JDSUPRA, May 13, 2024, Colorado General Assembly Passes Trendsetter Affordable Housing Initiatives
Colorado’s General Assembly passed two bills this legislative session dedicated to improving the state of affordable housing in Colorado. HB24-1316 and HB24-1434 aim to supplement the State’s oversubscribed affordable housing programs and alleviate a stressed housing market.
Representative Lindstedt, Representative Lindsay and Senator Bridges ushered in Bill 1316, dubbed the Middle-Income Housing Tax Credit. Bill 1316 is the first of its kind to leverage private sector investment to support the “missing-middle”, households earning between 80% and 120% of Area Medium Income (AMI), or up to 140% in rural resort counties. Through this program, Colorado unlocks support for the missing-middle by allowing Middle-Income Housing Tax Credits (MIHTC) awards in the amount of $5 million for 2025-2026 and up to $10 million in 2027-2029. The pilot program will run initially for a period of five years.
