support hb24-1316 to create a middle-income housing tax credit pilot program

This legislative session, state Representative Lindstedt, Representative Lindsay, and Senator Bridges have introduced HB24-1316 to establish a Middle-Income Housing Tax Credit (MIHTC) pilot program. Building on the previous success of the state Affordable Housing Tax Credit, MIHTC will leverage private sector investment to support the development and preservation of housing for households earning between 80% to 120% of Area Median Income (AMI), or up to 140% AMI in rural resort counties.

The MIHTC program would be the first of its kind in the nation addressing affordability for “missing middle” households who earn too much to qualify for subsidized rental housing, but not enough to afford market-rate rent without being cost-burdened. In more than half of Colorado’s counties, a two-person household each making minimum wage for 40 hours per week is defined as middle-income, earning more than 80% AMI. In the last decade, this segment of the housing continuum has experienced a 48% increase in the number of renter households that are considered housing cost-burdened.

HB24-1316 would authorize CHFA to competitively award $10 million in five-year state income tax credits in 2025, 2026, and 2027 to attract private investment to make middle-income developments financially feasible and preserve or develop units at affordable rents to missing middle households.

View CHFA’s Fact Sheet for more information. Please contact Jerilynn Francis, CHFA’s Chief Communications and Community Partnerships Officer, or Julia Selby, CHFA’s Legislative Liaison and Policy Analyst, to add your organization’s name as a supporter of the MIHTC pilot program.

Thank you for your support.