- January 20, 2022
support hb22-1051 and strengthen state affordable housing tax credit
On Wednesday, January 12th, the second regular session of the 73rd Colorado General Assembly convened. This year, CHFA will be working proactively with State Representative Shannon Bird, House Minority Leader Hugh McKean, Senator Rachael Zenzinger, and Senator Dennis Hisey to strengthen and extend the existing state Affordable Housing Tax Credit (state credit) program that CHFA administers. This bill has been introduced as HB22-1051. Specifically, the bill proposes to extend the state credit program through 2034 and increase the amount of credit CHFA may allocate annually from $10 million to $15 million starting January 1, 2023. The current program is set to expire in 2024.
To date, the state credit has directly supported the development and/or preservation of 8,294 affordable housing units in key regions across the state by leveraging $82.8 million in federal 4 percent Housing Tax Credits; and raising more than $1.07 billion in private sector equity to support the state’s housing needs.
The state credit has proven to be a valuable resource, helping to meet the demand for affordable housing, and alleviate pressure for competitive federal 9 percent Housing Tax Credits. Yet even with this resource, demand for credits remains strong with requests exceeding credit availability by approximately two to one. While CHFA, in collaboration with our statewide partners, continues to advance policy recommendations at the federal level that could help CHFA meet this need, we must also work simultaneously with our leaders at the state level to help ensure Colorado is as best positioned as possible to respond to the varied housing goals that communities statewide are advancing.
Following the pandemic and the increased pressure facing the housing market, there is no more important time for Colorado to unite in support of strengthening affordable housing policy.
Please join CHFA in helping strengthen the program by supporting HB22-1051. Click here to add your organization to the list of supporters.
For more information about the bill or the state AHTC program, please view the bill Fact Sheet or the 2021 state AHTC Annual Report.
Contact Jerilynn Francis, Director of Marketing and Community Relations for more information.