Dedicate State Income Tax Revenue to Fund Housing Projects Initiative

Shall there be a change to the Colorado Revised Statutes concerning statewide funding for additional affordable housing, and, in connection therewith, dedicating state revenues collected from an existing tax of one-tenth of one percent on federal taxable income of every individual, estate, trust, and corporation, as defined in law, for affordable housing and exempting the dedicated revenues from the constitutional limitation on state fiscal year spending; allocating 60% of the dedicated revenues to affordable housing financing programs that will reduce rents, purchase land for affordable housing development, and build assets for renters; allocating 40% of the dedicated revenues to programs that support affordable home ownership, serve persons experiencing homelessness, and support local planning capacity; requiring local governments that seek additional affordable housing funding to expedite development approvals for affordable housing projects and commit to increasing the number of affordable housing units by 3% annually; and specifying that the dedicated revenues shall not supplant existing appropriations for affordable housing programs?

A "yes" vote supports creating the State Affordable Housing Fund and dedicating one-tenth of one percent (0.1%) of state income tax revenue to fund housing programs, including: Providing grants to local governments and loans to nonprofit organizations to acquire an

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Dedicate State Income Tax Revenue to Fund Housing Projects Initiative

Shall there be a change to the Colorado Revised Statutes concerning statewide funding for additional affordable housing, and, in connection therewith, dedicating state revenues collected from an existing tax of one-tenth of one percent on federal taxable income of every individual, estate, trust, and corporation, as defined in law, for affordable housing and exempting the dedicated revenues from the constitutional limitation on state fiscal year spending; allocating 60% of the dedicated revenues to affordable housing financing programs that will reduce rents, purchase land for affordable housing development, and build assets for renters; allocating 40% of the dedicated revenues to programs that support affordable home ownership, serve persons experiencing homelessness, and support local planning capacity; requiring local governments that seek additional affordable housing funding to expedite development approvals for affordable housing projects and commit to increasing the number of affordable housing units by 3% annually; and specifying that the dedicated revenues shall not supplant existing appropriations for affordable housing programs?

A "yes" vote supports creating the State Affordable Housing Fund and dedicating one-tenth of one percent (0.1%) of state income tax revenue to fund housing programs, including: Providing grants to local governments and loans to nonprofit organizations to acquire and maintain land for the development of affordable housing; creating an affordable housing equity program to make equity investments in multi-family rental units to ensure that rent is no more than 30% of a household's income; creating a concessionary debt program to provide debt financing for low- and middle-income multi-family rental developments and existing affordable housing projects; creating an affordable home ownership program providing down-payment assistance for homebuyers meeting certain income requirements; creating a grant program for local governments to increase capacity to process land use, permitting, and zoning applications for housing projects; and creating a program to provide rental assistance, housing vouchers, and other case management for persons experiencing homelessness.

A "no" vote opposes creating the State Affordable Housing Fund and dedicating one-tenth of one percent (0.1%) of revenue collected from the federal income tax to fund housing programs.

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