On February 16th, the Colorado House Transportation and Local Government Committee introduced legislation that would make housing more affordable for Coloradans. House Bill 22-1051 would extend the Colorado Housing and Finance Authority’s (CHFA) affordable housing tax credit program so that it can continue to fund the development and preservation of affordable housing.
Sponsored by Representatives Shannon Bird (D) and Hugh McKean (R, House Minority Leader), HB22-1051 extends the CHFA’s Tax Credit program until 2034 and increases annual funding for the program from $10 million to $15 million.
To date, the tax credit program has funded the development of nearly 8,294 affordable rental units and supported 28,267 total units with state and federal funds. These developments are estimated to generate over $3.6 billion in economic activity for the state and support almost 24,000 jobs. If passed, HB22-1051 would continue funding the creation of affordable housing communities across the state.
Peter LiFari, executive director of Maiker Housing Partners, testified in support of this bill before the House committee. In his testimony, he highlighted the impact of this tax credit on Adams County.
“The Colorado State Tax Credit is doing exactly what it was designed to do, create vibrant, sustainable affordable housing for Coloradans across our state,” said LiFari. “A perfect example of the power of the State Tax Credit is our Maiker community, Caraway. Caraway is an example of a transformational affordable housing development with funding from the State tax credit, donated land from the Adams County Board of County Commissioners and Maiker as the developer.”