LEGISLATION
Many of the legislative victories we achieve this year cannot easily be quantified because of the costs , benefits and potential administrative burdens are not easy to measure . However , several of the bigger wins do have a measurable monetary impact as follows :
$ 150,000,000 | PASSED INTO LAW
Transformational Affordable Housing Revolving Loan Fund ( SB 22-159 )
This bill was one of several recommended by the Transformational Affordable Housing Task Force to direct federal grant money . In an unprecedented exercise of influence over state spending , AAMD staff sat on the Task Force with the primary goal of preventing recommendations of rent control and the raiding previous federal funds earmarked for the ERAP rental assistance program . Through Association leadership , both those goals were achieved and this additional $ 150 million in funds available for the development of affordable housing will be a direct and substantive benefit to housing providers .
$ 138,000,000 | PASSED INTO LAW State Grants For Affordable Housing ( HB 22-1304 )
This Task Force recommended bill directs $ 138 million to local governments for further grants for the development of affordable housing . While it is not as direct a funding source to housing provider as the Revolving Loan Fund , depending upon the wisdom and efficiency of the various local programs , these funds will also have a direct and substantive benefit to housing providers .
$ 25,000,000 | PASSED INTO LAW CHFA Missing Middle Program ( SB 22-146 )
This Task Force recommended bill directs an additional $ 25 million to the CHFA administered grant program , which has been highly successful and utilized by developers of multifamily rental units . Along with this additional funding comes the expansion of the grant program to encompass housing aimed at renters making 80 % average monthly area income ( rather than the traditional 60 %), which is a housing product that is both far easier to bring to market and in shorter supply in Colorado .
$ 25,000,000 | PASSED INTO LAW
Affordable Housing Sate Tax Credits Administered By CHFA ( HB 22-1051 )
This Task Force recommended bill creates state tax credits for the development of affordable housing in addition to very successful federal tax credits , including the LIHTC program . These credits will flow almost exclusively to developers and subsequent owners of multifamily rental housing units . www . aamdhq . org JUNE 2022 TRENDS | 11