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March 22, 2018

State and Federal Leaders Advance Legislation Increasing Affordable Housing Resources

Great progress is occurring this week in Colorado and Washington D.C. as both state and federal leaders advance proposals to increase resources for affordable housing.

At the Colorado General Assembly, the House Finance Committee advanced SB18-007, which would extend the state Affordable Housing Tax Credit program through 2024. The bill passed with bipartisan support on a 10-3 vote and will be heard next before the House Appropriations Committee.

Please contact the following State Representatives to thank them for their support.

Chair, Rep. Dan Pabon (D-Denver)
Vice Chair, Rep. Mike Foote (D-Boulder)
Rep. Adrienne Benavidez (D-Adams)
Rep. Phil Covarrubias (R-Adams, Arapahoe)
Rep. Matt Gray (D-Boulder, Broomfield)
Rep. Leslie Herod (D-Denver)
Rep. Chris Kennedy (D-Jefferson)
Rep. Polly Lawrence (R-Douglas, Teller)
Rep. Dafna Michaelson Jenet (D-Adams)
Rep. Dan Thurlow (R-Mesa)

Meanwhile in Washington D.C., Congress is finalizing an Omnibus spending bill for FY 2018. The bill passed the House on a 256-167 vote earlier today, and is under consideration in the Senate. Congress is working towards a target of sending final legislation to President Trump for his signature by Friday to avoid a government shutdown. Included in the bill are several affordable housing priorities:
  • Provides a 12.5 percent increase in Housing Credit authority for four years beginning in 2018; and
  • Permanently allows developers to choose income averaging as an alternative to the existing Housing Credit income rules, which would make eligible households earning as much as 80 percent of area median income (AMI), provided that the average household income limit for the property is no more than 60 percent of AMI; and
  • Increases funding for the HOME Investment Partnership (HOME) program at $1.362 billion, up from $950 million in FY 2017.

Please contact members of the Colorado Congressional Delegation and thank them for their tremendous support for affordable housing. In particular, please recognize Colorado’s Affordable Housing Credit Co-Sponsors:

Sen. Michael Bennet (D-CO)
Rep. Jared Polis (D-CD2)
Rep. Mike Coffman (R-CD5), and
Rep. Ed Perlmutter (D-CD7).

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