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March 5, 2024 HB 24-1308
Legislative Council Staff
Nonpartisan Services for Colorado’s Legislature
Fiscal Note
Drafting Number:
Prime Sponsors:
LLS 24-0710
Rep. Frizell; Lindstedt
Date:
Bill Status:
Fiscal Analyst:
March 5, 2024
House Trans., Hous. & Local Govt.
Colin Gaiser | 303-866-2677
colin.gaiser@coleg.gov
Bill Topic: EFFECTIVE IMPLEMENTATION OF AFFORDABLE HOUS ING PROGRAM
Summary of
Fiscal Impact:
☐ State Revenue
☒ State Expenditure
☐ State Transfer
☐ TABOR Refund
☐ Local Government
☐ Statutory Public Entity
The bill creates new affordable housing rules and regulations for the Division of
Housing in the Department of Local Affairs, and modifies rules for affordable housing
funding for local governments. It increases state expenditures on an ongoing basis.
Appropriation
Summary:
No appropriation is required. The Housing Development Grant Fund is continuously
appropriated to the Division of Housing in the Department of Local Affairs.
Fiscal Note
Status:
The fiscal note reflects the introduced bill.
Table 1
State Fiscal Impacts Under HB 24-1308
Budget Year
FY 2024-25
Out Year
FY 2025-26
Revenue - -
Expenditures Cash Funds $165,639 $182,036
Centrally Appropriated $36,945 $46,182
Total Expenditures $202,584 $228,218
Total FTE 2.0 FTE 2.5 FTE
Transfers - -
Other Budget Impacts - -
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March 5, 2024 HB 24-1308
Summary of Legislation
The bill creates new requirements for the Division of Housing (DOH) in the Department of Local
Affairs (DOLA) and local governments concerning affordable housing.
Affordable housing program applications. The bill establishes procedures for the DOH to
follow with applications for affordable housing programs. This includes accepting applications at
least once per month or on a rolling basis and making a final decision on an application within
15 calendar days of receiving it. The bill also establishes requirements for next steps after the
DOH denies, modifies, or approves an application, and sets deadlines for finalizing approved
loans, grants, or contracts related to an affordable housing program.
Public report. Starting in 2025, the DOH must add to its annual public report information on
affordable housing applications and money in the Housing Development Grant Fund.
Affordable housing commitments. The bill allows a local government or tribal government
donating land for affordable housing to a community land trust or a nonprofit affordable
homeownership developer to receive credit for funding from the statewide affordable housing
fund. A school district that similarly donates land may assign its credit to the local government
or tribal government.
State Expenditures
The bill increases state expenditures in the Department of Local Affairs by $203,000 in
FY 2024-25 and $228,000 in FY 2025-26, paid from the Housing Development Grant Fund.
Expenditures are shown in Table 2 and detailed below.
Table 2
Expenditures Under HB 24-1308
FY 2024-25 FY 2025-26
Department of Local Affairs
Personal Services $143,069 $178,836
Operating Expenses $2,560 $3,200
Capital Outlay Costs $20,010 -
Centrally Appropriated Costs
1
$36,945 $46,182
FTE – Personal Services 2.0 FTE 2.5 FTE
Total Cost $202,584 $228,218
Total FTE 2.0 FTE 2.5 FTE
1
Centrally appropriated costs are not included in the bill's appropriation. Page 3
March 5, 2024 HB 24-1308
Department of Local Affairs. The DOLA requires 2.0 FTE to prepare, negotiate, and execute
loan and grant agreements for the DOH, and to assist in expediting agreements to meet the
bill’s deadline requirements. The DOLA also requires 0.5 FTE of a budget analyst to assist the
budget team and ensure funds are set up and coded appropriately. The fiscal note assumes a
September 2024 start date for this staff, and standard operating costs and capital outlay are
included.
Centrally appropriated costs. Pursuant to a Joint Budget Committee policy, certain costs
associated with this bill are addressed through the annual budget process and centrally
appropriated in the Long Bill or supplemental appropriations bills, rather than in this bill. These
costs, which include employee insurance and supplemental employee retirement payments, are
shown in Table 2.
Effective Date
The bill takes effect 90 days following adjournment of the General Assembly sine die, assuming
no referendum petition is filed.
State Appropriations
No appropriation is required. The Housing Development Grant Fund is continuously
appropriated to the Division of Housing in the Department of Local Affairs.
State and Local Government Contacts
Counties Local Affairs Personnel
Treasury
The revenue and expenditure impacts in this fiscal note represent changes from current law under the bill for each
fiscal year. For additional information about fiscal notes, please visit the General Assembly website.