support state legislation to expand the state affordable housing tax credit for increased affordability across colorado

This legislative session, state Representative Bird, Representative Weinberg, Senator Zenzinger, and Senator Simpson will introduce legislation to expand the state Affordable Housing Tax Credit (state AHTC) by $10 million through 2031. The state AHTC raises private sector equity for affordable rental housing development and is modeled after the nationally recognized federal Housing Tax Credit program.

Since renewed by the Colorado General Assembly in 2014, the state credit has supported the development or preservation of 10,782 affordable rental housing units by helping leverage over $1.7 billion of private sector investment to help meet Colorado’s affordable housing need. The resulting economic impact is estimated to contribute over $5.5 billion to Colorado’s economy.

CHFA is currently authorized to allocate $10 million in annual state credit through 2031. Yet, the program is oversubscribed by a rate of 3:1. The bill to increase state AHTC will seek to increase the state credit authority by $10 million, for a total of $20 million through 2031. Due to PAB constraints in Colorado, CHFA intends to pair the new state credit with the federal 9% Housing Tax Credit.

View CHFA’s Fact Sheet for more information about this important legislation. Please contact Jerilynn Francis, CHFA Chief Communications and Community Partnerships Officer, or Julia Selby, CHFA Legislative Liaison and Policy Analyst, to add your organization’s name as being in support of increasing the state AHTC by $10 million through 2031.

Thank you for your support to expand these critical resources for the development and preservation of affordable housing across Colorado.