State LIHTC Extension Bill Introduced in Colorado General Assembly
The Colorado General Assembly convened on Wednesday for the 2018 legislative session. Among the first bills introduced was SB-007, which proposes to extend the state LIHTC program through 2024. It also proposes to rename the program the Colorado Affordable Housing Tax Credit to coincide with renaming efforts at the federal level.
SB-007 has been assigned to the Senate Finance Committee. We encourage affordable housing advocates to contact members of the Senate Finance Committee and urge them to support SB-007. Please also thank Senate Finance committee member Senator Jack Tate for his sponsorship of this important legislation.
Why the state LIHTC program should be extended:
The program is already helping to stimulate over $1.57 billion in economic impact within just three years of operation.
Since 2015, the state credit has:
- Generated over $463 million in private sector equity into
Directly supported the development of 4,263 affordable rental housing units
for Colorado's seniors, workforce, veterans, homeless, and special needs
- Leveraged $33 million in federal 4% LIHTC that otherwise
would be unused.
As Colorado’s housing needs continue to grow, this program is uniquely positioned to help our fellow Coloradans maintain quality of life, business competitiveness, and provide safety and security for our most vulnerable residents.
In the past years, Colorado has enjoyed great bipartisan support for the Housing Credit program. Likewise, this year’s bill is sponsored by Sen. Jack Tate (R) and Sen. Minority Leader Lucia Guzman (D), Speaker of the House Crisanta Duran (D), and Rep. Jon Becker (R). Please join with us and them, by signing onto our coalition of supporters.
Click here to sign in support of extending the Colorado Affordable Housing Tax Credit program through 2024.
Colorado Senate Finance Committee Members
Chair, Senator Tim Neville (R-SD16) Boulder, Denver, Gilpin, Jefferson Counties
Vice Chair, Senator Jim Smallwood (R-SD4) Douglas County
Senator Lois Court (D-SD31) Arapahoe and Denver Counties
Senator Cheri Jahn (unaffiliated-SD20) Jefferson County
Senator Jack Tate (R-SD27) Arapahoe County