A bipartisan bill that would extend a program that gives tax credits to developers for building affordable housing units passed the House Finance Committee Monday afternoon.
It passed the committee on a vote of 10-3. The Colorado Senate adopted the measure in January.
“This bill ensures that more Coloradans have access to affordable housing,” Speaker Duran said. “The ultimate beneficiaries are seniors, veterans and hardworking Coloradans who are struggling to find an affordable place to call home in today’s hot real estate market.”
The program, administered by CHFA, has helped create over 4,000 affordable town homes and houses across Colorado and leveraged $465 million in private sector equity into the state. The bill, Senate Bill 7, would reauthorize CHFA tax credits through 2024.
The bill is sponsored by senators Jack Tate and Lucia Guzman. In the house, it is sponsored by Speaker Crisanta Duran, D-Denver and Rep. Jon Becker of Yuma, a Republican.
CHFA’s low income housing tax credits supported 40 developments and 3,396 affordable units in Colorado in 2016, many of which were in the metro area, according to CHFA’s 2016 community report.
The bill now heads to the House Appropriations Committee.