HB 1316 - NYU Furman Center

State Land Use Enacted Legislation

Bill #	State	Year	Party	Topic
HB 1316	CO	2024	D	Affordable housing incentives and financing

Provided by Furman

Summary

Creates a pilot program for an income tax credit for owners of qualified housing developments focused on rental housing for middle-income individuals and families. Middle-income individuals and families have an annual household income between 80% and 120% of the area median income of the households of the same size in the county in which the housing development is located; except that, for rural resort counties, the annual income is between 80% and 140% of the respective area median income.
During the calendar years commencing on January 1, 2025, and ending on December 31, 2029, the owner of a qualified housing development may be allocated a credit by the Colorado housing and finance authority (CHFA). The amount of the credit is determined by CHFA. The allocation of credits must follow CHFA’s published allocation plan and the aggregate amount of credits allocated in one calendar year, not including any unallocated credits from preceding years that may be allocated, cannot exceed: $5 million for calendar year 2025; $5 million for calendar year 2026; $10 million for calendar year 2027; $10 million for calendar year 2028; and $10 million for calendar year 2029.
The aggregate amount of any unallocated credits remaining as of December 31, 2029, is added to the amount of credits that CHFA may allocate for the state affordable housing tax credit.
Requires CHFA to annually report on the middle-income housing tax credit pilot program to the general assembly, to make the report publicly available, and, as part of CFHA’s final annual report, to provide certain information summarizing the overall success of the pilot program.

Provided by lawmakers