​​ CHFA eNews: business finance
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May 30, 2014

CHFA Celebrates Victory for Affordable Housing

On Thursday, May 29, Governor John Hickenlooper signed HB-1017 into law, renewing Colorado’s State Low Income Housing Tax Credit program. Sponsored by Representative Crisanta Duran and Senator Jessie Ulibarri, HB-1017 will create significant new resources to support the development of affordable rental housing across the state.

HB-1017 authorizes Colorado Housing and Finance Authority (CHFA) to competitively award $5 million in State Low Income Housing Tax Credits in both 2015 and 2016. The bill also creates the opportunity for CHFA to allocate tax credits above the $5 million annual cap to support affordable housing developments in counties impacted by natural disasters.

The State Housing Tax Credit program was modeled after the federal Low Income Housing Tax Credit program, which has been instrumental in supporting the development or preservation of more than 41,000 affordable rental housing units in Colorado since its inception in 1986. CHFA previously administered a State Housing Tax Credit program in 2001 and 2002. During those two years, the State Tax Credit helped to create 800 affordable housing units, raising more than $20 million in private sector equity and leveraging other local, state and federal resources at a rate of $4 to $1.

Cris White, CHFA executive director and CEO said, “The demand for affordable rental housing is significant. Over half of Colorado’s renters are cost-burdened, paying more than 30 percent of their income towards housing costs. With vacancy rates at historic lows and rents rising, many hard-working Coloradans are struggling to find an affordable place to live. These new resources will make a tremendous difference in helping local communities provide greater affordable housing options.”

Adoption of the State Housing Tax Credit would not have been possible without the strong voices of a broad coalition of housing, business, and civic advocates including Housing Colorado, Colorado Municipal League, the Denver Metro Chamber of Commerce, and the Colorado Impact Coalition. CHFA would like to express our appreciation to all of our partners and customers who lent their support to this effort. We are also grateful for the dedicated leadership of bill sponsors - Crisanta Duran and Jessie Ulibarri. We invite you to send an email to Representative Duran and Senator Ulibarri to thank them for their commitment to affordable housing.

The State LIHTC program will be available for allocation in 2015. CHFA is currently developing information about allocation and application processes to be released later this year. Please contact Tasha Weaver at tweaver@chfainfo.com for more information about the State Housing Credit Program.

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