HB 1308 - NYU Furman Center

State Land Use Enacted Legislation

Bill #	State	Year	Party	Topic
HB 1308	CO	2024	D	Affordable housing incentives and financing, Funding, Streamline application

Provided by Furman

Summary

The Division of Housing in the Department of Local Affairs must submit an annual public report on the funding of affordable housing preservation and production.
Establishes procedures and timelines for the Division and requires them accept applications once a quarter, with the cycle beginning at the start of a state fiscal year, and requires that they review applications and issue any requests for additional information, forms, or questions to applicants within 10 calendar days of an application period closing.
The Division is required to publish the application schedule by May 1 for the upcoming cycle and update the schedule 60 days before the start of the next quarter; except that they must publish the application schedule for the second half of the 2024-25 state fiscal year by November 1, 2024.
Modifies the “City Housing Law,” expanding the term “housing project” to include the provision of dwelling accommodations to persons without regard to income as long as the housing project substantially benefits persons of low income. Clarifies that, in addition to the authority to construct a housing project, a city is authorized to acquire, own, or lease a housing project and that a city can manage, operate, and maintain, or contract for the management, operation, and maintenance of any housing project owned or leased by the city.
Allows a community land trust or nonprofit affordable housing homeownership developer or its authorized agent that is applying for a property tax exemption with the division of property taxation to submit only one application and one annual report if the property that is the subject of the exemption application and report has been subdivided. The act became effective August 7, 2024.

Provided by lawmakers