HIf you are interested in affordable housing, you may have heard of Proposition 123. This bill was approved by Colorado voters in 2022 and sets 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. The annual amount available is estimated to be roughly $300 million. Funds will be distributed through grant and loan programs that are still being developed as of fall 2023.
Organizations are only eligible for this funding if their project or program take place in municipalities, counties, or tribes that have committed to increasing their affordable housing stock above a baseline amount. The following organizations qualify:
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Non-profits
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Community land trusts
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Private entities
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Local governments
The Department of Local Affairs (DOLA) requires each jurisdiction to determine its baseline amount of affordable housing, and commit to increase that amount by 9% over three years.
The Town of Ridgway and Ouray County have already filed their commitments, and the City of Ouray is planning to file its commitment before November 1, 2023.
Visit the DOLA Proposition 123 website for more: https://engagedola.org/prop-123
Thanks to County Commissioner Jake Niece for preparing this summary.