Income

State income tax revenues dedicated to affordable housing programs

what he asks“Will there be a change to the revised Colorado laws regarding statewide funding of additional affordable housing and, in connection therewith, the allocation of state revenues collected from an existing tax of one-tenth of one percent on the federal taxable income of every individual, estate, trust, and corporation, as defined by statute, for affordable housing and exempting dedicated income from the constitutional spending limitation of l fiscal year of the State; allocate 60% of dedicated revenue to affordable housing finance programs that will reduce rents, purchase land for construction of affordable housing, and build assets for tenants; allocate 40% of dedicated revenue to programs that support affordable homeownership, serve homeless people, and support local planning capacity; require local governments seeking additional funding for affordable housing to expedite development approvals for affordable housing projects and commit to increasing the number of affordable housing units by 3% per year; and specifying that dedicated revenues should not supplant existing appropriations for affordable housing programs? »

What this means: The initiative would create the State Affordable Housing Fund and dedicate one-tenth of one percent of state tax revenues to fund affordable housing programs and projects.

What the fans are saying: The measure would result in 10,000 more affordable housing units each year in Colorado and help build more permanent supportive housing to get people off the streets.

What Opponents Say: Colorado Legislative Council staff estimated that $270 million would be transferred from the state’s general fund to the state’s Affordable Housing Fund. The initiative would authorize the state to retain and spend these funds, which would otherwise be returned to taxpayers.