Second Regular Session
Seventy-fourth General Assembly
STATE OF COLORADO
CORRECTED ENGROSSED
This Version Includes All Amendments Adopted
on Second Reading in the House of Introduction
LLS NO. 24-0710.01 Megan McCall x4215
HOUSE BILL 24-1308
House Committees Senate Committees
Transportation, Housing & Local Government
Appropriations
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 ; MAKING109
MODIFICATIONS TO THE "CITY HOUSING LAW" TO ALLOW A110
CITY TO OWN OR LEASE AND MANAGE, OPERATE, OR MAINTAIN,111
OR CONTRACT FOR MANAGEMENT , OPERATION , OR112
MAINTENANCE OF HOUSING PROJECTS ; AND SPECIFYING THE113
HOUSE
Amended 2nd Reading
April 20, 2024
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. REQUIREMENTS FOR AN APPLICATION AND ANNUAL REPORTS101
FOR PURPOSES OF A PROPERTY TAX EXEMPTION FOR A102
COMMUNITY LAND TRUST OR NONPROFIT AFFORDABLE103
HOMEOWNERSHIP DEVELOPER FOR PROPERTY THAT HAS BEEN104
SUBDIVIDED.105
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.
1308-2- 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
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
1308-3- populations with the greatest unmet need, optimize the housing stability1
of households served, and promote the sustainability of affordable2
housing development projects rather than maximizing financial returns to3
the state;4
(c) The division of housing should seek to find balance in5
providing project subsidy levels that support the overall health, resiliency,6
and ability to advance the work of mission-based organizations without7
over-subsidizing projects or strictly forcing these organizations to8
maximize debt leverage or functionally eliminate cash flow;9
(d) The grant, loan, and overall fund administration practices of10
the division of housing over the last three years have resulted in11
measurable project delays including time lost and increased fiscal costs12
from higher interest and holding costs;13
(e) The current grant and fund administrative practices of the14
division of housing limit the ability of nonprofit housing providers and15
housing authorities to deliver affordable housing to Colorado residents16
who need it;17
(f) A streamlined and transparent process for awarding the18
division of housing's limited pool of housing development funding19
sources to all housing resources administered by the division of housing20
will optimize the outcomes of a particular program or particular use to the21
benefit of residents served through affordable housing development22
projects;23
(g) A sustainable and stable network of affordable housing24
providers will result in the creation, operation, and preservation of25
income-restricted affordable housing stock for low- and moderate-income26
households;27
1308
-4- (h) Streamlining the review and award process, including1
providing transparent expectations on process and timing, reducing2
administrative barriers, and providing clear guidelines for submission and3
awards, is fundamental to the financial sustainability of grantees and4
awardees and the success of affordable housing development projects;5
and6
(i) Streamlining the review and award process will support the7
preservation of naturally occurring and subsidized affordable housing.8
(2) The general assembly further finds that it is necessary for the9
state to improve the efficiency and timelines of the application and award10
process of affordable housing development grant and loan money.11
SECTION 2. In Colorado Revised Statutes, 24-32-705, add12
(1)(x) as follows:13
24-32-705. Functions of division. (1) The division has the14
following functions:15
(x) T
O OPTIMIZE THE OUTCOMES OF A PARTICULAR PROGRAM OR16
PARTICULAR USE TO THE BENEFIT OF HOUSEHOLDS SERVED IN A MANNER17
THAT OPTIMIZES THE SOCIOECONOMIC AND HOUSING STABILITY OUTCOMES18
OF HOUSEHOLDS
SERVED; OPTIMIZES THE FINANCIAL SUSTAINABILITY OF19
AN AFFORDABLE HOUSING PROJECT OR PROGRAM; OPTIMIZES THE20
CREATION, OPERATION, AND AFFORDABILITY LENGTH OF AFFORDABLE21
HOUSING STOCK CREATED; OPTIMIZES THE PRESERVATION OF NATURALLY22
OCCURRING AND SUBSIDIZED AFFORDABLE HOUSING ; CONSIDERS THE23
IMPACT OF AWARD TERMS ON THE FINANCIAL STABILITY OF THE24
ORGANIZATIONS DELIVERING DEVELOPMENT PROJECTS AND RESIDENT25
SERVICES; LEVERAGES OR IS LEVERAGED BY OTHER AVAILABLE SOURCES26
OF MONEY; ADDRESSES HOUSING NEEDS THROUGHOUT THE STATE ; AND27
1308
-5- SERVES POPULATIONS WITH THE GREATEST UNMET NEED .1
SECTION 3. In Colorado Revised Statutes, 24-32-705.5, amend2
(1)(b) and (1)(c); and add (1)(d), (1.3), and (1.5) as follows:3
24-32-705.5. Annual public report on funding of affordable4
housing preservation and production - definitions - repeal.5
(1) Commencing in 2021 and every year thereafter, as part of the6
department's presentation to its joint committees of reference at a hearing7
held pursuant to section 2-7-203 (2)(a) of the "State Measurement for8
Accountable, Responsive, and Transparent (SMART) Government Act",9
in accordance with this section, the division shall prepare a public report10
that specifies the total amount of money that:11
(b) The division or the board has awarded from any federal, state,12
other public, or any private source during the prior fiscal year in the form13
of a grant, contract, or loan to promote the preservation or production of14
emergency or affordable housing; and15
(c) The division expended during the prior fiscal year on16
administrative costs associated with each funding source identified in17
subsection (1)(a) of this section and the number of full-time employees18
supported by the funding source identified; AND19
(d) THE DIVISION USES OF EXISTING STATE AND FEDERAL FUNDS TO20
PROVIDE THE BEST USE OF SUBSIDIES TO MAXIMIZE UNIT PRODUCTION21
INCLUDING DEVELOPMENTS IN HIGH-NEED, DIFFICULT-TO-DEVELOP AREAS,22
AND CONFIRMATION OF RULES AND PRACTICES THAT ENSURE23
DEVELOPMENTS ARE NOT DISQUALIFIED FROM FURTHER SUPPORT FROM24
THE DIVISION OR THE OFFICE OF ECONOMIC DEVELOPMENT BASED ON PRIOR25
RECEIPT OF MONEY PURSUANT TO ARTICLE 32 OF TITLE 29.26
(1.3) FOR THE PUBLIC REPORT REQUIRED PURSUANT TO27
1308
-6- SUBSECTION (1) OF THIS SECTION, FOR 2025 AND EACH YEAR THEREAFTER,1
THE DIVISION SHALL INCLUDE THE FOLLOWING INFORMATION CONCERNING2
ANY AFFORDABLE HOUSING PROGRAM ADMINISTERED BY THE DIVISION IN3
THE YEAR PRECEDING THE YEAR IN WHICH THE PUBLIC REPORT IS4
PRESENTED:5
(a) T
HE NUMBER OF APPLICATIONS, BY
PROGRAM, SUBMITTED TO6
THE DIVISION;7
(b) T
HE NUMBER OF APPLICATIONS APPROVED BY THE DIVISION , BY8 PROGRAM;9
(c) T
HE NUMBER OF APPLICATIONS DENIED BY THE DIVISION , BY10 PROGRAM;11
(d) T
HE AGGREGATE AMOUNT OF MONEY AWARDED FOR ALL12
APPROVED APPLICATIONS;13
(e) T
HE AGGREGATE AMOUNT OF MONEY APPLIED FOR BUT NOT14
AWARDED FOR ALL DENIED
APPLICATIONS, BY PROGRAM; AND15
(f) T
HE NUMBER OF
APPLICATIONS, BY PROGRAM, PENDING REVIEW16
AND THE AGGREGATE AMOUNT OF MONEY APPLIED FOR IN ALL PENDING17
APPLICATIONS AT THE TIME OF THE PUBLIC REPORT .18
(1.5) (a) F
OR THE PUBLIC REPORT REQUIRED PURSUANT TO19
SUBSECTION (1) OF THIS SECTION, FOR 2025AND EACH YEAR THEREAFTER ,20
THE DIVISION SHALL INCLUDE THE FOLLOWING INFORMATION CONCERNING21
THE FUND:22
(I) T
HE TOTAL AMOUNT OF REVENUE IN THE FUND AND AN23
IDENTIFICATION OF EACH SOURCE OF ALL REVENUE IN THE FUND24
CATEGORIZED BY THE AMOUNT OF REVENUE THAT IS ATTRIBUTABLE TO25
EACH SOURCE;26
(II) T
HE TOTAL AMOUNT OF MONEY IN THE FUND ;27
1308
-7- (III) THE AGGREGATE AMOUNT OF MONEY IN THE FUND1
ENCUMBERED BY AN AWARD L ETTER AND THE AGGREG ATE AMOUNT OF2
MONEY IN THE FUND ENCUMBERED BY AN EXECUTED CONTRACT FOR3
GRANTS FROM THE FUND;4
(IV) T
HE AGGREGATE AMOUNT OF MONEY IN THE FUND5
ENCUMBERED IN THE YEAR PRIOR TO THE YEAR IN WHICH THE PUBLIC6
REPORT IS PREPARED THAT WAS UNENCUMBERED IN ANY YEAR PRIOR TO7
THE REPORTING YEAR;8
(V) T
HE AMOUNT OF UNENCUMBERED MONEY IN THE FUND AT THE9
TIME THE PUBLIC REPORT IS PREPARED;
10
(VI) T
HE AMOUNT OF MONEY TRANSFERRED FROM THE FUND TO11
ANY OTHER FUND IN THE YEAR PRIOR TO THE YEAR IN WHICH THE PUBLIC12
REPORT IS PREPARED AND AN IDENTIFICATION OF THE FUNDS TO WHICH13
MONEY FROM THE FUND WAS
TRANSFERRED;14
(VII) THE NUMBER OF CONTRACTS DRAFTED AND EXECUTED FOR15
LOANS OR GRANTS FROM THE FUND AND THE NUMBER OF DAYS IT TOOK TO16
EXECUTE EACH CONTRACT. IF THE AVERAGE NUMBER OF DAYS TO17
EXECUTE CONTRACTS INCLUDED IN THE REPORT IS MORE THAN NINETY18
DAYS, THE DIVISION SHALL INCLUDE AN EXPLANATION REGARDING THIS19
AVERAGE AND A PLAN TO REDUCE THE AVERAGE TO NINETY DAYS OR LESS.20
(VIII) THE AVERAGE NUMBER OF DAYS TO PRODUCE PRELIMINARY21
VERSIONS OF CONTRACTS AFTER MONEY IN THE FUND IS AWARDED TO22
RECIPIENTS. IF THE AVERAGE NUMBER OF DAYS TO PRODUCE PRELIMINARY23
VERSIONS OF CONTRACTS INCLUDED IN THE REPORT IS MORE THAN THIRTY24
DAYS, THE DIVISION SHALL INCLUDE AN EXPLANATION REGARDING THIS25
AVERAGE AND A PLAN TO REDUCE THE AVERAGE TO THIRTY DAYS OR LESS.26
(IX) THE AVERAGE NUMBER OF DAYS FOR RECIPIENTS TO RECEIVE27
1308
-8- SIGNED CONTRACTS AFTER THE CONTRACTS ARE APPROVED AND TERMS1
ARE FINALIZED BY THE DIVISION AND THE RECIPIENT. IF THE AVERAGE2
NUMBER OF DAYS FOR RECIPIENTS TO RECEIVE SIGNED CONTRACTS AFTER3
THE CONTRACTS ARE APPROVED AND TERMS ARE FINALIZED IS MORE THAN4
TEN DAYS, THE DIVISION SHALL INCLUDE AN EXPLANATION REGARDING5
THIS AVERAGE AND A PLAN TO REDUCE THE AVERAGE TO TEN DAYS OR6
LESS.7
(b) A
S USED IN THIS SUBSECTION (1.5), UNLESS THE CONTEXT8
OTHERWISE REQUIRES, "FUND" MEANS THE HOUSING DEVELOPMENT GRANT9
FUND CREATED IN SECTION 24-32-721 (1).10
SECTION 4. In Colorado Revised Statutes, add 24-32-705.7 as11
follows:12
24-32-705.7. Application process for all affordable housing13
programs administered by the division of housing - rules - definitions.14
(1) A
S USED IN THIS SECTION, UNLESS THE CONTEXT OTHERWISE15
REQUIRES:16
(a) "A
FFORDABLE HOUSING" HAS THE SAME MEANING AS SET17
FORTH IN SECTION 24-32-705.5 (6).18
(b) "A
FFORDABLE HOUSING PROGRAM " MEANS:19
(I) M
ONEY LOANED FROM THE HOUSING INVESTMENT TRUST FUND20
CREATED IN SECTION 24-32-717 (1)(a);21
(II) A
NY PROGRAM THAT USES MONEY FROM THE HOUSING22
DEVELOPMENT GRANT FUND CREATED IN SECTION 24-32-721 (1);23
(III) T
HE AFFORDABLE HOUSING GUIDED TOOLKIT AND LOCAL24
OFFICIALS GUIDE PROGRAM CREATED IN SECTION 24-32-721.7 (1)(a);25
(IV) T
HE LOCAL INVESTMENTS IN TRANSFORMATIONAL26
AFFORDABLE HOUSING GRANT PROGRAM CREATED IN SECTION 24-32-72927
1308
-9- (2)(a);1
(V) T
HE TRANSFORMATIONAL AFFORDABLE HOUSING REVOLVING2
LOAN FUND PROGRAM CREATED IN SECTION 24-32-731 (2)(a);
AND3
4
(VI) ANY OTHER PROGRAM ADMINISTERED OR IMPLEMENTED BY5
THE DIVISION THAT IS RELATED TO AFFORDABLE HOUSING DEVELOPMENT.6
(c) "B
OARD" MEANS THE STATE HOUSING BOARD CREATED IN7
SECTION 24-32-706 (1).8
(2) N
OTWITHSTANDING ANY PROVISION OF LAW TO THE9
CONTRARY, ALL AFFORDABLE HOUSING PROGRAMS ADMINISTERED OR10
IMPLEMENTED BY THE DIVISION THAT REQUIRE AN APPLICATION PROCESS11
ARE SUBJECT TO THE PROVISIONS OF THIS SECTION.12
(3) (a) T
HE DIVISION SHALL
RECEIVE APPLICATIONS FOR13
AFFORDABLE HOUSING PROGRAMS NOT LESS THAN ONCE PER QUARTER14
WHERE A QUARTER IS EVERY THREE MONTHS BEGINNING IN JULY. THE15
DIVISION SHALL PUBLISH THE APPLICATION SCHEDULE FOR THE SECOND16
HALF OF STATE FISCAL YEAR 2024-25 NO LATER THAN NOVEMBER 1, 2024,17
AND SHALL PUBLISH THE APPLICATION SCHEDULE FOR EACH SUBSEQUENT18
STATE FISCAL YEAR NO LATER THAN MAY 1 OF THE PRECEDING STATE19
FISCAL YEAR AND SHALL UPDATE THE SCHEDULE NO LATER THAN SIXTY20
DAYS BEFORE THE START OF THE NEXT QUARTER. IF FOR ANY AFFORDABLE21
HOUSING PROGRAM THE DIVISION WILL NOT BE ACCEPTING APPLICATIONS22
FOR AN UPCOMING QUARTER, THE DIVISION SHALL POST NOTICE OF THIS ON23
ITS WEBSITE AND INCLUDE AN EXPLANATION OF WHY APPLICATIONS FOR24
THE AFFORDABLE HOUSING PROGRAM WILL NOT BE ACCEPTED, WHICH MAY25
INCLUDE THERE BEING INSUFFICIENT REVENUE TO PROVIDE FUNDING FOR26
THE AFFORDABLE HOUSING PROGRAM. NOT LATER THAN TEN CALENDAR27
1308
-10- DAYS FROM THE DATE THAT A QUARTERLY APPLICATION PERIOD CLOSES,1
THE DIVISION SHALL COMPLETE THE REVIEWING OF ALL APPLICATIONS2
SUBMITTED IN THE APPLICATION PERIOD FOR COMPLETENESS AND ISSUE3
ANY REQUESTS FOR ADDITIONAL INFORMATION , FORMS, OR QUESTIONS TO4
THE APPLICANTS, AS NECESSARY. 5
(b) (I) WITHIN FORTY-FIVE CALENDAR DAYS AFTER A6
COMPLETE APPLICATION IS RECEIVED BY THE DIVISION , AND NO MORE7
THAN FORTY-FIVE CALENDAR DAYS AFTER THE SEVENTEENTH CALENDAR8
DAY FOLLOWING THE DATE AN APPLICATION IS SUBMITTED , THE DIVISION9
SHALL COMPLETE ANY ADDITIONAL REVIEW OF AN APPLICATION THAT MAY10
BE REQUIRED AFTER ITS INITIAL REVIEW REQUIRED BY SUBSECTION (3)(a)11
OF THIS SECTION AND EITHER SEND ALL APPLICATIONS IT DEEMS COMPLETE12
TO THE BOARD FOR FINAL DECISION OR MAKE A FINAL DECISION ON13
APPLICATIONS IT DEEMS COMPLETE , AS APPLICABLE. IF THE DIVISION IS14
UNABLE TO SEND AN APPLICATION TO THE BOARD WITHIN FORTY-FIVE15
DAYS, THE DIVISION SHALL NOTIFY THE APPLICANT OF THE DELAY WITH AN16
EXPLANATION FOR THE DELAY AND THE DATE THAT THE DIVISION WILL17
SEND THE APPLICATION TO THE BOARD .18
(II) THE BOARD SHALL MEET AND M AKE A FINAL DECISION ON 19
COMPLETED APPLICATIONS SUBMITTED TO IT FROM THE DIVISION AT THE20
NEXT REGULARLY SCHEDULED MEETING OF THE BOARD .21
22
(c) (I) I
F THE FINAL DECISION ON AN APPLICATION IS APPROVAL OF23
THE APPLICATION BY THE BOARD OR THE DIVISION , AS APPLICABLE, THE24
DIVISION SHALL NOTIFY THE APPROVED APPLICANT IN WRITING IN25
ACCORDANCE WITH SUBSECTION (3)(c)(II) OF THIS SECTION AND WITHIN26
THIRTY CALENDAR DAYS PROVIDE THE APPROVED APPLICANT WITH A27
1308
-11- PRELIMINARY DRAFT OF ANY REQUIRED CONTRACTS FOR L OANS OR1
GRANTS AWARDED PURSUANT TO AN AFFORDABLE HOUSING PROGRAM , IF2
APPLICABLE. THE DIVISION HAS NINETY DAYS FROM THE DATE OF3
RECEIVING A SUBSTANTIALLY COMPLETE POST-AWARD DUE DILIGENCE4
PACKAGE FROM THE APPROVED APPLICANT , OR IF NO POST-AWARD DUE5
DILIGENCE IS REQUIRED THEN NINETY DAYS FROM THE DATE OF THE END6
OF THE THIRTY-DAY PERIOD, TO FINALIZE ANY TERMS AND CONDITIONS OF7
APPROVED LOANS OR GRANTS PURSUANT TO AN AFFORDABLE HOUSING8
PROGRAM AND EXECUTE ANY REQUIRED CONTRACTS, BUT THE NINETY DAY9
PERIOD PAUSES FOR THE PERIOD OF TIME AN APPROVED APPLICANT10
RECEIVES A PRELIMINARY DRAFT FROM THE DIVISION OF ANY REQUIRED11
CONTRACT FOR THE AFFORDABLE HOUSING PROGRAM UNTIL THE DIVISION12
RECEIVES THE EXECUTED CONTRACT FROM THE APPROVED APPLICANT.13
THE DIVISION SHALL PROVIDE EXECUTED CONTRACTS TO AN APPROVED14
APPLICANT WITHIN TEN CALENDAR DAYS OF FINALIZING THE CONTRACT .15
(II) L
ETTERS OF APPROVAL REQUIRED BY SUBSECTION (3)(c)(I) OF16
THIS SECTION MUST INCLUDE INFORMATION CONCERNING :17
(A) T
HE TIMELINE FOR ISSUANCE OF MONEY AS APPROVED BY THE18
DIVISION OR THE BOARD PURSUANT TO THE AFFORDABLE HOUSING19
PROGRAM;20
(B) A
NY TERMS FOR THE LOAN OR GRANT PERIOD ; AND21
(C) A
NY CONDITIONS THAT THE APPROVED APPLICANT MUST MEET22
OR PROVIDE PRIOR TO THE EXECUTION OF CONTRACTS FOR THE LOAN OR23
GRANT PURSUANT TO THE AFFORDABLE HOUSING PROGRAM , INCLUDING24
CLOSING OR CURING ANY OUTST ANDING AWARDS UNDER OTHER25
AFFORDABLE HOUSING PROGRAMS .26
(d)
(I) ANY CHANGES TO THE TERMS OF AN APPROVED LOAN OR27
1308
-12- GRANT PURSUANT TO AN AFFORDABLE HOUSING PROGRAM BY THE1
DIVISION MUST BE MADE TO AN APPROVED APPLICANT WITHIN TEN2
CALENDAR DAYS OF THE DATE THE DIVISION ISSUES A LETTER OF3
APPROVAL REQUIRED PURSUANT TO SUBSECTION (3)(c)(I) OF THIS4
SECTION.5
(II) NOTWITHSTANDING THE PROVISIONS OF SUBSECTION (3)(d)(I)6
OF THIS SECTION, AN APPROVED APPLICANT MAY REQUEST CHANGES TO7
THE TERMS OF AN APPROVED LOAN OR GRANT AT ANY TIME BEFORE THE8
CONTRACT IS FINALIZED AND THE DIVISION SHALL REVIEW AND RESPOND9
TO ANY REQUESTS FOR CHANGES MADE AFTER APPROVAL OF THE LOAN OR10
GRANT BUT BEFORE THE CONTRACT IS FINALIZED WITHIN THIRTY DAYS. A11
REQUEST FOR CHANGES BY AN APPROVED APPLICANT MAY EXTEND ANY12
APPLICABLE TIME PERIOD SET FORTH IN SUBSECTION (3)(c)(I) BY NOT13
MORE THAN THIRTY DAYS.14
(4) T
HE DIVISION MAY PROMULGATE RULES FOR THE15
IMPLEMENTATION OF THIS SECTION IN ACCORDANCE WITH ARTICLE 4 OF16
THIS TITLE 24.17 18
SECTION 5. In Colorado Revised Statutes, 24-32-717, add (3.7)19
as follows:20
24-32-717. Housing investment trust fund - loans - definitions.21
(3.7) I
F APPLICATIONS ARE REQUIRED FOR LOANS PURSUANT TO THIS22
SECTION, THE APPLICATION PROCESS MUST BE IN ACCORDANCE WITH THE23
PROCESS SET FORTH IN SECTION 24-32-705.7.24
SECTION
6. In Colorado Revised Statutes, 24-32-721, amend25
(2)(e); and add (8) as follows:26
24-32-721. Colorado affordable housing construction grants27
1308
-13- and loans - housing development grant fund - creation - housing1
assistance for persons with behavioral, mental health, or substance2
use disorders - cash fund - appropriation - report to general assembly3
- rules - definitions - repeal. (2) (e) In determining how best to allocate4
money to promote the various purposes specified in subsection (2)(d) of5
this section, the division shall consult with stakeholders from urban and6
rural communities and representatives from populations of different7
income levels with diverse housing needs and shall award funding to8
meet the needs of local communities that will optimize the return on9
money invested in a particular program or for a particular use10
SOCIO-ECONOMIC AND HOUSING STABILITY OF OUTCOMES OF HOUSEHOLDS11
SERVED; OPTIMIZE THE CREATION, OPERATION, AND AFFORDABILITY12
LENGTH OF AFFORDABLE HOUSING STOCK CREATED; OPTIMIZE THE13
PRESERVATION OF NATURALLY OCCURRING AND SUBSIDIZED AFFORDABLE14
HOUSING; CONSIDER THE IMPACT OF AWARD TERMS ON THE FINANCIAL15
STABILITY OF THE ORGANIZATIONS DELIVERING THESE DEVELOPMENT16
PROJECTS AND RESIDENT SERVICES; leverage OR BE LEVERAGED BY other17
available PUBLIC OR PRIVATE sources of money; BE LAYERED WITH OTHER18
FUNDS ADMINISTERED BY THE STATE ; address housing needs throughout19
the state; and serve populations with the greatest unmet need. THE20
DIVISION MAY EVALUATE AND AWARD FUNDING OPPORTUNITIES AT ALL21
STAGES OF A PROJECT, INCLUDING PREDEVELOPMENT AND FIRST-IN22
CATALYTIC FUND COMMITMENTS .23
24
(8) I
F APPLICATIONS ARE REQUIRED FOR MONEY FROM THE FUND25
PURSUANT TO THIS SECTION , THE APPLICATION PROCESS MUST BE IN26
ACCORDANCE WITH THE PROCESS SET FORTH IN SECTION 24-32-705.7.27
1308
-14- SECTION 7. In Colorado Revised Statutes, 24-32-721.7, add1
(1)(c) as follows:2
24-32-721.7. Affordable housing guided toolkit and local3
officials guide program - creation. (1) (c) T
HE PROCESS FOR4
APPLICATIONS REQUIRED PURSUANT TO THIS SECTION MUST BE IN5
ACCORDANCE WITH THE PROCESS SET FORTH IN SECTION 24-32-705.7.6
SECTION
8. In Colorado Revised Statutes, 24-32-729, add7
(3)(a.5) as follows:8
24-32-729. Transformational affordable housing through local9
investments - grant program - investments eligible for funding -10
report - definitions - repeal. (3) Policies, procedures, and guidelines.11
(a.5) T
HE APPLICATION PROCESS FOR THE GRANT PROGRAM MUST BE IN12
ACCORDANCE WITH THE PROCESS SET FORTH IN SECTION 24-32-705.7. ON13
OR BEFORE SEPTEMBER 1, 2024, THE DIVISION SHALL AMEND ANY14
POLICIES, PROCEDURES, AND GUIDELINES FOR THE GRANT PROGRAM THAT15
ARE NOT CONSISTENT WITH THE APPLICATION PROCESS SET FORTH IN16
SECTION 24-32-705.7.17
SECTION
9. In Colorado Revised Statutes, 24-32-731, add18
(5)(a.5) as follows:19
24-32-731. Revolving loan fund - eligible projects - report -20
definitions - legislative declaration. (5) Loan program policies -21
eligibility for loan funding. (a.5) T
HE APPLICATION PROCESS FOR THE22
LOAN PROGRAM MUST BE IN ACCORDANCE WITH THE PROCESS SET FORTH23
IN SECTION 24-32-705.7. ON OR BEFORE SEPTEMBER 1, 2024, THE DIVISION24
SHALL AMEND ANY POLICIES , PROCEDURES, AND GUIDELINES FOR THE25
GRANT PROGRAM THAT ARE NOT CONSISTENT WITH THE APPLICATION26
PROCESS SET FORTH IN SECTION 24-32-705.7.27
1308
-15- SECTION 10. In Colorado Revised Statutes, 29-4-103, amend1
(9) as follows:2
29-4-103. Definitions. As used in this part 1, unless the context3
otherwise requires:4
(9) "Housing project" means all real and personal property,5
buildings and improvements, stores, offices, lands for farming and6
gardening, and community facilities acquired, constructed, or to be7
acquired or constructed pursuant to a single plan or undertaking to8
demolish, clear, remove, alter, or repair unsafe, unsanitary, or substandard9
housing or to provide dwelling accommodations at rentals within the10
means of persons of low income. The term "housing project" also means11
the planning of the buildings and improvements, the acquisition of12
property, the demolition of existing structures, the construction,13
reconstruction, alteration, and repair of the improvements, and all other14
work in connection therewith. THE TERM "HOUSING PROJECT" ALSO15
MEANS THE PROVISION OF DWELLING ACCOMMODATIONS TO PERSONS ,16
WITHOUT REGARD TO INCOME , AS LONG AS THE HOUSING PROJECT17
SUBSTANTIALLY BENEFITS PERSONS OF LOW INCOME .18
SECTION 11. In Colorado Revised Statutes, 29-4-104, amend19
(1)(a) and (1)(k); and add (1)(l) as follows:20
29-4-104. Powers of cities to undertake projects. (1) Every city21
has power and is authorized:22
(a) To construct, ACQUIRE, OWN, OR LEASE any housing project23
within the city;24
(k) To do all acts and things necessary or convenient to carry out25
the powers expressly given in this part 1; AND26
(l) TO MANAGE, OPERATE, AND MAINTAIN, OR CONTRACT FOR THE27
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OWNED OR LEASED BY THE CITY.2
SECTION 12. In Colorado Revised Statutes, amend 29-4-107 as3
follows:4
29-4-107. Management of housing projects. (1) The city, shall5
AT THE CITY'S SOLE AND ABSOLUTE DISCRETION, MAY:6
(a) CONTRACT WITH A NONPROFIT ENTITY OR PRIVATE ENTITY TO7
MANAGE, MAINTAIN, AND OPERATE ANY HOUSING PROJECT CONSTRUCTED ,8
ACQUIRED, OWNED, OR LEASED BY THE CITY; OR9
(b) Deliver possession of any housing projects constructed,10
acquired, OWNED, or leased by it THE CITY to the authority within the11
boundaries of which the city is included, but the title to all property12
comprising such housing projects shall remain in the city. The authority13
shall operate and maintain all such housing projects of the city THAT THE14
CITY HAS DELIVERED POSSESSION OF IN ACCORDANCE WITH THIS15
SUBSECTION (1)(b) and shall fix, levy, and collect such rents, fees, or16
other charges for the use and occupancy of such housing projects as such17
authority determines; but if there are any agreements of the city with an18
obligee, the authority shall fix, levy, collect, and revise such rents, fees,19
and other charges in accordance with such agreements and subject20
thereto. All rents, fees, and other charges received by the authority from21
any such housing project shall not be commingled with any moneys22
MONEY of the authority and shall be deposited in a special account in any23
depository authorized in section 24-75-603. C.R.S.24
(2) After the payment of the cost of operation and maintenance of25
such A housing project THAT THE CITY DELIVERS POSSESSION OF TO THE26
AUTHORITY PURSUANT TO SUBSECTION (1)(b) OF THIS SECTION, the net27
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monthly or longer intervals as the city may determine or at such intervals2
as shall be provided for in any agreement by the city with an obligee.3
SECTION 13. In Colorado Revised Statutes, 29-4-209, amend4
(1)(f) as follows:5
29-4-209. Powers of authority. (1) An authority shall constitute6
a body both corporate and politic, exercising public powers and having7
all the powers necessary or convenient to carry out and effectuate the8
purposes and provisions of this part 2, including the following powers in9
addition to others granted in this section:10
(f) To manage as agent of the city any project constructed or11
owned by the city THAT THE CITY DELIVERS POSSESSION OF TO THE12
AUTHORITY PURSUANT TO SECTION 29-4-107 (1)(b);13
SECTION 14. In Colorado Revised Statutes, 39-3-127.7,14
amend (7) as follows:15
39-3-127.7. Community land trust property - nonprofit16
affordable homeownership developer property - exemption -17
requirements - legislative declaration - definitions. (7) (a) Any18
community land trust or nonprofit affordable homeownership developer19
that claims a property tax exemption pursuant to this section shall comply20
with the provisions of section 39-2-117; EXCEPT THAT IF THE REAL21
PROPERTY THAT IS ALLOWED AN EXEMPTION PURSUANT TO THIS SECTION22
HAS BEEN SUBDIVIDED, THE OWNER OF SUCH PROPERTY OR THE OWNER'S23
AGENT IS ONLY REQUIRED TO:24
(I) SUBMIT ONE APPLICATION FOR THE EXEMPTION FOR ALL25
PARCELS IN CONNECTION WITH THE SUBDIVISION PURSUANT TO SECTION26
39-2-117 (1)(a), BUT THE FILING MUST BE ACCOMPANIED BY A PAYMENT27
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EXCEED THE AGGREGATE AMOUNT OF PAYMENTS THAT WOULD BE2
REQUIRED IF INDIVIDUAL APPLICATIONS WERE FILED FOR EACH PARCEL;3
AND4
(II) IF THE EXEMPTION IS GRANTED , FILE ONE ANNUAL REPORT5
PURSUANT TO SECTION 39-2-117 (3)(a) FOR ALL PARCELS IN CONNECTION6
WITH THE SUBDIVISION, BUT THE FILING MUST BE ACCOMPANIED BY A7
PAYMENT IN ACCORDANCE WITH SECTION 39-2-117 (3)(a) IN AN AMOUNT8
NOT TO EXCEED THE AGGREGATE AMOUNT OF PAYMENTS THAT WOULD BE9
REQUIRED IF INDIVIDUAL REPORTS WERE FILED FOR EACH PARCEL .10
(b) NOTWITHSTANDING SUBSECTION (7)(a)(II) OF THIS SECTION, IF11
THE REAL PROPERTY THAT IS ALLOWED AN EXEMPTION PURSUANT TO THIS12
SECTION HAS BEEN SUBDIVIDED BUT THE SUBDIVIDED PARCEL HAS BEEN13
SPLIT INTO A SEPARATE TAXABLE PARCEL FROM THE IMPROVEMENTS AND14
IS LEASED TO THE OWNER OF THE IMPROVEMENTS AS AN AFFORDABLE15
HOMEOWNERSHIP PROPERTY, THEN THE OWNER OF SUCH REAL PROPERTY16
OR THE OWNER'S AGENT MUST FILE AN INDIVIDUAL ANNUAL REPORT FOR17
THE SUBDIVIDED PARCEL IN ACCORDANCE WITH SECTION 39-2-117 (3)(a).18
SECTION 15. No appropriation. The general assembly has19
determined that this act can be implemented within existing20
appropriations, and therefore no separate appropriation of state money is21
necessary to carry out the purposes of this act.22
SECTION 16. Act subject to petition - effective date -23
applicability. (1) This act takes effect at 12:01 a.m. on the day following24
the expiration of the ninety-day period after final adjournment of the25
general assembly; except that, if a referendum petition is filed pursuant26
to section 1 (3) of article V of the state constitution against this act or an27
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section, or part will not take effect unless approved by the people at the2
general election to be held in November 2024 and, in such case, will take3
effect on the date of the official declaration of the vote thereon by the4
governor.5
(2) (a) Sections 4 through 9 of this act apply to applications6
submitted for affordable housing programs administered by the division7
of housing on or after September 1, 2024, or, if a referendum petition is8
filed in accordance with subsection (1) of this section, on or after the date9
of the official declaration of the vote thereon by the governor.10
(b) Sections 10 through 13 of this act apply to any housing project11
pursuant to part 1 of article 4 of title 29, C.R.S., on or after the applicable12
effective date of this act.13
(c) Section 14 of this act applies to applications submitted and14
annual reports filed pursuant to section 39-2-117, C.R.S., for the15
exemption allowed by section 39-3-127.7, C.R.S., on or after the16
applicable effective date of this act.17
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