HOUSE BILL 24-1308
BY REPRESENTATIVE(S) Frizell and Lindstedt, Amabile, Bacon, Bird,
Boesenecker, Brown, Clifford, Daugherty, Duran, Epps, Froelich, Garcia,
Hamrick, Hernandez, Jodeh, Joseph, Kipp, Lieder, Lindsay, Lukens,
Mabrey, Marshall, Marvin, McCormick, Ortiz, Parenti, Rutinel, Sirota,
Snyder, Story, Titone, Valdez, Velasco, Vigil, Willford, Woodrow, Young,
McCluskie;
also SENATOR(S) Gonzales, Bridges, Buckner, Coleman, Cutter, Exum,
Jaquez Lewis, Kolker, Michaelson Jenet, Mullica, Priola, Roberts,
Winter F.
C
ONCERNING PROVISIONS TO FACILITATE THE EFFECTIVE IMPLEMENTATION
OF PROGRAMS FOR AFFORDABLE HOUSING
, AND, IN CONNECTION
THEREWITH
, ADDING ANNUAL REPORTING REQUIREMENTS BY THE
DIVISION OF HOUSING CONCERNING APPLICATIONS FOR AFFORDABLE
HOUSING PROGRAMS AND MONEY IN AND ISSUED FROM THE HOUSING
DEVELOPMENT GRANT FUND
; CREATING A PROCESS FOR REVIEWING
AND APPROVING APPLICATIONS FOR ALL AFFORDABLE HOUSING
PROGRAMS BY THE DIVISION OF HOUSING
; MAKING MODIFICATIONS TO
THE
"CITY HOUSING LAW" TO ALLOW A CITY TO OWN OR LEASE AND
MANAGE
, OPERATE, OR MAINTAIN, OR CONTRACT FOR MANAGEMENT ,
OPERATION, OR MAINTENANCE OF HOUSING PROJECTS ; AND
SPECIFYING THE REQUIREMENTS FOR AN APPLICATION AND ANNUAL
REPORTS FOR PURPOSES OF A PROPERTY TAX EXEMPTION FOR A
NOTE: This bill has been prepared for the signatures of the appropriate legislative
officers and the Governor. To determine whether the Governor has signed the bill
or taken other action on it, please consult the legislative status sheet, the legislative
history, or the Session Laws.
________
Capital letters or bold & italic numbers indicate new material added to existing law; dashes
through words or numbers indicate deletions from existing law and such material is not part of
the act. COMMUNITY LAND TRUST OR NONPROFIT AFFORDABLE
HOMEOWNERSHIP DEVELOPER FOR PROPERTY THAT HAS BEEN
SUBDIVIDED
.
Be it enacted by the General Assembly of the State of Colorado:
SECTION 1. Legislative declaration. (1) The general assembly
finds and declares that:
(a) The lack of timely affordable housing grants and loans directly
impacts the market ability to generate new affordable housing opportunities;
(b) The goals of the division of housing's grant and loan programs
should be to address housing needs throughout the state, serve populations
with the greatest unmet need, optimize the housing stability of households
served, and promote the sustainability of affordable housing development
projects rather than maximizing financial returns to the state;
(c) The division of housing should seek to find balance in providing
project subsidy levels that support the overall health, resiliency, and ability
to advance the work of mission-based organizations without
over-subsidizing projects or strictly forcing these organizations to maximize
debt leverage or functionally eliminate cash flow;
(d) The grant, loan, and overall fund administration practices of the
division of housing over the last three years have resulted in measurable
project delays including time lost and increased fiscal costs from higher
interest and holding costs;
(e) The current grant and fund administrative practices of the
division of housing limit the ability of nonprofit housing providers and
housing authorities to deliver affordable housing to Colorado residents who
need it;
(f) A streamlined and transparent process for awarding the division
of housing's limited pool of housing development funding sources to all
housing resources administered by the division of housing will optimize the
outcomes of a particular program or particular use to the benefit of residents
served through affordable housing development projects;
PAGE 2-HOUSE BILL 24-1308 (g) A sustainable and stable network of affordable housing providers
will result in the creation, operation, and preservation of income-restricted
affordable housing stock for low- and moderate-income households;
(h) Streamlining the review and award process, including providing
transparent expectations on process and timing, reducing administrative
barriers, and providing clear guidelines for submission and awards, is
fundamental to the financial sustainability of grantees and awardees and the
success of affordable housing development projects; and
(i) Streamlining the review and award process will support the
preservation of naturally occurring and subsidized affordable housing.
(2) The general assembly further finds that it is necessary for the
state to improve the efficiency and timelines of the application and award
process of affordable housing development grant and loan money.
SECTION 2. In Colorado Revised Statutes, 24-32-705, add (1)(x)
as follows:
24-32-705. Functions of division. (1) The division has the
following functions:
(x) T
O OPTIMIZE THE OUTCOMES OF A PARTICULAR PROGRAM OR
PARTICULAR USE TO THE BENEFIT OF HOUSEHOLDS SERVED IN A MANNER
THAT OPTIMIZES THE SOCIOECONOMIC AND HOUSING STABILITY OUTCOMES
OF HOUSEHOLDS SERVED
; OPTIMIZES THE FINANCIAL SUSTAINABILITY OF AN
AFFORDABLE HOUSING PROJECT OR PROGRAM
; OPTIMIZES THE CREATION,
OPERATION, AND AFFORDABILITY LENGTH OF AFFORDABLE HOUSING STOCK
CREATED
; OPTIMIZES THE PRESERVATION OF NATURALLY OCCURRING AND
SUBSIDIZED AFFORDABLE HOUSING
; CONSIDERS THE IMPACT OF AWARD
TERMS ON THE FINANCIAL STABILITY OF THE ORGANIZATIONS DELIVERING
DEVELOPMENT PROJECTS AND RESIDENT SERVICES
; LEVERAGES OR IS
LEVERAGED BY OTHER AVAILABLE SOURCES OF MONEY
; ADDRESSES
HOUSING NEEDS THROUGHOUT THE STATE
; AND SERVES POPULATIONS WITH
THE GREATEST UNMET NEED
.
SECTION 3. In Colorado Revised Statutes, 24-32-705.5, amend
(1)(b) and (1)(c); and add (1)(d), (1.3), and (1.5) as follows:
PAGE 3-HOUSE BILL 24-1308 24-32-705.5. Annual public report on funding of affordable
housing preservation and production - definitions - repeal.
(1) Commencing in 2021 and every year thereafter, as part of the
department's presentation to its joint committees of reference at a hearing
held pursuant to section 2-7-203 (2)(a) of the "State Measurement for
Accountable, Responsive, and Transparent (SMART) Government Act", in
accordance with this section, the division shall prepare a public report that
specifies the total amount of money that:
(b) The division or the board has awarded from any federal, state,
other public, or any private source during the prior fiscal year in the form
of a grant, contract, or loan to promote the preservation or production of
emergency or affordable housing; and
(c) The division expended during the prior fiscal year on
administrative costs associated with each funding source identified in
subsection (1)(a) of this section and the number of full-time employees
supported by the funding source identified;
AND
(d) THE DIVISION USES OF EXISTING STATE AND FEDERAL FUNDS TO
PROVIDE THE BEST USE OF SUBSIDIES TO MAXIMIZE UNIT PRODUCTION
INCLUDING DEVELOPMENTS IN HIGH
-NEED, DIFFICULT-TO-DEVELOP AREAS,
AND CONFIRMATION OF RULES AND PRACTICES THAT ENSURE DEVELOPMENTS
ARE NOT DISQUALIFIED FROM FURTHER SUPPORT FROM THE DIVISION OR THE
OFFICE OF ECONOMIC DEVELOPMENT BASED ON PRIOR RECEIPT OF MONEY
PURSUANT TO ARTICLE
32 OF TITLE 29.
(1.3) F
OR THE PUBLIC REPORT REQUIRED PURSUANT TO SUBSECTION
(1) OF THIS SECTION, FOR 2025 AND EACH YEAR THEREAFTER, THE DIVISION
SHALL INCLUDE THE FOLLOWING INFORMATION CONCERNING ANY
AFFORDABLE HOUSING PROGRAM ADMINISTERED BY THE DIVISION IN THE
YEAR PRECEDING THE YEAR IN WHICH THE PUBLIC REPORT IS PRESENTED
:
(a) T
HE NUMBER OF APPLICATIONS, BY PROGRAM, SUBMITTED TO THE
DIVISION
;
(b) T
HE NUMBER OF APPLICATIONS APPROVED BY THE DIVISION , BY
PROGRAM
;
(c) T
HE NUMBER OF APPLICATIONS DENIED BY THE DIVISION , BY
PAGE 4-HOUSE BILL 24-1308 PROGRAM;
(d) T
HE AGGREGATE AMOUNT OF MONEY AWARDED FOR ALL
APPROVED APPLICATIONS
;
(e) T
HE AGGREGATE AMOUNT OF MONEY APPLIED FOR BUT NOT
AWARDED FOR ALL DENIED APPLICATIONS
, BY PROGRAM; AND
(f) THE NUMBER OF APPLICATIONS, BY PROGRAM, PENDING REVIEW
AND THE AGGREGATE AMOUNT OF MONEY APPLIED FOR IN ALL PENDING
APPLICATIONS AT THE TIME OF THE PUBLIC REPORT
.
(1.5) (a) F
OR THE PUBLIC REPORT REQUIRED PURSUANT TO
SUBSECTION
(1) OF THIS SECTION, FOR 2025AND EACH YEAR THEREAFTER ,
THE DIVISION SHALL INCLUDE THE FOLLOWING INFORMATION CONCERNING
THE FUND
:
(I) T
HE TOTAL AMOUNT OF REVENUE IN THE FUND AND AN
IDENTIFICATION OF EACH SOURCE OF ALL REVENUE IN THE FUND
CATEGORIZED BY THE AMOUNT OF REVENUE THAT IS ATTRIBUTABLE TO EACH
SOURCE
;
(II) T
HE TOTAL AMOUNT OF MONEY IN THE FUND ;
(III) T
HE AGGREGATE AMOUNT OF MONEY IN THE FUND ENCUMBERED
BY AN AWARD LETTER AND THE AGGREGATE AMOUNT OF MONEY IN THE
FUND ENCUMBERED BY AN EXECUTED CONTRACT FOR GRANTS FROM THE
FUND
;
(IV) T
HE AGGREGATE AMOUNT OF MONEY IN THE FUND
ENCUMBERED IN THE YEAR PRIOR TO THE YEAR IN WHICH THE PUBLIC REPORT
IS PREPARED THAT WAS UNENCUMBERED IN ANY YEAR PRIOR TO THE
REPORTING YEAR
;
(V) T
HE AMOUNT OF UNENCUMBERED MONEY IN THE FUND AT THE
TIME THE PUBLIC REPORT IS PREPARED
;
(VI) T
HE AMOUNT OF MONEY TRANSFERRED FROM THE FUND TO ANY
OTHER FUND IN THE YEAR PRIOR TO THE YEAR IN WHICH THE PUBLIC REPORT
IS PREPARED AND AN IDENTIFICATION OF THE FUNDS TO WHICH MONEY FROM
PAGE 5-HOUSE BILL 24-1308 THE FUND WAS TRANSFERRED ;
(VII) T
HE NUMBER OF CONTRACTS DRAFTED AND EXECUTED FOR
LOANS OR GRANTS FROM THE FUND AND THE NUMBER OF DAYS IT TOOK TO
EXECUTE EACH CONTRACT
. IF THE AVERAGE NUMBER OF DAYS TO EXECUTE
CONTRACTS INCLUDED IN THE REPORT IS MORE THAN NINETY DAYS
, THE
DIVISION SHALL INCLUDE AN EXPLANATION REGARDING THIS AVERAGE AND
A PLAN TO REDUCE THE AVERAGE TO NINETY DAYS OR LESS
.
(VIII) T
HE AVERAGE NUMBER OF DAYS TO PRODUCE PRELIMINARY
VERSIONS OF CONTRACTS AFTER MONEY IN THE FUND IS AWARDED TO
RECIPIENTS
. IF THE AVERAGE NUMBER OF DAYS TO PRODUCE PRELIMINARY
VERSIONS OF CONTRACTS INCLUDED IN THE REPORT IS MORE THAN THIRTY
DAYS
, THE DIVISION SHALL INCLUDE AN EXPLANATION REGARDING THIS
AVERAGE AND A PLAN TO REDUCE THE AVERAGE TO THIRTY DAYS OR LESS
.
(IX) T
HE AVERAGE NUMBER OF DAYS FOR RECIPIENTS TO RECEIVE
SIGNED CONTRACTS AFTER THE CONTRACTS ARE APPROVED AND TERMS ARE
FINALIZED BY THE DIVISION AND THE RECIPIENT
. IF THE AVERAGE NUMBER
OF DAYS FOR RECIPIENTS TO RECEIVE SIGNED CONTRACTS AFTER THE
CONTRACTS ARE APPROVED AND TERMS ARE FINALIZED IS MORE THAN TEN
DAYS
, THE DIVISION SHALL INCLUDE AN EXPLANATION REGARDING THIS
AVERAGE AND A PLAN TO REDUCE THE AVERAGE TO TEN DAYS OR LESS
.
(b) A
S USED IN THIS SUBSECTION (1.5), UNLESS THE CONTEXT
OTHERWISE REQUIRES
, "FUND" MEANS THE HOUSING DEVELOPMENT GRANT
FUND CREATED IN SECTION
24-32-721 (1).
SECTION 4. In Colorado Revised Statutes, add 24-32-705.7 as
follows:
24-32-705.7. Application process for all affordable housing
programs administered by the division of housing - rules - definitions.
(1) A
S USED IN THIS SECTION, UNLESS THE CONTEXT OTHERWISE REQUIRES :
(a) "A
FFORDABLE HOUSING" HAS THE SAME MEANING AS SET FORTH
IN SECTION
24-32-705.5 (6).
(b) "A
FFORDABLE HOUSING PROGRAM " MEANS:
PAGE 6-HOUSE BILL 24-1308 (I) MONEY LOANED FROM THE HOUSING INVESTMENT TRUST FUND
CREATED IN SECTION
24-32-717 (1)(a);
(II) A
NY PROGRAM THAT USES MONEY FROM THE HOUSING
DEVELOPMENT GRANT FUND CREATED IN SECTION
24-32-721 (1);
(III) T
HE AFFORDABLE HOUSING GUIDED TOOLKIT AND LOCAL
OFFICIALS GUIDE PROGRAM CREATED IN SECTION
24-32-721.7 (1)(a);
(IV) T
HE LOCAL INVESTMENTS IN TRANSFORMATIONAL AFFORDABLE
HOUSING GRANT PROGRAM CREATED IN SECTION
24-32-729 (2)(a);
(V) T
HE TRANSFORMATIONAL AFFORDABLE HOUSING REVOLVING
LOAN FUND PROGRAM CREATED IN SECTION
24-32-731 (2)(a); AND
(VI) ANY OTHER PROGRAM ADMINISTERED OR IMPLEMENTED BY THE
DIVISION THAT IS RELATED TO AFFORDABLE HOUSING DEVELOPMENT
.
(c) "B
OARD" MEANS THE STATE HOUSING BOARD CREATED IN
SECTION
24-32-706 (1).
(2) N
OTWITHSTANDING ANY PROVISION OF LAW TO THE CONTRARY ,
ALL AFFORDABLE HOUSING PROGRAMS ADMINISTERED OR IMPLEMENTED BY
THE DIVISION THAT REQUIRE AN APPLICATION PROCESS ARE SUBJECT TO THE
PROVISIONS OF THIS SECTION
.
(3) (a) T
HE DIVISION SHALL RECEIVE APPLICATIONS FOR AFFORDABLE
HOUSING PROGRAMS NOT LESS THAN ONCE PER QUARTER WHERE A QUARTER
IS EVERY THREE MONTHS BEGINNING IN
JULY. THE DIVISION SHALL PUBLISH
THE APPLICATION SCHEDULE FOR THE SECOND HALF OF STATE FISCAL YEAR
2024-25 NO LATER THAN NOVEMBER 1, 2024, AND SHALL PUBLISH THE
APPLICATION SCHEDULE FOR EACH SUBSEQUENT STATE FISCAL YEAR NO
LATER THAN
MAY 1 OF THE PRECEDING STATE FISCAL YEAR AND SHALL
UPDATE THE SCHEDULE NO LATER THAN SIXTY DAYS BEFORE THE START OF
THE NEXT QUARTER
. IF FOR ANY AFFORDABLE HOUSING PROGRAM THE
DIVISION WILL NOT BE ACCEPTING APPLICATIONS FOR AN UPCOMING
QUARTER
, THE DIVISION SHALL POST NOTICE OF THIS ON ITS WEBSITE AND
INCLUDE AN EXPLANATION OF WHY APPLICATIONS FOR THE AFFORDABLE
HOUSING PROGRAM WILL NOT BE ACCEPTED
, WHICH MAY INCLUDE THERE
BEING INSUFFICIENT REVENUE TO PROVIDE FUNDING FOR THE AFFORDABLE
PAGE 7-HOUSE BILL 24-1308 HOUSING PROGRAM. NOT LATER THAN TEN CALENDAR DAYS FROM THE DATE
THAT A QUARTERLY APPLICATION PERIOD CLOSES
, THE DIVISION SHALL
COMPLETE THE REVIEWING OF ALL APPLICATIONS SUBMITTED IN THE
APPLICATION PERIOD FOR COMPL ETENESS AND ISSUE ANY REQUESTS FOR
ADDITIONAL INFORMATION
, FORMS, OR QUESTIONS TO THE APPLICANTS, AS
NECESSARY
.
(b) (I) W
ITHIN FORTY-FIVE CALENDAR DAYS AFTER A COMPLETE
APPLICATION IS RECEIVED BY THE DIVISION
, AND NO MORE THAN FORTY -FIVE
CALENDAR DAYS AFTER THE SEVENTEENTH CALENDAR DAY FOLLOWING THE
DATE AN APPLICATION IS SUBMITTED
, THE DIVISION SHALL COMPLETE ANY
ADDITIONAL REVIEW OF AN APPLICATION THAT MAY BE REQUIRED AFTER ITS
INITIAL REVIEW REQUIRED BY SUBSECTION
(3)(a) OF THIS SECTION AND
EITHER SEND ALL APPLICATIONS IT DEEMS COMPLETE TO THE BOARD FOR
FINAL DECISION OR MAKE A FINAL DECISION ON APPLICATIONS IT DEEMS
COMPLETE
, AS APPLICABLE. IF THE DIVISION IS UNABLE TO SEND AN
APPLICATION TO THE BOARD WITHIN FORTY
-FIVE DAYS, THE DIVISION SHALL
NOTIFY THE APPLICANT OF THE DELAY WITH AN EXPLANATION FOR THE
DELAY AND THE DATE THAT THE DIVISION WILL SEND THE APPLICATION TO
THE BOARD
.
(II) T
HE BOARD SHALL MEET AND MAKE A FINAL DECISION ON
COMPLETED APPLICATIONS SUBMI TTED TO IT FROM THE DIVISION AT THE
NEXT REGULARLY SCHEDULED MEETING OF THE BOARD
.
(c) (I) I
F THE FINAL DECISION ON AN APPLICATION IS APPROVAL OF
THE APPLICATION BY THE BOARD OR THE DIVISION
, AS APPLICABLE, THE
DIVISION SHALL NOTIFY THE APPROVED APPLICANT IN WRITING IN
ACCORDANCE WITH SUBSECTION
(3)(c)(II) OF THIS SECTION AND WITHIN
THIRTY CALENDAR DAYS PROVIDE THE APPROVED APPLICANT WITH A
PRELIMINARY DRAFT OF ANY REQUIRED CONTRACTS FOR LOANS OR GRANTS
AWARDED PURSUANT TO AN AFFORDABLE HOUSING PROGRAM
, IF
APPLICABLE
. THE DIVISION HAS NINETY DAYS FROM THE DATE OF RECEIVING
A SUBSTANTIALLY COMPLETE POST
-AWARD DUE DILIGENCE PACKAGE FROM
THE APPROVED APPLICANT
, OR IF NO POST-AWARD DUE DILIGENCE IS
REQUIRED THEN NINETY DAYS FROM THE DATE OF THE END OF THE
THIRTY
-DAY PERIOD, TO FINALIZE ANY TERMS AND CONDITIONS OF
APPROVED LOANS OR GRANTS PURSUANT TO AN AFFORDABLE HOUSING
PROGRAM AND EXECUTE ANY REQUIRED CONTRACTS
, BUT THE NINETY DAY
PERIOD PAUSES FOR THE PERIOD OF TIME AN APPROVED APPLICANT RECEIVES
PAGE 8-HOUSE BILL 24-1308 A PRELIMINARY DRAFT FROM THE DIVISION OF ANY REQUIRED CONTRACT FOR
THE AFFORDABLE HOUSING PROGRAM UNTIL THE DIVISION RECEIVES THE
EXECUTED CONTRACT FROM THE APPROVED APPLICANT
. THE DIVISION SHALL
PROVIDE EXECUTED CONTRACTS TO AN APPROVED APPLICANT WITHIN TEN
CALENDAR DAYS OF FINALIZING THE CONTRACT
.
(II) L
ETTERS OF APPROVAL REQUIRED BY SUBSECTION (3)(c)(I) OF
THIS SECTION MUST INCLUDE INFORMATION CONCERNING
:
(A) T
HE TIMELINE FOR ISSUANCE OF MONEY AS APPROVED BY THE
DIVISION OR THE BOARD PURSUANT TO THE AFFORDABLE HOUSING PROGRAM
;
(B) A
NY TERMS FOR THE LOAN OR GRANT PERIOD ; AND
(C) ANY CONDITIONS THAT THE APPROVED APPLICANT MUST MEET
OR PROVIDE PRIOR TO THE EXECUTION OF CONTRACTS FOR THE LOAN OR
GRANT PURSUANT TO THE AFFORDABLE HOUSING PROGRAM
, INCLUDING
CLOSING OR CURING ANY OUTSTANDING AWARDS UNDER OTHER
AFFORDABLE HOUSING PROGRAMS
.
(d) (I) A
NY CHANGES TO THE TERMS OF AN APPROVED LOAN OR
GRANT PURSUANT TO AN AFFORDABLE HOUSING PROGRAM BY THE DIVISION
MUST BE MADE TO AN APPROVED APPLICANT WITHIN TEN CALENDAR DAYS
OF THE DATE THE DIVISION ISSUES A LETTER OF APPROVAL REQUIRED
PURSUANT TO SUBSECTION
(3)(c)(I) OF THIS SECTION.
(II) N
OTWITHSTANDING THE PROVISIONS OF SUBSECTION (3)(d)(I) OF
THIS SECTION
, AN APPROVED APPLICANT MAY REQUEST CHANGES TO THE
TERMS OF AN APPROVED LOAN OR GRANT AT ANY TIME BEFORE THE
CONTRACT IS FINALIZED AND THE DIVISION SHALL REVIEW AND RESPOND TO
ANY REQUESTS FOR C HANGES MADE AFTER APPR OVAL OF THE LOAN OR
GRANT BUT BEFORE THE CONTRACT IS FINALIZED WITHIN THIRTY DAYS
. A
REQUEST FOR CHANGES BY AN APPROVED APPLICANT MAY EXTEND ANY
APPLICABLE TIME PERIOD SET FORTH IN SUBSECTION
(3)(c)(I) BY NOT MORE
THAN THIRTY DAYS
.
(4) T
HE DIVISION MAY PROMULGATE RULES FOR THE
IMPLEMENTATION OF THIS SECTION IN ACCORDANCE WITH ARTICLE
4 OF THIS
TITLE
24.
PAGE 9-HOUSE BILL 24-1308 SECTION 5. In Colorado Revised Statutes, 24-32-717, add (3.7)
as follows:
24-32-717. Housing investment trust fund - loans - definitions.
(3.7) I
F APPLICATIONS ARE REQUIRED FOR LOANS PURSUANT TO THIS
SECTION
, THE APPLICATION PROCESS MUST BE IN ACCORDANCE WITH THE
PROCESS SET FORTH IN SECTION
24-32-705.7.
SECTION 6. In Colorado Revised Statutes, 24-32-721, amend
(2)(e); and add (8) as follows:
24-32-721. Colorado affordable housing construction grants and
loans - housing development grant fund - creation - housing assistance
for persons with behavioral, mental health, or substance use disorders
- cash fund - appropriation - report to general assembly - rules -
definitions - repeal. (2) (e) In determining how best to allocate money to
promote the various purposes specified in subsection (2)(d) of this section,
the division shall consult with stakeholders from urban and rural
communities and representatives from populations of different income
levels with diverse housing needs and shall award funding to meet the needs
of local communities that will optimize the return on money invested in a
particular program or for a particular use SOCIO-ECONOMIC AND HOUSING
STABILITY OF OUTCOMES OF HOUSEHOLDS SERVED
; OPTIMIZE THE CREATION,
OPERATION, AND AFFORDABILITY LENGTH OF AFFORDABLE HOUSING STOCK
CREATED
; OPTIMIZE THE PRESERVATION OF NATURALLY OCCURRING AND
SUBSIDIZED AFFORDABLE HOUSING
; CONSIDER THE IMPACT OF AWARD TERMS
ON THE FINANCIAL STABILITY OF THE ORGANIZATIONS DELIVERING THESE
DEVELOPMENT PROJECTS AND RESIDENT SERVICES
; leverage OR BE
LEVERAGED BY
other available PUBLIC OR PRIVATE sources of money; BE
LAYERED WITH OTHER FUNDS ADMINISTERED BY THE STATE
; address housing
needs throughout the state; and serve populations with the greatest unmet
need. T
HE DIVISION MAY EVALUATE AND AWARD FUNDING OPPORTUNITIES
AT ALL STAGES OF A PROJECT
, INCLUDING PREDEVELOPMENT AND FIRST -IN
CATALYTIC FUND COMMITMENTS
.
(8) I
F APPLICATIONS ARE REQUIRED FOR MONEY FROM THE FUND
PURSUANT TO THIS SECTION
, THE APPLICATION PROCESS MUST BE IN
ACCORDANCE WITH THE PROCESS SET FORTH IN SECTION
24-32-705.7.
SECTION 7. In Colorado Revised Statutes, 24-32-721.7, add (1)(c)
PAGE 10-HOUSE BILL 24-1308 as follows:
24-32-721.7. Affordable housing guided toolkit and local officials
guide program - creation. (1) (c) T
HE PROCESS FOR APPLICATIONS
REQUIRED PURSUANT TO THIS SECTION MUST BE IN ACCORDANCE WITH THE
PROCESS SET FORTH IN SECTION
24-32-705.7.
SECTION 8. In Colorado Revised Statutes, 24-32-729, add (3)(a.5)
as follows:
24-32-729. Transformational affordable housing through local
investments - grant program - investments eligible for funding - report
- definitions - repeal. (3) Policies, procedures, and guidelines. (a.5) T
HE
APPLICATION PROCESS FOR THE GRANT PROGRAM MUST BE IN ACCORDANCE
WITH THE PROCESS SET FORTH IN SECTION
24-32-705.7. ON OR BEFORE
SEPTEMBER 1, 2024, THE DIVISION SHALL AMEND ANY POLICIES ,
PROCEDURES, AND GUIDELINES FOR THE GRANT PROGRAM THAT ARE NOT
CONSISTENT WITH THE APPLICATION PROCESS SET FORTH IN SECTION
24-32-705.7.
SECTION 9. In Colorado Revised Statutes, 24-32-731, add (5)(a.5)
as follows:
24-32-731. Revolving loan fund - eligible projects - report -
definitions - legislative declaration. (5) Loan program policies -
eligibility for loan funding. (a.5) T
HE APPLICATION PROCESS FOR THE
LOAN PROGRAM MUST BE IN ACCORDANCE WITH THE PROCESS SET FORTH IN
SECTION
24-32-705.7. ON OR BEFORE SEPTEMBER 1, 2024, THE DIVISION
SHALL AMEND ANY POLICIES
, PROCEDURES, AND GUIDELINES FOR THE GRANT
PROGRAM THAT ARE NOT CONSISTENT WI TH THE APPLICATION PROCESS SET
FORTH IN SECTION
24-32-705.7.
SECTION 10. In Colorado Revised Statutes, 29-4-103, amend (9)
as follows:
29-4-103. Definitions. As used in this part 1, unless the context
otherwise requires:
(9) "Housing project" means all real and personal property,
buildings and improvements, stores, offices, lands for farming and
PAGE 11-HOUSE BILL 24-1308 gardening, and community facilities acquired, constructed, or to be acquired
or constructed pursuant to a single plan or undertaking to demolish, clear,
remove, alter, or repair unsafe, unsanitary, or substandard housing or to
provide dwelling accommodations at rentals within the means of persons of
low income. The term "housing project" also means the planning of the
buildings and improvements, the acquisition of property, the demolition of
existing structures, the construction, reconstruction, alteration, and repair
of the improvements, and all other work in connection therewith. T
HE TERM
"HOUSING PROJECT" ALSO MEANS THE PROVISION OF DWELLING
ACCOMMODATIONS TO PERSONS
, WITHOUT REGARD TO INCOME, AS LONG AS
THE HOUSING PROJECT SUBSTANTIALLY BENEFITS PERSONS OF LOW INCOME
.
SECTION 11. In Colorado Revised Statutes, 29-4-104, amend
(1)(a) and (1)(k); and add (1)(l) as follows:
29-4-104. Powers of cities to undertake projects. (1) Every city
has power and is authorized:
(a) To construct,
ACQUIRE, OWN, OR LEASE any housing project
within the city;
(k) To do all acts and things necessary or convenient to carry out the
powers expressly given in this part 1;
AND
(l) TO MANAGE, OPERATE, AND MAINTAIN, OR CONTRACT FOR THE
MANAGEMENT
, OPERATION, AND MAINTENANCE, OF ANY HOUSING PROJECT
OWNED OR LEASED BY THE CITY
.
SECTION 12. In Colorado Revised Statutes, amend 29-4-107 as
follows:
29-4-107. Management of housing projects. (1) The city, shall
AT
THE CITY
'S SOLE AND ABSOLUTE DISCRETION, MAY:
(a) C
ONTRACT WITH A NONPROFIT ENTITY OR PRIVATE ENTITY TO
MANAGE
, MAINTAIN, AND OPERATE ANY HOUSING PROJECT CONSTRUCTED ,
ACQUIRED, OWNED, OR LEASED BY THE CITY; OR
(b) Deliver possession of any housing projects constructed,
acquired,
OWNED, or leased by it
THE CITY to the authority within the
PAGE 12-HOUSE BILL 24-1308 boundaries of which the city is included, but the title to all property
comprising such housing projects shall remain in the city. The authority
shall operate and maintain all such
housing projects of the city THAT THE
CITY HAS DELIVERED POSSESSION OF IN ACCORDANCE WITH THIS SUBSECTION
(1)(b) and shall fix, levy, and collect such rents, fees, or other charges for
the use and occupancy of such housing projects as such authority
determines; but if there are any agreements of the city with an obligee, the
authority shall fix, levy, collect, and revise such rents, fees, and other
charges in accordance with such agreements and subject thereto. All rents,
fees, and other charges received by the authority from any such housing
project shall not be commingled with any moneys
MONEY of the authority
and shall be deposited in a special account in any depository authorized in
section 24-75-603. C.R.S.
(2) After the payment of the cost of operation and maintenance of
such A housing project THAT THE CITY DELIVERS POSSESSION OF TO THE
AUTHORITY PURSUANT TO SUBSECTION
(1)(b) OF THIS SECTION, the net
receipts of such project shall be paid by the authority to the city at monthly
or longer intervals as the city may determine or at such intervals as shall be
provided for in any agreement by the city with an obligee.
SECTION 13. In Colorado Revised Statutes, 29-4-209, amend
(1)(f) as follows:
29-4-209. Powers of authority. (1) An authority shall constitute a
body both corporate and politic, exercising public powers and having all the
powers necessary or convenient to carry out and effectuate the purposes and
provisions of this part 2, including the following powers in addition to
others granted in this section:
(f) To manage as agent of the city any project constructed or owned
by the city
THAT THE CITY DELIVERS POSSESSION OF TO THE AUTHORITY
PURSUANT TO SECTION
29-4-107 (1)(b);
SECTION 14. In Colorado Revised Statutes, 39-3-127.7, amend
(7) as follows:
39-3-127.7. Community land trust property - nonprofit
affordable homeownership developer property - exemption -
requirements - legislative declaration - definitions. (7) (a) Any
PAGE 13-HOUSE BILL 24-1308 community land trust or nonprofit affordable homeownership developer that
claims a property tax exemption pursuant to this section shall comply with
the provisions of section 39-2-117;
EXCEPT THAT IF THE REAL PROPERTY
THAT IS ALLOWED AN EXEMPTION PURSUANT TO THIS SECTION HAS BEEN
SUBDIVIDED
, THE OWNER OF SUCH PROPERTY OR THE OWNER 'S AGENT IS
ONLY REQUIRED TO
:
(I) S
UBMIT ONE APPLICATION FOR THE EXEMPTION FOR ALL PARCELS
IN CONNECTION WITH THE SUBDIVISION PURSUANT TO SECTION
39-2-117
(1)(a),
BUT THE FILING MUST BE ACCOMPANIED BY A PAYMENT IN
ACCORDANCE WITH SECTION
39-2-117 (1)(a)(I) IN AN AMOUNT NOT TO
EXCEED THE AGGREGATE AMOUNT OF PAYMENTS THAT WOULD BE REQUIRED
IF INDIVIDUAL APPLICATIONS WERE FILED FOR EACH PARCEL
; AND
(II) IF THE EXEMPTION IS GRANTED , FILE ONE ANNUAL REPORT
PURSUANT TO SECTION
39-2-117 (3)(a) FOR ALL PARCELS IN CONNECTION
WITH THE SUBDIVISION
, BUT THE FILING MUST BE ACCOMPANIED BY A
PAYMENT IN ACCORDANCE WITH SECTION
39-2-117 (3)(a) IN AN AMOUNT
NOT TO EXCEED THE AGGREGATE AMOUNT OF PAYMENTS THAT WOULD BE
REQUIRED IF INDIVIDUAL REPORTS WERE FILED FOR EACH PARCEL
.
(b) N
OTWITHSTANDING SUBSECTION (7)(a)(II) OF THIS SECTION, IF
THE REAL PROPERTY THAT IS ALLOWED AN EXEMPTION PURSUANT TO THIS
SECTION HAS BEEN SUBDIVIDED BUT THE SUBDIVIDED PARCEL HAS BEEN
SPLIT INTO A SEPARATE TAXABLE PARCEL FROM THE IMPROVEMENTS AND IS
LEASED TO THE OWNER OF THE IMPROVEMENTS AS AN AFFORDABLE
HOMEOWNERSHIP PROPERTY
, THEN THE OWNER OF SUCH REAL PROPERTY OR
THE OWNER
'S AGENT MUST FILE AN INDIVIDUAL ANNUAL REPORT FOR THE
SUBDIVIDED PARCEL IN ACCORDANCE WITH SECTION
39-2-117 (3)(a).
SECTION 15. No appropriation. The general assembly has
determined that this act can be implemented within existing appropriations,
and therefore no separate appropriation of state money is necessary to carry
out the purposes of this act.
SECTION 16. Act subject to petition - effective date -
applicability. (1) This act takes effect at 12:01 a.m. on the day following
the expiration of the ninety-day period after final adjournment of the
general assembly; except that, if a referendum petition is filed pursuant to
section 1 (3) of article V of the state constitution against this act or an item,
PAGE 14-HOUSE BILL 24-1308 section, or part of this act within such period, then the act, item, section, or
part will not take effect unless approved by the people at the general
election to be held in November 2024 and, in such case, will take effect on
the date of the official declaration of the vote thereon by the governor.
(2) (a) Sections 4 through 9 of this act apply to applications
submitted for affordable housing programs administered by the division of
housing on or after September 1, 2024, or, if a referendum petition is filed
in accordance with subsection (1) of this section, on or after the date of the
official declaration of the vote thereon by the governor.
(b) Sections 10 through 13 of this act apply to any housing project
pursuant to part 1 of article 4 of title 29, C.R.S., on or after the applicable
effective date of this act.
(c) Section 14 of this act applies to applications submitted and
PAGE 15-HOUSE BILL 24-1308 annual reports filed pursuant to section 39-2-117, C.R.S., for the exemption
allowed by section 39-3-127.7, C.R.S., on or after the applicable effective
date of this act.
____________________________ ____________________________
Julie McCluskie Steve Fenberg
SPEAKER OF THE HOUSE PRESIDENT OF
OF REPRESENTATIVES THE SENATE
____________________________ ____________________________
Robin Jones Cindi L. Markwell
CHIEF CLERK OF THE HOUSE SECRETARY OF
OF REPRESENTATIVES THE SENATE
APPROVED________________________________________
(Date and Time)
_________________________________________
Jared S. Polis
GOVERNOR OF THE STATE OF COLORADO
PAGE 16-HOUSE BILL 24-1308