Bill > HB1316

This bill creates a pilot program for a Middle-Income Housing Tax Credit in Colorado. The key provisions are: - It establishes a new Middle-Income Housing Tax Credit that can be allocated by the Colorado Housing and Finance Authority to the owners of qualified housing developments that provide a certain number of rent-restricted units for middle-income individuals and families (those with annual incomes between 80% and 120% of the area median income, or up to 140% in rural resort counties). - The Authority can allocate up to $5 million in credits in 2025 and 2026, and up to $10 million per year from 2027 to 2029. Any unallocated credits can be used in a subsequent affordable housing tax credit program. - Owners of qualified developments can claim the tax credit against their state income taxes for 5 years. If the amount of the credit exceeds the owner's tax liability, the excess can be carried forward for up to 3 additional years. - The bill also allows governmental or quasi-governmental entities that own qualified developments to transfer the tax credits to other qualified taxpayers. - The Authority is required to monitor compliance with the program and report annually to the legislature on its implementation and impact on middle-income housing. - The tax credit program is set to expire on January 1, 2055.

Budget and Finance

https://leg.colorado.gov/bills/hb24-1316