE HOUSING
256		-	STOCK BY PROVIDING FUNDING TO ASSIST WITH THE COST OF CONSTRUCTION
257		-	,
258		-	PAGE 6-SENATE BILL 22-159 INCLUDING BUT NOT LIMITED TO COSTS ASSOCIATED WITH CONSTRUCTION
259		-	COSTS
260		-	, LAND ACQUISITION, TAP FEES, BUILDING PERMITS, OR IMPACT FEES.
261		-	(d) M
262		-	AINTAIN EXISTING AFFORDABLE HOUSING THROUGH FUNDING
263		-	FOR THE PRESERVATION AND RESTORATION OF AFFORDABLE HOUSING STOCK
264		-	THROUGH REHABILITATION
265		-	, RETROFITTING, RENOVATION, CAPITAL
266		-	IMPROVEMENTS
267		-	, AND REPAIR OF CURRENT AFFORDABLE HOUSING STOCK ,
268		-	INCLUDING HOUSING MADE AVAILABLE UNDER 42 U.S.C. SEC. 1437f AND
269		-	AFFORDABLE HOUSING FOR POPULATIONS AND HOUSEHOLDS
270		-	DISPROPORTIONATELY IMPACTED BY THE
271		-	COVID-19 PANDEMIC WITH
272		-	COMMITMENTS FOR LONG
273		-	-TERM AFFORDABILITY. THE USES COVERED BY
274		-	THIS SUBSECTION
275		-	(3)(d) MUST INCLUDE INVESTMENTS IN ONE OR MORE OF
276		-	THE FOLLOWING
277		-	:
	278	+	9
	279	+	STOCK BY PROVIDING FUNDING TO ASSIST WITH THE COST OF10
	280	+	CONSTRUCTION, INCLUDING BUT NOT LIMITED TO COSTS ASSOCIATED WITH11
	281	+	CONSTRUCTION COSTS, LAND ACQUISITION, TAP FEES, BUILDING PERMITS,12
	282	+	OR IMPACT FEES.13
	283	+	(d) MAINTAIN EXISTING AFFORDABLE HOUSING THROUGH F UNDING14
	284	+	FOR THE PRESERVATION AND RESTORATION OF AFFORDABLE HOUSING15
	285	+	STOCK THROUGH REHABILITATION , RETROFITTING, RENOVATION, CAPITAL16
	286	+	IMPROVEMENTS, AND REPAIR OF CURRENT AFFORDABLE HOUSING STOCK ,17
	287	+	INCLUDING HOUSING MADE AVAILABLE UNDER 42 U.S.C. SEC. 1437f AND18
	288	+	AFFORDABLE HOUSING FOR POPULATIONS AND HOUSEHOLDS19
	289	+	DISPROPORTIONATELY IMPACTED BY THE COVID-19 PANDEMIC WITH20
	290	+	COMMITMENTS FOR LONG -TERM AFFORDABILITY. THE USES COVERED BY21
	291	+	THIS SUBSECTION (3)(d) MUST INCLUDE INVESTMENTS IN ONE OR MORE OF22
	292	+	THE FOLLOWING:23
278	293		(I) S
279		-	ENIOR HOUSING;
	294	+	ENIOR HOUSING;24
280	295		(II) T
281		-	HE PURCHASE OF AND THE ~~REMEDIATION OF LOW -QUALITY OR~~
282		-	~~CONDEMNED PROPERTIES~~
283		-	;
	296	+	HE PURCHASE OF AND THE
	297	+	REMEDIATION OF LOW-QUALITY OR25
	298	+	CONDEMNED PROPERTIES ;26
284	299		(III) H
285		-	OUSING UNITS, INTEGRATED INTO NONSEGREGATED ~~HOUSING~~
286		-	~~DEVELOPMENTS~~
287		-	~~, SPECIFICALLY DESIGNED FOR PEOPLE LIVING WITH~~
288		-	~~DISABILITIES~~
289		-	;
	300	+	OUSING UNITS, INTEGRATED INTO NONSEGREGATED
	301	+	27
	302	+	159
	303	+	-9- HOUSING DEVELOPMENTS , SPECIFICALLY DESIGNED FOR PEOPLE LIVING1
	304	+	WITH DISABILITIES;2
290	305		(IV) W
291		-	EATHERIZATION AND ENERGY IMPROVEMENTS TO
292		-	MULTI
293		-	-FAMILY AND SINGE-FAMILY RESIDENTS TO MAINTAIN AND IMPROVE
294		-	THE QUALITY OF AFFORDABLE HOMES AND RENTAL UNITS
295		-	;
	306	+	EATHERIZATION AND ENERGY IMPROVEMENTS TO3
	307	+	MULTI-FAMILY AND SINGE-FAMILY RESIDENTS TO MAINTAIN AND IMPROVE4
	308	+	THE QUALITY OF AFFORDABLE HOMES AND RENTAL UNITS ;5
296	309		(V) T
297		-	HE PURCHASE AND TRANSITION OF CURRENT HOUSING STOCK
298		-	INTO AFFORDABLE HOUSING
299		-	, INCLUDING PROPERTIES CURRENTLY IN USE ON
300		-	A SHORT
301		-	-TERM RENTAL BASIS;
	310	+	HE PURCHASE AND TRANSITION OF CURRENT HOUSING STOCK6
	311	+	INTO AFFORDABLE HOUSING, INCLUDING PROPERTIES CURRENTLY IN USE7
	312	+	ON A SHORT-TERM RENTAL BASIS;8
302	313		(VI) P
303		-	ROGRAMS OR INITIATIVES TO ENSURE THAT EXISTING HOUSING
304		-	REMAINS AFFORDABLE FOR LOCAL WORKFORCE OR COMMUNITY
305		-	HOUSEHOLDS
306		-	;
	314	+	ROGRAMS OR INITIATIVES TO ENSURE THAT EXISTING9
	315	+	HOUSING REMAINS AFFORDABLE FOR LOCAL WORKFORCE OR COMMUNITY10
	316	+	HOUSEHOLDS;11
307	317		(VII) L
308		-	AND ACQUISITION FOR AFFORDABLE HOUSING ;
	318	+	AND ACQUISITION FOR AFFORDABLE HOUSING ;12
309	319		(VIII) P
310		-	ROPERTY CONVERSION AND ADAPTIVE REUSE ; OR
311		-	(IX) ~~PERMANENT SUPPORTIVE HOUSING .~~
312		-	~~PAGE 7-SENATE BILL 22-159 (e) FINANCE ENERGY IMPROVEMENTS IN AFFORDABLE~~ HOUSING ,
313		-	~~WHICH WILL PROVIDE FUNDING FOR INCREMENTAL UP -FRONT COSTS FOR~~
314		-	~~EFFICIENT~~
315		-	~~, ELECTRIC MEASURES,~~ ~~AND RENEWABLE ENERGY SYSTEMS~~ FOR
316		-	~~BOTH EXISTING BUILDINGS~~ AND ~~NEW HOUSING CONSTRUCTION~~
317		-	.
	320	+	ROPERTY CONVERSION AND ADAPTIVE REUSE ; OR13
	321	+	(IX) P
	322	+	ERMANENT SUPPORTIVE HOUSING .14
	323	+	(e)
	324	+	FINANCE ENERGY IMPROVEMENTS IN AFFORDABLE HOUSING ,15
	325	+	WHICH WILL PROVIDE FUNDING FOR INCREMENTAL UP -FRONT COSTS FOR16
	326	+	EFFICIENT, ELECTRIC MEASURES, AND RENEWABLE ENERGY SYSTEMS FOR17
	327	+	BOTH EXISTING BUILDINGS AND NEW HOUSING CONSTRUCTION .18
318	328		(f) C
319	329		REATE PERMANENTLY OR LONG -TERM AFFORDABLE
320		-	~~HOMEOWNERSHIP OPPORTUNITIES~~
321		-	.
	330	+	19
	331	+	HOMEOWNERSHIP OPPORTUNITIES .20
322	332		(4) Loan program goals. (a) T
323		-	HE LOAN PROGRAM MUST BE
324		-	ADMINISTERED WITH A GOAL OF GENERATING ENOUGH RETURN ON LOANS
325		-	MADE UNDER THE LOAN PROGRAM TO REPLENISH THE LOAN PROGRAM FOR
326		-	FUTURE LOAN ALLOCATIONS
327		-	.
	333	+	HE LOAN PROGRAM MUST BE21
	334	+	ADMINISTERED WITH A GOAL OF GENERATING ENOUGH RETURN ON LOANS22
	335	+	MADE UNDER THE LOAN PROGRAM TO REPLENISH THE LOAN PROGRAM FOR23
	336	+	FUTURE LOAN ALLOCATIONS .24
328	337		(b) A
329		-	LL LOANS FINANCED THROUGH THE LOAN PROGRAM MUST
330		-	OFFER FLEXIBLE TERMS AND LOW
331		-	-INTEREST AND BELOW-MARKET RATES.
332		-	(5) Loan program policies - eligibility for loan funding. (a) T
333		-	HE
334		-	DIVISION OR THE ADMINISTRATOR
335		-	, AS APPLICABLE, SHALL ESTABLISH AND
336		-	PUBLICIZE POLICIES FOR THE LOAN PROGRAM
337		-	. AT A MINIMUM, THE POLICIES
338		-	MUST ADDRESS
339		-	:
340		-	(I) T
341		-	HE PROCESS AND DEADLINES FOR APPLYING FOR AND RECEIVING
342		-	A LOAN UNDER THE LOAN PROGRAM
343		-	, INCLUDING THE INFORMATION AND
344		-	DOCUMENTATION REQUIRED FOR A LOAN APPLICATION
345		-	;
346		-	(II) E
347		-	LIGIBILITY CRITERIA FOR INDIVIDUALS OR ENTITIES APPLYING
348		-	FOR A LOAN UNDER THE LOAN PROGRAM
349		-	;
350		-	(III) T
351		-	HE MAXIMUM ASSISTANCE LEVELS FOR LOANS ;
352		-	(IV) L
353		-	OAN TERMS, INCLUDING INTEREST RATES AND REPAYMENT
354		-	TERMS
355		-	;
356		-	(V) R
357		-	EPORTING REQUIREMENTS FOR LOAN RECIPIENTS ;
358		-	(VI) L
359		-	OAN PROGRAM FEES , INCLUDING THE APPLICATION FEE ,
360		-	ORIGINATION FEE, AND CLOSING COST POLICIES;
361		-	(VII) U
362		-	NDERWRITING AND RISK MANAGEMENT POLICIES ;
363		-	PAGE 8-SENATE BILL 22-159 (VIII) THE AMOUNT OF ANY APPLICATION OR ORIGINATION FEES AND
364		-	CLOSING COST POLICIES
365		-	;
366		-	(IX) T
367		-	HE MEANS BY WHICH ELIGIBLE RECIPIENTS WHO FACE
368		-	BARRIERS IN ESTABLISHING BORROWER RELATIONSHIPS WITH TRADITIONAL
369		-	LENDERS WILL BE INFORMED OF THE LOAN PROGRAM AND ENCOURAGED TO
370		-	APPLY FOR A LOAN FINANCED THROUGH THE LOAN PROGRAM
371		-	; AND
372		-	(X) ANY ADDITIONAL REQUIREMENTS THAT THE DIVISION DEEMS
373		-	NECESSARY TO ADMINISTER THE LOAN PROGRAM
374		-	.
375		-	(b) (I) I
376		-	N CONNECTION WITH THE POLICIES FOR THE LOAN PROGRAM
377		-	THAT THE DIVISION OR THE ADMINISTRATOR IS REQUIRED TO ESTABLISH AND
378		-	PUBLICIZE PURSUANT TO SUBSECTION
379		-	(5)(a) OF THIS SECTION, THE POLICIES
380		-	MUST SPECIFY THAT
381		-	, IN ORDER FOR AN ELIGIBLE RECIPIENT TO OBTAIN LOAN
382		-	FUNDING DIRECTLY FROM THE DIVISION
383		-	, AN ELIGIBLE RECIPIENT MUST
384		-	FOLLOW PROCEDURES THAT SHALL BE SPECIFIED BY THE DIVISION TO
385		-	DOCUMENT THE AMOUNT OF LEVERAGED FUNDS PROPOSED OR COMMITTED
386		-	AS PART OF A LOAN APPLICATION AND THE AMOUNT OF FUNDING SOUGHT
387		-	FROM OTHER SOURCES
388		-	, INCLUDING DEMONSTRATED EFFORTS BY THE
389		-	ELIGIBLE RECIPIENT TO OBTAIN FINANCING FOR LOAN FUNDING FROM
390		-	FINANCIAL INSTITUTIONS
391		-	.
392		-	(II) N
393		-	OTWITHSTANDING ANY OTHER PROVISION OF LAW , A LIEN FILED
394		-	BY THE DIVISION
395		-	, IS SUPERIOR ONLY TO ANY OTHER LIEN PLACED ON THE
396		-	SAME ASSETS THAT IS FILED LATER IN TIME EXCEPT FOR A LIEN FOR UNPAID
397		-	PROPERTY TAXES
398		-	.
399		-	(6) Prioritization criteria. (a) T
400		-	HE GENERAL ASSEMBLY HEREBY
401		-	ENCOURAGES THE DIVISION
402		-	, TO THE EXTENT PRACTICABLE, IN REVIEWING
403		-	LOAN APPLICATIONS
404		-	, TO CONSIDER PRIORITIZING APPLICATIONS FOR
405		-	PROJECTS THAT
406		-	:
	338	+	LL LOANS FINANCED THROUGH THE LOAN PROGRAM MUST25
	339	+	OFFER FLEXIBLE TERMS AND LOW-INTEREST AND BELOW-MARKET RATES.26
	340	+	(5) Loan program
	341	+	policies - eligibility for loan funding. (a)27
	342	+	159
	343	+	-10- THE DIVISION OR THE ADMINISTRATOR, AS APPLICABLE, SHALL ESTABLISH1
	344	+	AND PUBLICIZE POLICIES FOR THE LOAN PROGRAM . AT A MINIMUM, THE2
	345	+	POLICIES MUST ADDRESS:3
	346	+	(I) THE PROCESS AND DEADLINES FOR APPLYING FOR AND4
	347	+	RECEIVING A LOAN UNDER THE LOAN PROGRAM , INCLUDING THE5
	348	+	INFORMATION AND DOCUMENTATION REQUIRED FOR A L OAN APPLICATION ;6
	349	+	(II) ELIGIBILITY CRITERIA FOR INDIVIDUALS OR ENTITIES APPLYING7
	350	+	FOR A LOAN UNDER THE LOAN PROGRAM ;8
	351	+	(III) THE MAXIMUM ASSISTANCE LEVELS FOR LOANS ;9
	352	+	(IV) LOAN TERMS, INCLUDING INTEREST RATES AND REPAYMENT10
	353	+	TERMS;11
	354	+	(V) REPORTING REQUIREMENTS FOR LOAN RECIPIENTS ;12
	355	+	(VI) LOAN PROGRAM FEES, INCLUDING THE APPLICATION FEE ,13
	356	+	ORIGINATION FEE, AND CLOSING COST POLICIES;14
	357	+	(VII) UNDERWRITING AND RISK MANAGEMENT POLICIES ;15
	358	+	(VIII) THE AMOUNT OF ANY APPLICATION OR ORIGINATION FEES16
	359	+	AND CLOSING COST POLICIES; 17
	360	+	(IX) THE MEANS BY WHICH ELIGIBLE RECIPIENTS WHO FACE18
	361	+	BARRIERS IN ESTABLISHING BORROWER RELATIONSHIPS WITH TRADITIONAL19
	362	+	LENDERS WILL BE INFORMED OF THE LOAN PROGRAM AND ENCOURAGED TO20
	363	+	APPLY FOR A LOAN FINANCED THROUGH THE LOAN PROGRAM ; AND21
	364	+	(X) ANY ADDITIONAL REQUIREMENTS THAT THE DIVISION DEEMS22
	365	+	NECESSARY TO ADMINISTER THE LOAN PROGRAM .23
	366	+	(b) (I) IN CONNECTION WITH THE POLICIES FOR THE LOAN PROGRAM24
	367	+	THAT THE DIVISION OR THE ADMINISTRATOR IS REQUIRED TO ESTABLISH25
	368	+	AND PUBLICIZE PURSUANT TO SUBSECTION (5)(a) OF THIS SECTION, THE26
	369	+	POLICIES MUST SPECIFY THAT, IN ORDER FOR AN ELIGIBLE RECIPIENT TO27
	370	+	159
	371	+	-11- OBTAIN LOAN FUNDING DIRECTLY FROM THE DIVISION , AN ELIGIBLE1
	372	+	RECIPIENT MUST FOLLOW PROCEDURES THAT SHALL BE SPECIFIED BY THE2
	373	+	DIVISION TO DOCUMENT THE AMOUNT OF LEVERAGED F UNDS PROPOSED OR3
	374	+	COMMITTED AS PART OF A LOAN APPLICATION AND THE AMOUNT OF4
	375	+	FUNDING SOUGHT FROM OTHER SOURCES, INCLUDING DEMONSTRATED5
	376	+	EFFORTS BY THE ELIGIBLE RECIPIENT TO OBTAIN FINANCING FOR LOAN6
	377	+	FUNDING FROM FINANCIAL INSTITUTIONS .7
	378	+	(II) NOTWITHSTANDING ANY OTHER PROVISION OF LAW, A LIEN8
	379	+	FILED BY THE DIVISION, IS SUPERIOR ONLY TO ANY OTHER LIEN PLACED ON9
	380	+	THE SAME ASSETS THAT IS FILED LATER IN TIME EXCEPT FOR A LIEN FOR10
	381	+	UNPAID PROPERTY TAXES.11
	382	+	(6) Prioritization criteria. (a) THE GENERAL ASSEMBLY HEREBY12
	383	+	ENCOURAGES THE DIVISION, TO THE EXTENT PRACTICABLE, IN REVIEWING13
	384	+	LOAN APPLICATIONS, TO CONSIDER PRIORITIZING APPLICATIONS FOR14
	385	+	PROJECTS THAT:15
407	386		(I) I
408		-	NCREASE THE SUPPLY OF HOUSING IN COMMUNITIES ACROSS THE
409		-	STATE IN PROPORTION TO EACH COMMUNITY
410		-	'S DEMONSTRATED HOUSING
411		-	NEEDS THROUGH
412		-	:
	387	+	NCREASE THE SUPPLY OF HOUSING IN COMMUNITIES ACROSS
	388	+	16
	389	+	THE STATE IN PROPORTION TO EACH COMMUNITY 'S DEMONSTRATED17
	390	+	HOUSING NEEDS THROUGH :18
413	391		(A) A
414	392		PREFERENCE FOR MIXED-INCOME PROJECTS IN WHICH A
415		-	PERCENTAGE OF UNITS
416		-	, PROPORTIONAL TO THE DEMONSTRATED HOUSING
417		-	NEEDS OF THE LOCAL COMMUNITY
418		-	, WITHIN A PARTICULAR DEVELOPMENT
419		-	PAGE 9-SENATE BILL 22-159 HAVE RESTRICTED AVAILABILITY TO HOUSEHOLDS AT AND BELOW THE
420		-	INCOME LEVELS SPECIFIED IN SUBSECTION
421		-	(6)(b)(I) OF THIS SECTION. THE
422		-	PERCENTAGE OF RESTRICTED UNITS AND AFFORDABILITY LEVELS MUST
423		-	COMPLY WITH LAWS ENACTED BY LOCAL GOVERNMENTS PROMOTING THE
424		-	DEVELOPMENT OF NEW AFFORDABLE HOUSING UNITS PURSUANT TO SECTION
425		-	29-20-104 (1).
426		-	(B) D
427		-	EVELOPMENTS IN WHICH HOUSING UNITS ARE RESTRICTED AT
428		-	INCOME LEVELS DEMONSTRATED BY LOCAL COMMUNITY NEEDS AS SPECIFIED
429		-	IN SUBSECTION
430		-	(6)(b)(I) OF THIS SECTION;
431		-	(II) A
432		-	RE LOCATED IN OR SERVE COMMUNITIES THAT :
	393	+	19
	394	+	PERCENTAGE OF UNITS, PROPORTIONAL TO THE DEMONSTRATED HOUSING20
	395	+	NEEDS OF THE LOCAL COMMUNITY , WITHIN A PARTICULAR DEVELOPMENT21
	396	+	HAVE RESTRICTED AVAILABILITY TO HOUSEHOLDS AT AND BELOW THE22
	397	+	INCOME LEVELS SPECIFIED IN SUBSECTION (6)(b)(I) OF THIS SECTION. THE23
	398	+	PERCENTAGE OF RESTRICTED UNITS AND AFFORDABILITY LEVELS MUST24
	399	+	COMPLY WITH LAWS ENACTED BY LOCAL GOVERNMENTS PROMOTING THE25
	400	+	DEVELOPMENT OF NEW AFFORDABLE HOUSING UNITS PURSUANT TO26
	401	+	SECTION 29-20-104 (1).27
	402	+	159
	403	+	-12- (B) DEVELOPMENTS IN WHICH HOUSING UNITS ARE RESTRICTED AT1
	404	+	INCOME LEVELS DEMONSTRATED BY LOCAL COMMUNITY NEEDS AS2
	405	+	SPECIFIED IN SUBSECTION (6)(b)(I) OF THIS SECTION;3
	406	+	(II) ARE LOCATED IN OR SERVE COMMUNITIES THAT:4
433	407		(A) F
434		-	ACE BARRIERS TO ACCESSING CAPITAL FROM TRADITIONAL
435		-	SOURCES
436		-	;
	408	+	ACE BARRIERS TO ACCESSING CAPITAL FROM TRADITIONAL5
	409	+	SOURCES;6
437	410		(B) H
438		-	AVE SUFFERED SIGNIFICANT NEGATIVE FINANCIAL OR OTHER
439		-	IMPACTS RESULTING FROM THE
440		-	COVID-19 PANDEMIC; OR
441		-	(C) ARE OTHERWISE UNDERSERVED ;
442		-	(III) A
443		-	LIGN WITH OTHER STATE ECONOMIC DEVELOPMENT EFFORTS ;
444		-	(IV) C
445		-	REATE PERMANENTLY AFFORDABLE HOME OWNERSHIP
446		-	OPPORTUNITIES
447		-	;
	411	+	AVE SUFFERED SIGNIFICANT NEGATIVE FINANCIAL OR OTHER7
	412	+	IMPACTS RESULTING FROM THE COVID-19 PANDEMIC; OR8
	413	+	(C) A
	414	+	RE OTHERWISE UNDERSERVED ;9
	415	+	(III)
	416	+	ALIGN WITH OTHER STATE ECONOMIC DEVELOPMENT10
	417	+	EFFORTS;11
	418	+	(IV) CREATE PERMANENTLY AFFORDABLE HOME OWNERSHIP12
	419	+	OPPORTUNITIES;13
448	420		(V) E
449		-	NSURE THE LONG-TERM AFFORDABILITY OF ANY ~~DEVELOPMENT~~
450		-	~~OR PROJECTS FUNDED BY THE LOAN PROGRAM~~
451		-	;
	421	+	NSURE THE LONG -TERM AFFORDABILITY OF ANY
	422	+	14
	423	+	DEVELOPMENT OR PROJECTS FUNDED BY THE LOAN PROGRAM ;15
452	424		(VI) I
453	425		NCLUDE UNITS THAT ARE RESTRICTED FOR RENTAL USAGE TO
454		-	PERSONS WITH DISABILITIES OR THAT INCLUDE UNIVERSAL DESIGN FEATURES
455		-	THAT ALLOW INDIVIDUALS TO RESIDE IN THEIR DWELLING UNITS AS THEY
456		-	AGE
457		-	; OR
458		-	(VII) ARE HIGHLY ENERGY EFFICIENT OR USE HIGH -EFFICIENCY
459		-	ELECTRIC EQUIPMENT FOR SPACE AND WATER HEATING
460		-	. THE DIVISION MAY
461		-	CONSULT WITH THE
462		-	COLORADO ENERGY OFFICE CREATED IN SECTION
463		-	24-38.5-101 (1) TO DEVELOP CRITERIA FOR MEETING THE OBJECTIVES
464		-	DESCRIBED IN THIS SUBSECTION
465		-	(6)(a)(VII).
466		-	PAGE 10-SENATE BILL 22-159 (b) (I) THE RENTAL AND HOME OWNERSHIP TARGETS APPLICABLE TO
467		-	LOCAL COMMUNITIES ACROSS THE STATE AS REQUIRED BY SUBSECTION
468		-	(6)(a)(I) OF THIS SECTION ARE SPECIFIED IN THIS SUBSECTION (6)(b)(I) IN
469		-	ACCORDANCE WITH THE FOLLOWING
470		-	:
	426	+	16
	427	+	PERSONS WITH DISABILITIES OR THAT INCLUDE UNIVERSAL DESIGN17
	428	+	FEATURES THAT ALLOW INDIVIDUALS TO RESIDE IN THEIR DWELLING UNITS18
	429	+	AS THEY AGE; OR19
	430	+	(VII) ARE HIGHLY ENERGY EFFICIENT OR USE HIGH -EFFICIENCY20
	431	+	ELECTRIC EQUIPMENT FOR SPACE AND WATER HEATING . THE DIVISION MAY21
	432	+	CONSULT WITH THE COLORADO ENERGY OFFICE CREATED IN SECTION22
	433	+	24-38.5-101
	434	+	(1) TO DEVELOP CRITERIA FOR MEETING THE OBJECTIVES23
	435	+	DESCRIBED IN THIS SUBSECTION (6)(a)(VII).
	436	+	24
	437	+	(b) (I) T
	438	+	HE RENTAL AND HOME OWNERSHIP TARGETS APPLICABLE
	439	+	25
	440	+	TO LOCAL COMMUNITIES ACROSS THE STATE AS REQUIRED BY SUBSECTION26
	441	+	(6)(a)(I)
	442	+	OF THIS SECTION ARE SPECIFIED IN THIS SUBSECTION (6)(b)(I) IN
	443	+	27
	444	+	159
	445	+	-13- ACCORDANCE WITH THE FOLLOWING :1
471	446		(A) F
472	447		OR A HOUSEHOLD RESIDING IN HOUSING ON A RENTAL BASIS ,
473		-	~~ANNUAL INCOME OF THE HOUSEHOLD IS AT OR BELOW ONE HUNDRED~~
474		-	~~TWENTY PERCENT~~ OF THE ~~AREA MEDIAN INCOME OF HOUSEHOLDS OF THAT~~
475		-	~~SIZE IN~~ THE ~~COUNTY IN WHICH THE HOUSING IS LOCATED~~
476		-	;
	448	+	2
	449	+	ANNUAL INCOME OF THE HOUSEHOLD IS AT OR BELOW ONE HUNDRED3
	450	+	TWENTY PERCENT OF THE AREA MEDIAN INCOME OF HOUSEHOLDS OF THAT4
	451	+	SIZE IN THE COUNTY IN WHICH THE HOUSING IS LOCATED ; 5
477	452		(B) F
478		-	OR A HOUSEHOLD RESIDING IN HOUSING ON A ~~HOME -OWNERSHIP~~
479		-	~~BASIS~~
480		-	, ANNUAL INCOME OF THE HOUSEHOLD IS AT ~~OR BELOW ONE HUNDRED~~
481		-	TWENTY PERCENT OF THE AREA MEDIAN INCOME ~~OF HOUSEHOLDS OF THAT~~
482		-	SIZE IN THE ~~COUNTY~~ IN WHICH THE HOUSING ~~IS LOCATED~~
483		-	;
	453	+	OR A HOUSEHOLD RESIDING IN HOUSING ON A
	454	+	6
	455	+	HOME-OWNERSHIP BASIS, ANNUAL INCOME OF THE HOUSEHOLD IS AT OR7
	456	+	BELOW ONE HUNDRED TWENTY PERCENT OF THE AREA MEDIAN INCOME OF8
	457	+	HOUSEHOLDS OF THAT SIZE IN THE C OUNTY IN WHICH THE HOUSING IS9
	458	+	LOCATED;10
484	459		(C) F
485		-	OR A HOUSEHOLD RESIDING IN HOUSING ON A RENTAL BASIS IN
486		-	RURAL RESORT COUNTIES
487		-	, ANNUAL INCOME OF THE HOUSEHOLD IS AT OR
488		-	BELOW ONE HUNDRED FORTY PERCENT OF THE AREA MEDIAN INCOME OF
489		-	HOUSEHOLDS OF THAT SIZE IN THE COUNTY IN WHICH THE HOUSING IS
490		-	LOCATED
491		-	; AND
492		-	(D) FOR A HOUSEHOLD RESIDING IN HOUSING ON A HOME OWNERSHIP
493		-	BASIS IN RURAL RESORT COUNTIES
494		-	, ANNUAL INCOME OF THE HOUSEHOLD IS
495		-	AT OR BELOW ONE HUNDRED SIXTY PERCENT OF THE AREA MEDIAN INCOME
496		-	OF HOUSEHOLDS OF THAT SIZE IN THE COUNTY IN WHICH THE HOUSING IS
497		-	LOCATED
498		-	.
	460	+	OR A HOUSEHOLD RESIDING IN HOUSING ON A RENTAL BASIS
	461	+	11
	462	+	IN RURAL RESORT COUNTIES, ANNUAL INCOME OF THE HOUSEHOLD IS AT12
	463	+	OR BELOW ONE HUNDRED FORTY PERCENT OF THE AREA MEDIAN INCOME13
	464	+	OF HOUSEHOLDS OF THAT SIZE IN THE COUNTY IN WHICH THE HOUSING IS14
	465	+	LOCATED; AND15
	466	+	(D) F
	467	+	OR A HOUSEHOLD RESIDING IN HOUSING ON A HOME
	468	+	16
	469	+	OWNERSHIP BASIS IN RURAL RESORT COUNTIES , ANNUAL INCOME OF THE17
	470	+	HOUSEHOLD IS AT OR BELOW ONE HUNDRED SIXTY PERCENT OF THE AREA18
	471	+	MEDIAN INCOME OF HOUSEHOLDS OF THAT SIZE IN THE COUNTY IN WHICH19
	472	+	THE HOUSING IS LOCATED.20
499	473		(II) A
500	474		N APPLICANT SEEKING FUNDING FOR A PARTICULAR
501		-	DEVELOPMENT
502		-	, PROJECT, OR PROGRAM THAT IS FUNDED BY THE LOAN
503		-	PROGRAM MAY
504		-	, AT ANY TIME, REQUEST THAT THE DIVISION GRANT THE
505		-	APPLICANT AN EXCEPTION TO THE AREA MEDIAN INCOME LEVELS SPECIFIED
506		-	IN SUBSECTION
507		-	(6)(b)(I) OF THIS SECTION BASED UPON DEMONSTRATED
508		-	UNIQUE ECONOMIC AND HOUSING COSTS ATTRIBUTES IN THE LOCAL
509		-	COMMUNITY IN WHICH THE DEVELOPMENT
510		-	, PROJECT, OR PROGRAM IS
511		-	LOCATED
512		-	.
	475	+	21
	476	+	DEVELOPMENT, PROJECT, OR PROGRAM THAT IS FUNDED BY THE LOAN22
	477	+	PROGRAM MAY, AT ANY TIME, REQUEST THAT THE DIVISION GRANT THE23
	478	+	APPLICANT AN EXCEPTION TO THE AREA MEDIAN INCOME LEVELS24
	479	+	SPECIFIED IN SUBSECTION (6)(b)(I) OF THIS SECTION BASED UPON25
	480	+	DEMONSTRATED UNIQUE ECONOMIC AND HOUSING COSTS ATTRIBUTES IN26
	481	+	THE LOCAL COMMUNITY IN WHICH THE DEVELOPMENT , PROJECT, OR27
	482	+	159
	483	+	-14- PROGRAM IS LOCATED.1
513	484		(c) (I) N
514	485		OT LATER THAN SEPTEMBER 1, 2022, THE DIVISION OF
515		-	HOUSING
516		-	, CREATED IN SECTION 24-32-704 (1), SHALL CLASSIFY EACH
517		-	COUNTY IN THE STATE AS
518		-	"URBAN", "RURAL", OR "RURAL RESORT" AS USED
519		-	IN SUBSECTION
520		-	(6)(b)(I) OF THIS SECTION BASED UPON THE DEFINITIONS OF
521		-	PAGE 11-SENATE BILL 22-159 THE TERMS AS SPECIFIED IN THE FINAL REPORT OF THE COLORADO
522		-	STRATEGIC HOUSING WORKING GROUP FINAL REPORT
523		-	, DATED JULY 6, 2021.
524		-	T
525		-	HE DIVISION OF HOUSING SHALL REGULARLY UPDATE AND PUBLISH
526		-	MODIFICATIONS OF THE INITIAL CLASSIFICATION OF A PARTICULAR COUNTY
527		-	AS IT RECEIVES OR PRODUCES INFORMATION DOCUMENTING CHANGES IN
528		-	LOCAL ECONOMIC CIRCUMSTANCES AND HOUSING COST FACTORS
529		-	MATERIALLY AFFECTING SUCH CLASSIFICATIONS
530		-	.
	486	+	2
	487	+	HOUSING, CREATED IN SECTION 24-32-704 (1), SHALL CLASSIFY EACH3
	488	+	COUNTY IN THE STATE AS "URBAN", "RURAL", OR "RURAL RESORT" AS4
	489	+	USED IN SUBSECTION (6)(b)(I) OF THIS SECTION BASED UPON THE5
	490	+	DEFINITIONS OF THE TERMS AS SPECIFIED IN THE FINAL REPORT OF THE6
	491	+	C
	492	+	OLORADO STRATEGIC HOUSING WORKING GROUP FINAL REPORT , DATED
	493	+	7
	494	+	J
	495	+	ULY 6, 2021. THE DIVISION OF HOUSING SHALL REGULARLY UPDATE AND
	496	+	8
	497	+	PUBLISH MODIFICATIONS OF THE INITIAL CLASSIFICATION OF A PARTICULAR9
	498	+	COUNTY AS IT RECEIVES OR PRODUCES INFORMATION DOCUMENTING10
	499	+	CHANGES IN LOCAL ECONOMIC CIRCUMSTANCES AND HOUSING COST11
	500	+	FACTORS MATERIALLY AFFECTING SUCH CLASSIFICATIONS .12
531	501		(II) N
532		-	OTWITHSTANDING SUBSECTION (6)(c)(I) OF THIS SECTION, ~~ANY~~
533		-	~~COUNTY MAY REQUEST FROM THE DIVISION OF HOUSING~~
534		-	:
	502	+	OTWITHSTANDING SUBSECTION (6)(c)(I) OF THIS SECTION,
	503	+	13
	504	+	ANY COUNTY MAY REQUEST FROM THE DIVISION OF HOUSING :14
535	505		(A) A
536	506		DETERMINATION THAT A DIFFERENT INCOME RESTRICTION
537		-	SHOULD APPLY TO THAT COUNTY FROM THE ONE MADE APPLICABLE TO THE
538		-	COUNTY IN ACCORDANCE WITH SUBSECTION
539		-	(6)(c)(I) OF THIS SECTION BASED
540		-	UPON THE UNIQUE ECONOMIC AND HOUSING COST FACTORS PRESENT IN THE
541		-	COUNTY
542		-	. NOT LATER THAN SEPTEMBER 1, 2022, THE DIVISION OF HOUSING
543		-	SHALL PUBLISH ANY SUCH MODIFIED INCOME RESTRICTIONS AND THE BASIS
544		-	FOR ANY MODIFICATION APPROVED
545		-	.
	507	+	15
	508	+	SHOULD APPLY TO THAT COUNTY FROM THE ONE MADE APPLICABLE TO THE16
	509	+	COUNTY IN ACCORDANCE WITH SUBSECTION (6)(c)(I) OF THIS SECTION17
	510	+	BASED UPON THE UNIQUE ECONOMIC AND HOUSING COST FACTORS18
	511	+	PRESENT IN THE COUNTY. NOT LATER THAN SEPTEMBER 1, 2022, THE19
	512	+	DIVISION OF HOUSING SHALL PUBLISH ANY SUCH MODIFIED INCOME20
	513	+	RESTRICTIONS AND THE BASIS FOR ANY MODIFICATION APPROVED .21
546	514		(B) A
547	515		T ANY TIME, A RECLASSIFICATION OF THE COUNTY FROM THE
548		-	CATEGORY IN WHICH THE COUNTY IS INITIALLY CLASSIFIED PURSUANT TO
549		-	SUBSECTION
550		-	(6)(c)(I) OF THIS SECTION BASED UPON THE UNIQUE ECONOMIC
551		-	AND HOUSING COST FACTORS PRESENT IN THE COUNTY
552		-	.
553		-	(d) T
554		-	O THE EXTENT PRACTICABLE , THE DIVISION AND THE
555		-	ADMINISTRATOR
556		-	, AS APPLICABLE, SHALL SUPPORT INNOVATIVE FUNDING
557		-	MECHANISMS THAT ALLOW MONEY TO REVOLVE QUICKLY TO ENSURE THE
558		-	RAPID REUSE OF MONEY FOR ONGOING PROJECTS
559		-	.
	516	+	22
	517	+	CATEGORY IN WHICH THE COUNTY IS INITIALLY CLASSIFIED PURSUANT TO23
	518	+	SUBSECTION (6)(c)(I) OF THIS SECTION BASED UPON THE UNIQUE24
	519	+	ECONOMIC AND HOUSING COST FACTORS PRESENT IN THE COUNTY .25
	520	+	(d) TO THE EXTENT PRACTICABLE , THE DIVISION AND THE26
	521	+	ADMINISTRATOR, AS APPLICABLE, SHALL SUPPORT INNOVATIVE FUNDING27
	522	+	159
	523	+	-15- MECHANISMS THAT ALLOW MONEY TO REVOLVE QUICKLY TO ENSURE THE1
	524	+	RAPID REUSE OF MONEY FOR ONGOING PROJECTS .2
560	525		(7) Publicizing the loan program. T
561		-	HE DIVISION SHALL WORK WITH
562		-	THE MINORITY BUSINESS OFFICE CREATED IN SECTION
563		-	24-49.5-102, SMALL
564		-	BUSINESS DEVELOPMENT CENTERS
565		-	, COMMUNITY DEVELOPMENT FINANCIAL
566		-	INSTITUTIONS
567		-	, AND STAKEHOLDER PARTNERS TO PROMOTE THE PROGRAM TO
568		-	ELIGIBLE RECIPIENTS WHO PRIMARILY SERVE COMMUNITIES THAT ARE
569		-	UNDERSERVED OR DIS ADVANTAGED
570		-	, INCLUDING ELIGIBLE RECIPIENTS
571		-	LOCATED IN RURAL COUNTIES
572		-	. ON OR BEFORE DECEMBER 1, 2022, THE
573		-	DIVISION SHALL DEVELOP AND ADMINISTER A MARKETING INITIATIVE FOR
574		-	THE PROGRAM IN COORDINATION WITH THE MINORITY BUSINESS OFFICE
575		-	CREATED IN SECTION
576		-	24-49.5-102, THE SMALL BUSINESS ASSISTANCE CENTER
577		-	CREATED IN SECTION
578		-	24-48.5-102, LOCAL CHAMBERS OF COMMERCE , AND
579		-	PAGE 12-SENATE BILL 22-159 OTHER LOCAL AND REGIONAL ECONOMIC DEVELOPMENT ENTITIES TO
580		-	PROMOTE THE PROGRAM TO ELIGIBLE RECIPIENTS AND TARGET
581		-	COMMUNITIES
582		-	. THE MARKETING INITIATIVE SHALL BE CONDUCTED IN THE
583		-	TOP SPOKEN LANGUAGES IN THOSE COMMUNITIES
584		-	.
585		-	(8) Gifts, grants, and donations - leveraging federal money.
	526	+	HE DIVISION SHALL WORK3
	527	+	WITH THE MINORITY BUSINESS OFFICE CREATED IN SECTION 24-49.5-102,4
	528	+	SMALL BUSINESS DEVELOPMENT CENTERS , COMMUNITY DEVELOPMENT5
	529	+	FINANCIAL INSTITUTIONS, AND STAKEHOLDER PARTNERS TO PROMOTE THE6
	530	+	PROGRAM TO ELIGIBLE RECIPIENTS WHO PRIMARILY SERVE COMMUNITIES7
	531	+	THAT ARE UNDERSERVED OR DISADVANTAGED , INCLUDING ELIGIBLE8
	532	+	RECIPIENTS LOCATED IN RURAL COUNTIES . ON OR BEFORE DECEMBER 1,9
	533	+	2022,
	534	+	THE DIVISION SHALL DEVELOP AND ADMINISTER A MARKETING10
	535	+	INITIATIVE FOR THE PROGRAM IN COORDINATION WITH THE MINORITY11
	536	+	BUSINESS OFFICE CREATED IN SECTION 24-49.5-102, THE SMALL BUSINESS12
	537	+	ASSISTANCE CENTER CREATED IN SECTION 24-48.5-102, LOCAL CHAMBERS13
	538	+	OF COMMERCE, AND OTHER LOCAL AND REGIONAL ECONOMIC14
	539	+	DEVELOPMENT ENTITIES TO PROMOTE THE PROGRAM TO ELIGIBLE15
	540	+	RECIPIENTS AND TARGET COMMUNITIES . THE MARKETING INITIATIVE16
	541	+	SHALL BE CONDUCTED IN THE TOP SPOKEN LANGUAGES IN THOSE17
	542	+	COMMUNITIES.18
	543	+	(8) Gifts, grants, and donations - leveraging federal money.19
586	544		(a) T
587		-	HE DIVISION MAY SEEK, ACCEPT, AND EXPEND GIFTS, GRANTS, OR
588		-	DONATIONS FROM PRIVATE OR PUBLIC SOURCES FOR THE PURPOSES OF THIS
589		-	SECTION
590		-	. THE DIVISION SHALL TRANSMIT ALL MONEY RECEIVED THROUGH
591		-	GIFTS
592		-	, GRANTS, OR DONATIONS TO THE STATE TREASURER , WHO SHALL
593		-	CREDIT THE MONEY TO THE FUND
594		-	.
	545	+	HE DIVISION MAY SEEK, ACCEPT, AND EXPEND GIFTS, GRANTS, OR20
	546	+	DONATIONS FROM PRIVATE OR PUBLIC SOURCES FOR THE PURPOSES OF THIS21
	547	+	SECTION. THE DIVISION SHALL TRANSMIT ALL MONEY RECEIVED THROUGH22
	548	+	GIFTS, GRANTS, OR DONATIONS TO THE STATE TREASURER , WHO SHALL23
	549	+	CREDIT THE MONEY TO THE FUND.24
595	550		(b) T
596		-	HE DIVISION MAY EXPEND, DEPLOY, OR LEVERAGE MONEY
597		-	RECEIVED FROM FEDERAL GOVERNMENT PROGRAMS THAT SUPPORT LOANS
598		-	AND INVESTMENTS FOR ONE OR MORE OF THE ELIGIBLE PROJECTS SPECIFIED
599		-	IN SUBSECTION
600		-	(3) OF THIS SECTION TO MAKE LOANS UNDER THE LOAN
601		-	PROGRAM OR TO OTHERWISE MARKET
602		-	, PROMOTE, OR SUPPORT LOANS UNDER
603		-	THE PROGRAM
604		-	, IF ALLOWED UNDER FEDERAL LAW .
605		-	(9) Transformational affordable housing revolving loan fund -
606		-	transfer of money to fund - payment of administrative costs -
	551	+	HE DIVISION MAY EXPEND, DEPLOY, OR LEVERAGE MONEY25
	552	+	RECEIVED FROM FEDERAL GOVERNMENT PROGRAMS THAT SUPPORT L OANS26
	553	+	AND INVESTMENTS FOR ONE OR MORE OF THE ELIGIBLE PROJECTS SPECIFIED27
	554	+	159
	555	+	-16- IN SUBSECTION (3) OF THIS SECTION TO MAKE LOANS UNDER THE LOAN1
	556	+	PROGRAM OR TO OTHERWISE MARKET , PROMOTE, OR SUPPORT LOANS2
	557	+	UNDER THE PROGRAM, IF ALLOWED UNDER FEDERAL LAW .3
	558	+	(9) Transformational affordable housing revolving loan fund4
	559	+	- transfer of money to fund - payment of administrative costs -5
607	560		appropriation. (a) T
608		-	HE TRANSFORMATIONAL AFFORDABLE HOUSING
609		-	REVOLVING LOAN FUND IS HEREBY CREATED IN THE STATE TREASURY
610		-	. THE
611		-	FUND CONSISTS OF MONEY TRANSFERRED TO THE FUND IN ACCORDANCE
612		-	WITH SUBSECTION
613		-	(9)(d) OF THIS SECTION, ANY OTHER MONEY THAT THE
614		-	GENERAL ASSEMBLY APPROPRIATES OR TRANSFERS TO THE FUND
615		-	, AND ANY
616		-	GIFTS
617		-	, GRANTS, OR DONATIONS CREDITED TO THE FUND PURSUANT TO
618		-	SUBSECTION
619		-	(8)(a) OF THIS SECTION.
	561	+	HE TRANSFORMATIONAL AFFORDABLE HOUSING6
	562	+	REVOLVING LOAN FUND IS HEREBY CREATED IN THE STATE TREASURY . THE7
	563	+	FUND CONSISTS OF MONEY TRANSFERRED TO THE FUND IN ACCORDANCE8
	564	+	WITH SUBSECTION (9)(d) OF THIS SECTION, ANY OTHER MONEY THAT THE9
	565	+	GENERAL ASSEMBLY APPROPRIATES OR TRANSFERS TO THE FUND , AND ANY10
	566	+	GIFTS, GRANTS, OR DONATIONS CREDITED TO THE FUND PURSUANT TO11
	567	+	SUBSECTION (8)(a) OF THIS SECTION.12
620	568		(b) T
621		-	HE STATE TREASURER SHALL CREDIT ALL INTEREST AND INCOME
622		-	DERIVED FROM THE DEPOSIT AND INVESTMENT OF MONEY IN THE FUND TO
623		-	THE FUND
624		-	.
	569	+	HE STATE TREASURER SHALL CREDIT ALL INTEREST AND13
	570	+	INCOME DERIVED FROM THE DEPOSIT AND INVESTMENT OF MONEY IN THE14
	571	+	FUND TO THE FUND.15
625	572		(c) M
626		-	ONEY IN THE FUND IS CONTINUOUSLY APPROPRIATED TO THE
627		-	DEPARTMENT FOR THE PURPOSES SPECIFIED IN THIS SECTION
628		-	. THE
629		-	DEPARTMENT MAY EXPEND UP TO FIVE PERCENT OF THE MONEY
630		-	APPROPRIATED OR TRANSFERRED INTO
631		-	, OR REPAID FROM, THE FUND ON AN
632		-	ANNUAL BASIS TO PAY FOR ITS DIRECT AND INDIRECT COSTS IN
633		-	ADMINISTERING THIS SECTION
634		-	.
635		-	PAGE 13-SENATE BILL 22-159 (d) ON JULY 1, 2022, THE STATE TREASURER SHALL TRANSFER ONE
636		-	HUNDRED FIFTY MILLION DOLLARS FROM THE AFFORDABLE HOUSING AND
637		-	HOME OWNERSHIP CASH FUND CREATED IN SECTION
638		-	24-75-229 (3)(a) THAT
639		-	ORIGINATES FROM THE GENERAL FUND
640		-	, TO THE FUND. THE DIVISION SHALL
641		-	USE THE MONEY TRANSFERRED PURSUANT TO THIS SUBSECTION
642		-	(9)(d) ONLY
643		-	FOR
644		-	:
645		-	(I) M
646		-	AKING LOANS TO ELIGIBLE RECIPIENTS PURSUANT TO THE LOAN
647		-	PROGRAM
648		-	; AND
649		-	(II) THE COSTS OF ADMINISTERING THE LOAN PROGRAM AS MAY BE
650		-	INCURRED BY THE DIVISION OR THE ADMINISTRATOR
651		-	, AS APPLICABLE, IN
652		-	ACCORDANCE WITH SUBSECTION
653		-	(9)(c) OF THIS SECTION. ALL SUCH
654		-	ADMINISTRATIVE COSTS MUST BE PAID OUT OF THE MONEY EITHER
655		-	TRANSFERRED TO THE FUND PURSUANT TO THIS SUBSECTION
656		-	(9)(d) OR THAT
657		-	IS APPROPRIATED TO THE FUND
658		-	.
	573	+	ONEY IN THE FUND IS CONTINUOUSLY APPROPRIATED TO THE16
	574	+	DEPARTMENT FOR THE PURPOSES SPECIFIED IN THIS SECTION . THE17
	575	+	DEPARTMENT MAY EXPEND UP TO FIVE PERCENT OF THE MONEY18
	576	+	APPROPRIATED OR TRANSFERRED INTO , OR REPAID FROM, THE FUND ON AN19
	577	+	ANNUAL BASIS TO PAY FOR ITS DIRECT AND INDIRECT COSTS IN20
	578	+	ADMINISTERING THIS SECTION.21
	579	+	(d) O
	580	+	N JULY 1, 2022,
	581	+	THE STATE TREASURER SHALL TRANSFER ONE22
	582	+	HUNDRED FIFTY MILLION DOLLARS FROM THE AFFORDABLE HOUSING AND23
	583	+	HOME OWNERSHIP CASH FUND CREATED IN SECTION 24-75-229 (3)(a) THAT24
	584	+	ORIGINATES FROM THE GENERAL FUND , TO THE FUND. THE DIVISION SHALL25
	585	+	USE THE MONEY TRANSFERRED PURSUANT TO THIS SUBSECTION (9)(d)26
	586	+	ONLY FOR:27
	587	+	159
	588	+	-17- (I) MAKING LOANS TO ELIGIBLE RECIPIENTS PURS UANT TO THE1
	589	+	LOAN PROGRAM; AND2
	590	+	(II) T
	591	+	HE COSTS OF ADMINISTERING THE LOAN PROGRAM AS MAY BE3
	592	+	INCURRED BY THE DIVISION OR THE ADMINISTRATOR , AS APPLICABLE, IN4
	593	+	ACCORDANCE WITH SUBSECTION (9)(c) OF THIS SECTION. ALL SUCH5
	594	+	ADMINISTRATIVE COSTS MUST BE PAID OUT OF THE MONEY EITHER6
	595	+	TRANSFERRED TO THE FUND PURSUANT TO THIS SUBSECTION (9)(d)
	596	+	OR7
	597	+	THAT IS APPROPRIATED TO THE FUND.8
659	598		(10) Reporting. I
660		-	N CONNECTION WITH THE PUBLIC REPORT THE
661		-	DIVISION PREPARES IN ACCORDANCE WITH SECTION
662		-	24-32-705.5 (1), THE
663		-	DIVISION SHALL INCLUDE IN THE REPORT INFORMATION SUMMARIZING THE
664		-	USE OF ALL OF THE MONEY THAT WAS PROVIDED AS A LOAN FROM THE LOAN
665		-	PROGRAM IN THE PRECEDING STATE FISCAL YEAR
666		-	. AT A MINIMUM, THE
667		-	INFORMATION INCLUDED IN THE REPORT PERTAINING TO THE LOAN PROGRAM
668		-	MUST SPECIFY THE NUMBER OF ELIGIBLE RECIPIENTS THAT APPLIED FOR A
669		-	LOAN
670		-	, THE NUMBER OF ELIGIBLE RECIPIENTS THAT WERE NOT AWARDED A
671		-	LOAN
672		-	, THE AMOUNT OF LOAN MONEY DISTRIBUTED TO EACH LOAN
673		-	RECIPIENT
674		-	, A DESCRIPTION OF EACH LOAN RECIPIENT 'S USE OF THE LOAN
675		-	MONEY
676		-	, THE USE OF LOAN MONEY ALONG THE HOUSING AND INCOME
677		-	SPECTRUMS
678		-	, THE AMOUNT OF TIME FROM COMPLETION OF A LOAN
679		-	APPLICATION THROUGH THE FUNDING OF A LOAN
680		-	, RECOMMENDATIONS
681		-	CONCERNING FUTURE ADMINISTRATION OF THE LOAN PROGRAM
682		-	, AND HOW
683		-	THE USE OF THE LOAN FURTHERED THE VISION OF TRANSFORMATI ONAL
684		-	AFFORDABLE HOUSING DESCRIBED IN THE FINAL REPORT OF THE TASK FORCE
685		-	ESTABLISHED IN SECTION
686		-	24-75-229 (6)(a). THE DIVISION SHALL ALSO
687		-	INCLUDE IN THE REPORT ITS RECOMMENDATIONS CONCERNING FUTURE
688		-	ADMINISTRATION OF THE LOAN PROGRAM
689		-	.
690		-	SECTION 3. In Colorado Revised Statutes, 24-32-705, amend (7)
691		-	as follows:
692		-	PAGE 14-SENATE BILL 22-159 24-32-705. Functions of division. (7) The division shall
693		-	administer:
694		-	(a) The affordable housing guided toolkit and local officials guide
695		-	program in accordance with section 24-32-721.5;
	599	+	N CONNECTION WITH THE PUBLIC REPORT THE9
	600	+	DIVISION PREPARES IN ACCORDANCE WITH SECTION 24-32-705.5 (1), THE10
	601	+	DIVISION SHALL INCLUDE IN THE REPORT INFORMATION SUMMARIZING THE11
	602	+	USE OF ALL OF THE MONEY THAT WAS PROVIDED AS A LOAN FROM THE12
	603	+	LOAN PROGRAM IN THE PRECEDING STATE FISCAL YEAR . AT A MINIMUM,13
	604	+	THE INFORMATION INCLUDED IN THE REPORT PERTAINING TO THE LOAN14
	605	+	PROGRAM MUST SPECIFY THE NUMBER OF ELIGIBLE RECIPIENTS THAT15
	606	+	APPLIED FOR A LOAN, THE NUMBER OF ELIGIBLE RECIPIENTS THAT WERE16
	607	+	NOT AWARDED A LOAN , THE AMOUNT OF LOAN MONEY DISTRIBUTED TO17
	608	+	EACH LOAN RECIPIENT, A DESCRIPTION OF EACH LOAN RECIPIENT'S USE OF18
	609	+	THE LOAN MONEY, THE USE OF LOAN MONEY ALONG THE HOUSING AND
	610	+	19
	611	+	INCOME SPECTRUMS, THE AMOUNT OF TIME FROM COMPLETION OF A LOAN20
	612	+	APPLICATION THROUGH THE FUNDING OF A LOAN , RECOMMENDATIONS21
	613	+	CONCERNING FUTURE ADMINISTRATION OF THE LOAN PROGRAM , AND HOW22
	614	+	THE USE OF THE LOAN FURTHERED THE VISION OF TRANSFORMATIONAL23
	615	+	AFFORDABLE HOUSING DESCRIBED IN THE FINAL REPORT OF THE TASK24
	616	+	FORCE ESTABLISHED IN SECTION 24-75-229 (6)(a). THE DIVISION SHALL25
	617	+	ALSO INCLUDE IN THE REPORT ITS RECOMMENDATIONS CONCERNING26
	618	+	FUTURE ADMINISTRATION OF THE LOAN PROGRAM .27
	619	+	159
	620	+	-18- SECTION 3. In Colorado Revised Statutes, 24-32-705, amend1
	621	+	(7) as follows:2
	622	+	24-32-705. Functions of division. (7) The division shall3
	623	+	administer:4
	624	+	(a) The affordable housing guided toolkit and local officials guide5
	625	+	program in accordance with section 24-32-721.5;6
696	626		(b) T
697		-	HE TRANSFORMATIONAL AFFORDABLE HOUSING REVOLVING
698		-	LOAN FUND PROGRAM CREATED IN SECTION
699		-	24-32-731 (2)(a), UNLESS THE
700		-	DIVISION ELECTS TO CONTRACT OUT FULL OR PARTIAL ADMINISTRATION OF
701		-	THE LOAN PROGRAM PURSUANT TO SECTION
702		-	24-32-731 (2)(b).
703		-	SECTION 4. In Colorado Revised Statutes, 24-32-705.5, add (3.3)
704		-	as follows:
705		-	24-32-705.5. Annual public report on funding of affordable
706		-	housing preservation and production - definition. (3.3) F
707		-	OR THE PUBLIC
708		-	REPORT REQUIRED BY SUBSECTION
709		-	(1) OF THIS SECTION, THE DIVISION MUST
710		-	INCLUDE
711		-	, ON AN ANNUAL BASIS , THE INFORMATION REQUIRED TO BE
712		-	INCLUDED IN ACCORDANCE WITH SECTION
713		-	24-32-731 (10).
714		-	SECTION 5. Appropriation. For the 2022-23 state fiscal year,
715		-	$379,081 is appropriated to the office of the governor for use by the office
716		-	of information technology. This appropriation is from reappropriated funds
717		-	received from the department of local affairs from the transformational
718		-	affordable housing revolving loan fund created in section 24-32-731 (9)(a),
719		-	C.R.S., that originate from the general fund, and is based on an assumption
720		-	that the office of information technology will require an additional 4.3 FTE.
721		-	To implement this act, the office may use this appropriation to provide
722		-	information technology services for the department of local affairs.
723		-	SECTION 6. Safety clause. The general assembly hereby finds,
724		-	PAGE 15-SENATE BILL 22-159 determines, and declares that this act is necessary for the immediate
725		-	preservation of the public peace, health, or safety.
726		-	____________________________ ____________________________
727		-	Steve Fenberg Alec Garnett
728		-	PRESIDENT OF SPEAKER OF THE HOUSE
729		-	THE SENATE OF REPRESENTATIVES
730		-	____________________________ ____________________________
731		-	Cindi L. Markwell Robin Jones
732		-	SECRETARY OF CHIEF CLERK OF THE HOUSE
733		-	THE SENATE OF REPRESENTATIVES
734		-	APPROVED________________________________________
735		-	(Date and Time)
736		-	_________________________________________
737		-	Jared S. Polis
738		-	GOVERNOR OF THE STATE OF COLORADO
739		-	PAGE 16-SENATE BILL 22-159
	627	+	HE TRANSFORMATIONAL AFFORDABLE HOUSING REVOLVING7
	628	+	LOAN FUND PROGRAM CREATED IN SECTION 24-32-726 (2)(a), UNLESS THE8
	629	+	DIVISION ELECTS TO CONTRACT OUT FULL OR PARTIAL ADMINISTRATION OF9
	630	+	THE LOAN PROGRAM PURSUANT TO SECTION 24-32-726 (2)(b).10
	631	+	SECTION 4. In Colorado Revised Statutes, 24-32-705.5, add11
	632	+	(3.5) as follows:12
	633	+	24-32-705.5. Annual public report on funding of affordable13
	634	+	housing preservation and production - definition. (3.5) F
	635	+	OR THE14
	636	+	PUBLIC REPORT REQUIRED BY SUBSECTION (1) OF THIS SECTION, THE15
	637	+	DIVISION MUST INCLUDE, ON AN ANNUAL BASIS , THE INFORMATION16
	638	+	REQUIRED TO BE INCLUDED IN ACCORDANCE WITH SECTION 24-32-72617
	639	+	(10).18
	640	+	SECTION 5. Appropriation. (1) For the 2022-23 state fiscal
	641	+	19
	642	+	year, $379,081 is appropriated to the office of the governor for use by the20
	643	+	office of information technology. This appropriation is from21
	644	+	reappropriated funds received from the department of local affairs from22
	645	+	the transformational affordable housing revolving loan fund created in23
	646	+	section 24-32-726 (9)(a), C.R.S., that originate from the general fund, and24
	647	+	is based on an assumption that the office of information technology will25
	648	+	require an additional 4.3 FTE. To implement this act, the office may use26
	649	+	this appropriation to provide information technology services for the27
	650	+	159
	651	+	-19- department of local affairs.1
	652	+	SECTION 6. Safety clause. The general assembly hereby finds,2
	653	+	determines, and declares that this act is necessary for the immediate3
	654	+	preservation of the public peace, health, or safety.4
	655	+	159
	656	+	-20-