Bill > HB1066

This bill expands existing property tax exemptions for nonprofit organizations that develop housing for low-income individuals and families to also include properties intended for low-income residential rental use. Currently, exemptions apply to properties acquired and developed for low-income housing that is sold to eligible individuals or for affordable homeownership. This legislation, effective January 1, 2027, broadens these exemptions to cover situations where properties are rented to low-income households, recognizing the increasing cost of both homeownership and rental housing in Colorado and the role of organizations like community land trusts and nonprofit affordable housing developers in providing accessible housing options. The bill clarifies definitions and requirements for these organizations, ensuring that properties used for affordable rental housing by these entities can also qualify for property tax relief, similar to how properties for affordable homeownership are treated.

Budget and Finance

https://leg.colorado.gov/bills/HB26-1066