support hb24-1434 to expand the state affordable housing tax credit

On Monday, the much-anticipated legislation to expand the state Affordable Housing Tax Credit (AHTC) was introduced in the Colorado General Assembly.

HB24-1434 proposes to increase CHFA’s existing $10 million in state AHTC allocation authority by:

$20 million in 2024-2026;
$16 million in 2027-2029; and
$10 million in 2030-2031.

In addition to front-loading the amount of state credit CHFA may award in the earlier years, HB24-1434 proposes to accelerate the rate at which investors may claim the credit to amplify AHTC’s already significant and positive impacts.

These much-needed resources have been intentionally designed to sustain and strengthen affordable housing investment, which is critical as affordable housing developers continue to navigate a high interest rate environment, diminishing and reduced gap fund resources, increased construction and labor costs, and robust competition for state and federal Housing Tax Credits.

Most importantly, HB24-1434 builds upon the state’s most successful and proven resource for incentivizing affordable rental housing development. Since renewed by the General Assembly in 2014, the state AHTC has supported the development or preservation of 10,782 affordable rental units by helping leverage over $1.7 billion of private sector investment to help meet Colorado’s affordable housing need. CHFA is currently authorized to allocate $10 million, yet the program is oversubscribed by a rate of 3:1.

Please click here to add your organization to the list of supporters of HB24-1434 to expand and strengthen the state AHTC.

View CHFA’s Fact Sheet on HB24-1434.

For more information, please contact Jerilynn Francis, CHFA Chief Communications and Community Partnerships Officer, or Julia Selby, CHFA Legislative Liaison and Policy Analyst.