Second Regular Session
Seventy-fourth General Assembly
STATE OF COLORADO
INTRODUCED
LLS NO. 24-0710.01 Megan McCall x4215
HOUSE BILL 24-1308
House Committees Senate Committees
Transportation, Housing & Local Government
A BILL FOR AN ACT
C
ONCERNING PROVISIONS TO FACILITATE THE EFFECTIVE101
IMPLEMENTATION OF PROGRAMS FOR AFFORDABLE HOUSING ,102
AND, IN CONNECTION THEREWITH , ADDING ANNUAL REPORTING103
REQUIREMENTS BY THE DIVISION OF HOUSING CONCERNING104
APPLICATIONS FOR AFFORDABLE HOUSING PROGRAMS AND105
MONEY IN AND ISSUED FROM THE HOUSING DEVELOPMENT106
GRANT FUND; CREATING A PROCESS FOR REVIEWING AND107
APPROVING APPLICATIONS FOR ALL AFFORDABLE HOUSING108
PROGRAMS BY THE DIVISION OF HOUSING ; AND ALLOWING A109
CREDIT FOR DONATED LAND TO COUNT TOWARD ELIGIBILITY110
FOR AFFORDABLE HOUSING FUNDING CREATED BY THE VOTERS '111
APPROVAL OF PROPOSITION 123.112
HOUSE SPONSORSHIP
Frizell and Lindstedt,
SENATE SPONSORSHIP
(None),
Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
Capital letters or bold & italic numbers indicate new material to be added to existing law.
Dashes through the words or numbers indicate deletions from existing law. 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
.)
Under current law, the division of housing (division) within the
department of local affairs must submit an annual public report on the
funding of affordable housing preservation and production (public
report). The bill requires the division to add to the public report
information on applications for affordable housing programs that the
division administers, including the number of applications approved,
denied, and pending, the amount of money awarded from approved
applications, and the amount of money applied for but not awarded from
denied applications. The bill also requires the division to add to the public
report information regarding money in the housing development grant
fund, including amounts in the fund and the use of the money in the
preceding year.
The bill also establishes procedures and timelines for the division
to follow for affordable housing programs administered by the division.
The bill requires that the division accept applications once a month or on
a rolling basis and requires that the division review applications and issue
any requests for additional information, forms, or questions to applicants
within 10 calendar days of an application period closing. The division
must either issue final decisions on applications or submit applications to
the board of housing for final decision within 45 days following the
submission of completed applications. If applications are submitted to the
state housing board, the state housing board must make a final decision
on an application within 15 days of receiving the application.
After a final decision approving an application, the division shall
issue an award letter that includes information on the timeline for issuing
money to the applicant, any terms for a loan or grant period, and any
conditions that must be met before a contract in connection with the
approval is executed. The division shall also provide a draft contract to
the approved applicant within 30 days of the application being approved.
Within 90 days of the division receiving a substantially complete
post-award due diligence package from an approved applicant, the
division shall execute any required contracts for the affordable housing
program and send it to the approved applicant within 10 days of
execution.
The bill also amends existing grant, loan, or other affordable
housing programs administered by the division to require the application
process to be followed for any applications submitted under these
HB24-1308
-2- programs and requires any programs that have adopted policies,
procedures, or guidelines for the application process to be amended if
they are inconsistent with the application process established by the bill.
Under current law, a local government or tribal government
desiring to receive funding from the statewide affordable housing fund or
desiring to make affordable housing projects within its territorial
boundaries eligible for funding from the statewide affordable housing
fund must establish a baseline number of affordable housing units within
its territorial boundaries every 3 years, beginning in 2024, and commit to
increasing affordable housing units by 3% each year over the baseline
number within that 3-year period (affordable housing unit requirements).
The bill allows a local government or tribal government to donate
land to a community land trust or a nonprofit affordable homeownership
developer for development as affordable homeownership property and
receive a credit for the purposes of calculating whether the local
government or the tribal government has met the affordable housing unit
requirements for the year in which the land is donated. The credit is in the
amount of one and one-half units per unit constructed on the donated land
and is claimed when the building permits for the project have been
approved by the applicable building authority. Additionally, a school
district that donates land in the same manner may assign its credit to the
local government or tribal government.
Be it enacted by the General Assembly of the State of Colorado:1
SECTION 1. Legislative declaration. (1) The general assembly2
finds and declares that:3
(a) The lack of timely affordable housing grants and loans directly4
impacts the market ability to generate new affordable housing5
opportunities;6
(b) The goals of the division of housing's grant and loan programs7
should be to address housing needs throughout the state, serve8
populations with the greatest unmet need, optimize the housing stability9
of households served, and promote the sustainability of affordable10
housing development projects rather than maximizing financial returns to11
the state;12
(c) The division of housing should seek to find balance in13
HB24-1308-3- providing project subsidy levels that support the overall health, resiliency,1
and ability to advance the work of mission-based organizations without2
over-subsidizing projects or strictly forcing these organizations to3
maximize debt leverage or functionally eliminate cash flow;4
(d) The grant, loan, and overall fund administration practices of5
the division of housing over the last three years have resulted in6
measurable project delays including time lost and increased fiscal costs7
from higher interest and holding costs;8
(e) The current grant and fund administrative practices of the9
division of housing limit the ability of nonprofit housing providers and10
housing authorities to deliver affordable housing to Colorado residents11
who need it;12
(f) A streamlined and transparent process for awarding the13
division of housing's limited pool of housing development funding14
sources to all housing resources administered by the division of housing15
will optimize the outcomes of a particular program or particular use to the16
benefit of residents served through affordable housing development17
projects;18
(g) A sustainable and stable network of affordable housing19
providers will result in the creation, operation, and preservation of20
income-restricted affordable housing stock for low- and moderate-income21
households;22
(h) Streamlining the review and award process, including23
providing transparent expectations on process and timing, reducing24
administrative barriers, and providing clear guidelines for submission and25
awards, is fundamental to the financial sustainability of grantees and26
awardees and the success of affordable housing development projects;27
HB24-1308
-4- and1
(i) Streamlining the review and award process will support the2
preservation of naturally occurring and subsidized affordable housing.3
(2) The general assembly further finds that it is necessary for the4
state to improve the efficiency and timelines of the application and award5
process of affordable housing development grant and loan money.6
SECTION 2. In Colorado Revised Statutes, 24-32-705, add7
(1)(x) as follows:8
24-32-705. Functions of division. (1) The division has the9
following functions:10
(x) T
O OPTIMIZE THE OUTCOMES OF A PARTICULAR PROGRAM OR11
PARTICULAR USE TO THE BENEFIT OF HOUSEHOLDS SERVED IN A MANNER12
THAT OPTIMIZES THE SOCIOECONOMIC AND HOUSING STABILITY OUTCOMES13
OF HOUSEHOLDS SERVED , THE FINANCIAL SUSTAINABILITY OF AN14
AFFORDABLE HOUSING PROJECT OR PROGRAM , THE FINANCIAL STABILITY15
OF ORGANIZATIONS DELIVERING THESE DEVELOPMENT PROJECTS AND16
RESIDENT SERVICES, THE CREATION, OPERATION, AND AFFORDABILITY17
LENGTH OF AFFORDABLE HOUSING STOCK CREATED , AND THE18
PRESERVATION OF NATURALLY OCCURRING AND SUBSIDIZED AFFORDABLE19
HOUSING; LEVERAGES OR IS LEVERAGED BY OTHER AVAILABLE SOURCES20
OF MONEY; ADDRESSES HOUSING NEEDS THROUGHOUT THE STATE ; AND21
SERVES POPULATIONS WITH THE GREATEST UNMET NEED .22
SECTION 3. In Colorado Revised Statutes, 24-32-705.5, add23
(1.3) and (1.5) as follows:24
24-32-705.5. Annual public report on funding of affordable25
housing preservation and production - definitions - repeal. (1.3) F
OR26
THE PUBLIC REPORT REQUIRED PURSUANT TO SUBSECTION (1) OF THIS27
HB24-1308
-5- SECTION, FOR 2025 AND EACH YEAR THEREAFTER , THE DIVISION SHALL1
INCLUDE THE FOLLOWING INFORMATION CONCERNING ANY AFFORDABLE2
HOUSING PROGRAM ADMINISTERED BY THE DIVISION IN THE YEAR3
PRECEDING THE YEAR IN WHICH THE PUBLIC REPORT IS PRESENTED :4
(a) T
HE NUMBER OF APPLICATIONS, BY PURPOSE OF APPLICATION,5
SUBMITTED TO THE DIVISION;6
(b) T
HE NUMBER OF APPLICATIONS APPROVED BY THE DIVISION , BY7
PURPOSE;8
(c) T
HE NUMBER OF APPLICATIONS DENIED BY THE DIVISION , BY9
PURPOSE;10
(d) T
HE AGGREGATE AMOUNT OF MONEY AWARDED FOR ALL11
APPROVED APPLICATIONS;12
(e) T
HE AGGREGATE AM OUNT OF MONEY APPLIED FOR BUT NOT13
AWARDED FOR ALL DENIED APPLICATIONS ; AND14
(f) T
HE NUMBER OF APPLICATIONS PENDING REVIEW AND THE15
AGGREGATE AMOUNT OF MONEY APPLIED FOR IN ALL PENDING16
APPLICATIONS AT THE TIME OF THE PUBLIC REPORT .17
(1.5) (a) F
OR THE PUBLIC REPORT REQUIRED PURSUANT TO18
SUBSECTION (1) OF THIS SECTION, FOR 2025AND EACH YEAR THEREAFTER,19
THE DIVISION SHALL INCLUDE THE FOLLOWING INFORMATION CONCERNING20
THE FUND:21
(I) T
HE TOTAL AMOUNT OF REVENUE IN THE FUND AND AN22
IDENTIFICATION OF EACH SOURCE OF ALL REVENUE IN THE FUND23
CATEGORIZED BY THE AMOUNT OF REVENUE THAT IS ATTRIBUTABLE TO24
EACH SOURCE;25
(II) T
HE TOTAL AMOUNT OF MONEY IN THE FUND ;26
(III) T
HE AGGREGATE AMOUNT OF MONEY IN THE FUND27
HB24-1308
-6- ENCUMBERED BY AN AWARD LETTER AND THE AGGREGATE AMOUNT OF1
MONEY IN THE FUND ENCUMBERED BY AN EXECUTED CONTRACT FOR2
GRANTS FROM THE FUND;3
(IV) T
HE AGGREGATE AMOUNT OF MONEY IN THE FUND4
ENCUMBERED IN THE YEAR PRIOR TO THE YEAR IN WHICH THE PUBLIC5
REPORT IS PREPARED THAT WAS UNENCUMBERED IN ANY YEAR PRIOR TO6
THE REPORTING YEAR;7
(V) T
HE AMOUNT OF UNENCUMBERED MONEY IN THE FUND AT THE8
TIME THE PUBLIC REPORT IS PREPARED; AND9
(VI) T
HE AMOUNT OF MONEY TRANSFERRED FROM THE FUND TO10
ANY OTHER FUND IN THE YEAR PRIOR TO THE YEAR IN WHICH THE PUBLIC11
REPORT IS PREPARED AND AN IDENTIFICATION OF THE F UNDS TO WHICH12
MONEY FROM THE FUND WAS TRANSFERRED .13
(b) A
S USED IN THIS SUBSECTION (1.5), UNLESS THE CONTEXT14
OTHERWISE REQUIRES, "FUND" MEANS THE HOUSING DEVELOPMENT GRANT15
FUND CREATED IN SECTION 24-32-721 (1).16
SECTION 4. In Colorado Revised Statutes, add 24-32-705.7 as17
follows:18
24-32-705.7. Application process for all affordable housing19
programs administered by the division of housing - rules - definitions.20
(1) A
S USED IN THIS SECTION, UNLESS THE CONTEXT OTHERWISE21
REQUIRES:22
(a) "A
FFORDABLE HOUSING" HAS THE SAME MEANING AS SET23
FORTH IN SECTION 24-32-705.5 (6).24
(b) "A
FFORDABLE HOUSING PROGRAM " MEANS:25
(I) M
ONEY LOANED FROM THE HOUSING INVESTMENT TRUST FUND26
CREATED IN SECTION 24-32-717 (1)(a);27
HB24-1308
-7- (II) ANY PROGRAM THAT USES MONEY FROM THE HOUSING1
DEVELOPMENT GRANT FUND CREATED IN SECTION 24-32-721 (1);2
(III) T
HE AFFORDABLE HOUSING GUIDED TOOLKIT AND LOCAL3
OFFICIALS GUIDE PROGRAM CREATED IN SECTION 24-32-721.7 (1)(a);4
(IV) T
HE LOCAL INVESTMENTS IN TRANSFORMATIONAL5
AFFORDABLE HOUSING GRANT PROGRAM CREATED IN SECTION 24-32-7296
(2)(a);7
(V) T
HE TRANSFORMATIONAL AFFORDABLE HOUSING REVOLVING8
LOAN FUND PROGRAM CREATED IN SECTION 24-32-731 (2)(a);9
(VI) T
HE CONNECTING COLORADANS EXPERIENCING10
HOMELESSNESS WITH SERVICES, RECOVERY CARE, AND HOUSING SUPPORTS11
GRANT PROGRAM CREATED IN SECTION 24-32-732 (2)(a); AND12
(VII) A
NY OTHER PROGRAM ADMINISTERED OR IMPLEMENTED BY13
THE DIVISION THAT IS RELATED TO AFFORDABLE HOUSING .14
(c) "B
OARD" MEANS THE STATE HOUSING BOARD CREATED IN15
SECTION 24-32-706 (1).16
(2) N
OTWITHSTANDING ANY PROVISION OF LAW TO THE17
CONTRARY, ALL AFFORDABLE HOUSING PROGRAMS ADMINISTERED OR18
IMPLEMENTED BY THE DIVISION THAT REQUIRE AN APPLICATION PROCESS19
ARE SUBJECT TO THE PROVISIONS OF THIS SECTION.20
(3) (a) T
HE DIVISION SHALL ACCEPT APPLICATIONS FOR21
AFFORDABLE HOUSING PROGRAMS ONCE PER MONTH OR ON A ROLLING22
BASIS BUT NOT LESS THAN ONCE PER MONTH . THE PROCESS FOR THE23
DIVISION TO REVIEW APPLICATIONS IS AS FOLLOWS :24
(I) N
OT LATER THAN TEN CALENDAR DAYS FROM THE DATE A25
MONTHLY APPLICATION PERIOD CLOSES , THE DIVISION SHALL COMPLETE26
THE REVIEWING OF ALL APPLICATIONS SUBMITTED IN THE APPLICATION27
HB24-1308
-8- PERIOD FOR COMPLETENESS AND ISSUE ANY REQUESTS FOR ADDITIONAL1
INFORMATION, FORMS, OR QUESTIONS TO THE APPLICANTS, AS NECESSARY;2
AND3
(II) T
HE APPLICANT HAS SEVEN CALENDAR DAYS FROM THE DATE4
A REQUEST IS ISSUED PURSUANT TO SUBSECTION (3)(a)(I) OF THIS SECTION5
TO RESPOND TO A REQUEST BY THE DIVISION FOR ADDITIONAL6
INFORMATION, FORMS, OR QUESTIONS.7
(b) (I) (A) W
ITHIN FORTY-FIVE CALENDAR DAYS AFTER A8
COMPLETE APPLICATION IS RECEIVED BY THE DIVISION , AND NO MORE9
THAN FORTY-FIVE CALENDAR DAYS AFTER THE SEVENTEENTH CALENDAR10
DAY FOLLOWING THE DATE AN APPLICATION IS SUBMITTED , THE DIVISION11
SHALL COMPLETE ANY ADDITIONAL REVIEW OF AN APPLICATION THAT MAY12
BE REQUIRED AFTER ITS INITIAL REVIEW REQUIRED BY SUBSECTION (3)(a)13
OF THIS SECTION AND EITHER SEND ALL APPLICATIONS IT DEEMS COMPLETE14
TO THE BOARD FOR FINAL DECISION OR MAKE A FINAL DECISION ON15
APPLICATIONS IT DEEMS COMPLETE, AS APPLICABLE.16
(B) T
HE BOARD SHALL MEET AND M AKE A FINAL DECISION ON AN17
APPLICATION SUBMITTED TO IT WITHIN FIFTEEN CALENDAR DAYS OF18
RECEIVING THE APPLICATION FROM THE DIVISION .19
(II) I
F THE DIVISION DENIES OR MODIFIES AN APPLICATION , AN20
APPLICANT HAS SEVEN CALENDAR DAYS TO APPEAL THE DECISION TO THE21
DIVISION. THE DIVISION HAS FOURTEEN CALENDAR DAYS AFTER AN APPEAL22
IS SUBMITTED TO ACT ON THE APPEAL.23
(c) (I) I
F THE FINAL DECISION ON AN APPLICATION IS APPROVAL OF24
THE APPLICATION BY THE BOARD OR THE DIVISION , AS APPLICABLE, THE25
DIVISION SHALL NOTIFY THE APPROVED APPLICANT IN WRITING IN26
ACCORDANCE WITH SUBSECTION (3)(c)(II) OF THIS SECTION AND WITHIN27
HB24-1308
-9- THIRTY CALENDAR DAYS PROVIDE THE APPROVED APPLICANT WITH A1
PRELIMINARY DRAFT OF ANY REQUIRED CONTRACTS FOR L OANS OR2
GRANTS AWARDED PURSUANT TO AN AFFORDABLE HOUSING PROGRAM , IF3
APPLICABLE. THE DIVISION SHALL FINALIZE ANY TERMS AND CONDITIONS4
OF APPROVED LOANS OR GRANTS PURSUANT TO AN AFFORDABLE HOUSING5
PROGRAM AND FINALIZE AND EXECUTE ANY REQUIRED CONTRACTS WITHIN6
NINETY CALENDAR DAYS FROM THE DATE THE DIVISION RECEIVES A7
SUBSTANTIALLY COMPLETE POST -AWARD DUE DILIGENCE PACKAGE FROM8
THE APPROVED APPLICANT . THE DIVISION SHALL PROVIDE EXECUTED9
CONTRACTS TO AN APPROVED APPLICANT WITHIN TEN CALENDAR DAYS OF10
FINALIZING THE CONTRACT.11
(II) L
ETTERS OF APPROVAL REQUIRED BY SUBSECTION (3)(c)(I) OF12
THIS SECTION MUST INCLUDE INFORMATION CONCERNING :13
(A) T
HE TIMELINE FOR ISSUANCE OF MONEY AS APPROVED BY THE14
DIVISION OR THE BOARD PURSUANT TO THE AFFORDABLE HOUSING15
PROGRAM;16
(B) A
NY TERMS FOR THE LOAN OR GRANT PERIOD ; AND17
(C) A
NY CONDITIONS THAT THE APPROVED APPLICANT MUST MEET18
OR PROVIDE PRIOR TO THE EXECUTION OF CONTRACTS FOR THE LOAN OR19
GRANT PURSUANT TO THE AFFORDABLE HOUSING PROGRAM , INCLUDING20
CLOSING OR CURING ANY OUTSTANDING AWARDS UNDER OTHER21
AFFORDABLE HOUSING PROGRAMS .22
(d) A
NY CHANGES TO THE TERMS OF AN APPROVED LOAN OR23
GRANT PURSUANT TO AN AFFORDABLE HOUSING PROGRAM BY THE24
DIVISION MUST BE MADE TO AN APPROVED APPLICANT WITHIN TEN25
CALENDAR DAYS OF THE DATE THE DIVISION ISSUES A LETTER OF26
APPROVAL REQUIRED PURSUANT TO SUBSECTION (3)(c)(I) OF THIS27
HB24-1308
-10- SECTION.1
(4) T
HE DIVISION MAY PROMULGATE RULES FOR THE2
IMPLEMENTATION OF THIS SECTION IN ACCORDANCE WITH ARTICLE 4 OF3
THIS TITLE 24.4
SECTION 5. In Colorado Revised Statutes, 24-32-706, amend5
(7) as follows:6
24-32-706. State housing board. (7) The board shall meet upon7
call of the chair or whenever directed by the governor. T
HE BOARD SHALL8
MEET AS REQUIRED BY SECTION 24-32-705.7 (3)(b)(I)(B).9
SECTION 6. In Colorado Revised Statutes, 24-32-717, add (3.7)10
as follows:11
24-32-717. Housing investment trust fund - loans - definitions.12
(3.7) I
F APPLICATIONS ARE REQUIRED FOR LOANS PURSUANT TO THIS13
SECTION, THE APPLICATION PROCESS MUST BE IN ACCORDANCE WITH THE14
PROCESS SET FORTH IN SECTION 24-32-705.7.15
SECTION 7. In Colorado Revised Statutes, 24-32-721, amend16
(2)(e), (7)(d), and (7)(h); and add (8) as follows:17
24-32-721. Colorado affordable housing construction grants18
and loans - housing development grant fund - creation - housing19
assistance for persons with behavioral, mental health, or substance20
use disorders - cash fund - appropriation - report to general assembly21
- rules - definitions - repeal. (2) (e) In determining how best to allocate22
money to promote the various purposes specified in subsection (2)(d) of23
this section, the division shall consult with stakeholders from urban and24
rural communities and representatives from populations of different25
income levels with diverse housing needs and shall award funding to26
meet the needs of local communities that will optimize the return on
27
HB24-1308
-11- money invested in a particular program or for a particular use1
SOCIO-ECONOMIC AND HOUSING STABILITY OF OUTCOMES OF HOUSEHOLDS2
SERVED, THE FINANCIAL STABILITY OF ORGANIZATIONS DELIVERING THESE3
SERVICES, THE CREATION, OPERATION, AND AFFORDABILITY LENGTH OF4
AFFORDABLE HOUSING STOCK CREATED , AND THE PRESERVATION OF5
NATURALLY OCCURRING AND SUBSIDIZED AFFORDABLE HOUSING ; leverage6
OR BE LEVERAGED BY other available sources of money; address housing7
needs throughout the state; and serve populations with the greatest unmet8
need.9
(7) (d) The division shall establish forms and procedures to10
implement the grant program, including the time frames for applying for11
grants, the form of the grant program application, and the time frames for12
distributing grant money;
EXCEPT THAT THE PROCEDURES MUST BE13
CONSISTENT WITH THE APPLICATION PROCESS SET FORTH IN SECTION14
24-32-705.7. The division shall make the forms available in English and15
Spanish.16
(h) To receive a grant, a tenant must apply through the statewide17
application portal. The division shall establish procedures for the18
assignment of each application to a nonprofit organization with which the19
division has contracted pursuant to subsection (7)(c) of this section;20
EXCEPT THAT THE PROCEDURES MUST BE CONSISTENT WITH THE21
APPLICATION PROCESS SET FORTH IN SECTION 24-32-705.7.22
(8) I
F APPLICATIONS ARE REQUIRED FOR MONEY FROM THE FUND23
PURSUANT TO THIS SECTION , THE APPLICATION PROCESS MUST BE IN24
ACCORDANCE WITH THE PROCESS SET FORTH IN SECTION 24-32-705.7.25
SECTION 8. In Colorado Revised Statutes, 24-32-721.7, add26
(1)(c) as follows:27
HB24-1308
-12- 24-32-721.7. Affordable housing guided toolkit and local1
officials guide program - creation. (1) (c) T
HE PROCESS FOR2
APPLICATIONS REQUIRED PURSUANT TO THIS SECTION MUST BE IN3
ACCORDANCE WITH THE PROCESS SET FORTH IN SECTION 24-32-705.7.4
SECTION 9. In Colorado Revised Statutes, 24-32-729, add5
(3)(a.5) as follows:6
24-32-729. Transformational affordable housing through local7
investments - grant program - investments eligible for funding -8
report - definitions - repeal. (3) Policies, procedures, and guidelines.9
(a.5) T
HE APPLICATION PROCESS FOR THE GRANT PROGRAM MUST BE IN10
ACCORDANCE WITH THE PROCESS SET FORTH IN SECTION 24-32-705.7. ON11
OR BEFORE SEPTEMBER 1, 2024, THE DIVISION SHALL AMEND ANY12
POLICIES, PROCEDURES, AND GUIDELINES FOR THE GRANT PROGRAM THAT13
ARE NOT CONSISTENT WITH THE APPLICATION PROCESS SET FORTH IN14
SECTION 24-32-705.7.15
SECTION 10. In Colorado Revised Statutes, 24-32-731, add16
(5)(a.5) as follows:17
24-32-731. Revolving loan fund - eligible projects - report -18
definitions - legislative declaration. (5) Loan program policies -19
eligibility for loan funding. (a.5) T
HE APPLICATION PROCESS FOR THE20
LOAN PROGRAM MUST BE IN ACCORDANCE WITH THE PROCESS SET FORTH21
IN SECTION 24-32-705.7. ON OR BEFORE SEPTEMBER 1, 2024, THE DIVISION22
SHALL AMEND ANY POLICIES , PROCEDURES, AND GUIDELINES FOR THE23
GRANT PROGRAM THAT ARE NOT CONSISTENT WITH THE APPLICATION24
PROCESS SET FORTH IN SECTION 24-32-705.7.25
SECTION 11. In Colorado Revised Statutes, 24-32-732, add26
(3)(a.5) as follows:27
HB24-1308
-13- 24-32-732. Connecting Coloradans experiencing homelessness1
with services, recovery care, and housing supports grant program -2
funding - report - definitions - repeal. (3) Policies, procedures, and3
guidelines. (a.5) T
HE APPLICATION PROCESS FOR THE GRANT PROGRAM4
MUST BE IN ACCORDANCE WITH THE PROCESS SET FORTH IN SECTION5
24-32-705.7.
ON OR BEFORE SEPTEMBER 1, 2024, THE DIVISION SHALL6
AMEND ANY POLICIES, PROCEDURES, AND GUIDELINES FOR THE GRANT7
PROGRAM THAT ARE NOT CONSISTENT WI TH THE APPLICATION PROCESS SET8
FORTH IN SECTION 24-32-705.7.9
SECTION 12. In Colorado Revised Statutes, 29-32-105, add10
(3)(e) as follows:11
29-32-105. Affordable housing commitments - local12
governments - tribal governments - three-year commitment cycle -13
expedited development approval process - eligibility for assistance14
from the fund - definitions. (3) (e) (I)
FOR EACH UNIT CONSTRUCTED15
ON LAND THAT A LOCAL GOVERNMENT OR TRIBAL GOVERNMENT OWNS16
AND DONATES TO A COMMUNITY LAND TRUST OR A NONPROFIT17
AFFORDABLE HOMEOWNERSHIP DEVELOPER FOR DEVELOPMENT AS18
AFFORDABLE HOMEOWNERSHIP PROPERTY IS ALLOWED A CREDIT EQUAL TO19
ONE AND ONE-HALF UNITS FOR THE PURPOSE OF CALCULATING WHETHER20
THE LOCAL GOVERNMENT OR TRIBAL GOVERNMENT HAS MET THE THREE21
PERCENT AFFORDABLE HOUSING UNIT GROWTH REQUIREMENT OF22
SUBSECTION (1) OF THIS SECTION FOR THE YEAR IN WHICH THE LAND IS23
DONATED. THE CREDIT IS CLAIMED WHEN BUILDING PERMITS FOR THE24
PROJECT HAVE BEEN APPROVED BY THE APPLICABLE BUILDING AUTHORITY .25
(II) S
UBJECT TO THE APPROVAL OF THE SCHOOL DISTRICT, A LOCAL26
GOVERNMENT, OR A TRIBAL GOVERNMENT MAY CLAIM THE CREDIT27
HB24-1308
-14- ALLOWED BY SUBSECTION (3)(e)(I) OF THIS SECTION IF A SCHOOL DISTRICT1
WITHIN THE BOUNDARIES OF THE LOCAL GOVERNMENT OR TRIBAL2
GOVERNMENT DONATES LAND IT OWNS TO A COMMUNITY LAND TRUST OR3
A NONPROFIT AFFORDABLE HOMEOWNERSHIP DEVELOPER FOR4
DEVELOPMENT AS AFFORDABLE HOMEOWNERSHIP PROPERTY .5
(III) A
S USED IN THIS SUBSECTION (3)(e), UNLESS THE CONTEXT6
OTHERWISE REQUIRES:7
(A) "A
FFORDABLE HOMEOWNERSHIP PROPERTY " MEANS A8
MULTIFAMILY REAL PROPERTY THAT IS SOLD TO A HOUSEHOLD THAT AT9
THE TIME OF PURCHASE IS AT OR BELOW THE APPLICABLE AREA MEDIAN10
INCOME TO BE USED AS A PRIMARY RESIDENCE AND IS RESTRICTED BY A11
DEED THAT IMPACTS OWNERSHIP OF THE DWELLING UNITS WITHIN THE12
PROPERTY, LIMITS THE RESALE PRICE OF SUCH DWELLING UNITS, REQUIRES13
A LONG-TERM LAND LEASE WITH A COMMUNITY LAND TRUST OR14
NONPROFIT AFFORDABLE HOMEOWNERSHIP DEVELOPER , OR IMPOSES ANY15
OTHER RESTRICTION THAT LIMITS THE DWELLING UNITS WITHIN THE16
PROPERTY SO THAT THEY MAY ONLY BE PURCHASED BY DESIGNATED17
HOUSEHOLDS, A COMMUNITY LAND TRUST, OR A NONPROFIT AFFORDABLE18
HOMEOWNERSHIP DEVELOPER .19
(B) "A
PPLICABLE AREA MEDIAN INCOME " MEANS ONE HUNDRED20
PERCENT OF THE AREA MEDIAN INCOME OF HOUSEHOLDS OF THAT SAME21
SIZE IN THE COUNTY IN WHICH THE HOUSING IS LOCATED ; EXCEPT THAT22
FOR A RURAL RESORT COMMUNITY , "APPLICABLE AREA MEDIAN INCOME "23
MEANS THE PERCENTAGE OF AREA MEDIAN INCOME APPROVED BY THE24
DIVISION FOR CERTAIN PROGRAM ELIGIBILITY PURSUANT TO SECTION25
29-32-105.5.26
(C) "C
OMMUNITY LAND TRUST " MEANS A NONPROFIT27
HB24-1308
-15- ORGANIZATION THAT IS EXEMPT FROM TAXATION UNDER SECTION 5011
(c)(3)
OF THE FEDERAL "INTERNAL REVENUE CODE OF 1986", AS2
AMENDED, AND IS DESIGNED TO ENSURE LONG -TERM HOUSING3
AFFORDABILITY THROUGH A SHARED -EQUITY MODEL BY ACQUIRING AND4
MAINTAINING OWNERSHIP OF MULTIFAMILY REAL PROPERTY , WHILE5
SELLING DWELLING UNITS WITHIN THE PROPERTY TO LOW - TO6
MIDDLE-INCOME HOUSEHOLDS FOR USE AS A PRIMARY RESIDENCE .7
(D) "L
AND LEASE" MEANS A LONG -TERM LEASE USED IN8
AFFORDABLE HOMEOWNERSHIP PROPERTIES TO LEASE TO AN OWNER A9
DWELLING UNIT WITHIN MULTIFAMILY REAL PROPERTY THAT IS OWNED BY10
A COMMUNITY LAND TRUST OR NONPROFIT AFFORDABLE HOMEOWNERSHIP11
DEVELOPER AND PRESERVE THE MULTIFAMILY REAL PROPERTY , THROUGH12
THE DWELLING UNITS WITHIN IT, AS AN AFFORDABLE HOMEOWNERSHIP13
PROPERTY.14
(E) "L
OCAL GOVERNMENT ", NOTWITHSTANDING SECTION15
29-32-101
(7), DOES NOT INCLUDE A LOCAL HOUSING AUTHORITY .16
(F) "M
ULTIFAMILY REAL PROPERTY" MEANS REAL PROPERTY THAT17
IS A DUPLEX, TRIPLEX, OR MULTI-STRUCTURE OF FOUR OR MORE UNITS .18
(G) "N
ONPROFIT AFFORDABLE HOMEOWNERSHIP DEVELOPER " HAS19
THE SAME MEANING AS SET FORTH IN SECTION 39-3-127.7 (2)(e).20
SECTION 13. Act subject to petition - effective date -21
applicability. (1) This act takes effect at 12:01 a.m. on the day following22
the expiration of the ninety-day period after final adjournment of the23
general assembly; except that, if a referendum petition is filed pursuant24
to section 1 (3) of article V of the state constitution against this act or an25
item, section, or part of this act within such period, then the act, item,26
section, or part will not take effect unless approved by the people at the27
HB24-1308
-16- general election to be held in November 2024 and, in such case, will take1
effect on the date of the official declaration of the vote thereon by the2
governor.3
(2) (a) Sections 4 through 11 of this act apply to applications4
submitted for affordable housing programs administered by the division5
of housing on or after September 1, 2024, or, if a referendum petition is6
filed in accordance with subsection (1) of this section, on or after the date7
of the official declaration of the vote thereon by the governor.8
(b) Section 12 of this act applies to donations by a local9
government or tribal government of land it owns on or after the applicable10
effective date of this act.11
HB24-1308
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