Prop 123 creating funds for the Affordable Housing Program
Proposition 123 would set aside certain annual state income tax revenue for housing programs, exempt that money from the revenue limit and qualifying uses of the funds.
DENVER — Colorado residents were deciding whether to vote for or against Proposition 123, which would create a new fund for affordable housing programs.
A “yes” vote for Proposition 123 would set aside a portion of annual state income tax revenue from the general fund, up to 0.1% of annual taxable income, for affordable housing programs in the framework of Economic Development Office and the Colorado Department of Local Affairs.
The fund is estimated to be $145 million for the 2022-23 state budget year and $290 million for the 2023-34 state budget year and beyond.
This fund would be exempt from Colorado’s revenue limit, reducing the amount of money collected over the limit that is then returned to taxpayers, as outlined in the Taxpayer Bill of Rights (TABOR). It would also establish allowable uses of the money, including the following:
Grants and loans to local governments and non-profit organizations to acquire and preserve land for affordable housing development
Assistance in the development of affordable multi-family rental housing
Equity investments in affordable housing developments, including a home equity sharing program with tenants
Homeownership programs and down payment assistance for first-time buyers
A program to fight homelessness through housing assistance and defense against evictions;
Grants to increase the capacity of local government planning departments.
Proposition 123 would also require that any additional funding created be added to existing public funds dedicated to affordable housing and not replace existing funding.
A “no” vote for Prop 123 would mean that state revenues would continue to be spent on priorities determined by the state legislature or returned to taxpayers, which is the current law.
The results are below (polls close at 7 p.m.):
The results are announced by the Associated Press. Click here to learn more about how AP calls races.
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