House Committee of Reference Report
Committee on Appropriations
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April 25, 2025
After consideration on the merits, the Committee recommends the following:
HB25-1078 be amended as follows, and as so amended, be referred to the Committee of the Whole with favorable recommendation:
Page 1, Line 1Strike the Agriculture, Water, and Natural Resources Committee Report,
Page 1, Line 2dated February 10, 2025, and substitute:
Page 1, Line 3"Amend printed bill, strike everything below the enacting clause and
Page 1, Line 4substitute:
Page 1, Line 5"SECTION 1. In Colorado Revised Statutes, 38-13-801, amend
Page 1, Line 6(1)(b); and add (2.6) and (2.7) as follows:
Page 1, Line 738-13-801. Unclaimed property trust fund - creation -
Page 1, Line 8payments - interest - appropriations - records - rules. (1) (b) Except
Page 1, Line 9as provided in subsections (2), (2.6), (2.7), (3), and (3.5) of this section,
Page 1, Line 10the principal of the trust fund shall not be expended except to pay claims
Page 1, Line 11made pursuant to this article 13. Money constituting the principal of the
Page 1, Line 12trust fund is not fiscal year spending of the state for purposes of section
Page 1, Line 1320 of article X of the state constitution and is not subject to appropriation
Page 1, Line 14by the general assembly.
Page 1, Line 15(2.6) (a) (I) On July 1, 2025, the state treasurer shall make
Page 1, Line 16an interest-free loan in the amount of fifty million dollars from
Page 1, Line 17the unclaimed property trust fund to the department of local
Page 1, Line 18affairs created in section 24-1-125. The department may initially
Page 1, Line 19use up to two percent of the loan for administrative costs.
Page 1, Line 20(II) A loan made from the unclaimed property trust fund
Page 1, Line 21to a separate fund within a state department is an interfund
Page 1, Line 22loan according to generally accepted accounting principles,
Page 1, Line 23meaning the loan is not classified as revenue and is booked as an
Page 1, Line 24interfund receivable or payable. Therefore, the loan does not
Page 1, Line 25create a multiple-fiscal-year debt or financial obligation.
Page 1, Line 26(b) (I) The department of local affairs shall use the loan
Page 2, Line 1to create a new zero-interest revolving loan program to benefit
Page 2, Line 2fire departments, as defined in section 24-33.5-1202. Eligible uses
Page 2, Line 3of a zero-interest loan made to a fire department pursuant to
Page 2, Line 4this subsection (2.6) may include:
Page 2, Line 5(A) The purchase of rolling stock, such as fire trucks,
Page 2, Line 6brush trucks, and fast attack vehicles, and associated
Page 2, Line 7apparatus for those vehicles, by a fire department with an
Page 2, Line 8approved fleet replacement plan or with documented evidence
Page 2, Line 9of firefighting apparatus shortages in past responses to calls
Page 2, Line 10for service or emergencies;
Page 2, Line 11(B) To pay for capital improvements under an adopted
Page 2, Line 12capital facilities plan related to the renovation of existing
Page 2, Line 13facilities or the construction of new facilities;
Page 2, Line 14(C) The purchase of other facilities, infrastructure, or
Page 2, Line 15equipment necessary to equip Colorado's firefighter workforce
Page 2, Line 16to effectively respond to emergencies and ensure public safety;
Page 2, Line 17or
Page 2, Line 18(D) Temporary bridge loans to cover costs in excess of
Page 2, Line 19normal operating costs paid by a fire department due to its
Page 2, Line 20response to a local, state, or federal emergency.
Page 2, Line 21(II) Within ninety days after the receipt of the loan by the
Page 2, Line 22department of local affairs and prior to the department making
Page 2, Line 23a loan under the loan program, the department shall consult
Page 2, Line 24with a statewide association representing Colorado fire chiefs,
Page 2, Line 25a statewide association representing professional firefighters,
Page 2, Line 26and the division of fire prevention and control in the
Page 2, Line 27department of public safety concerning the adoption of rules
Page 2, Line 28and the establishment of policies or procedures relating to the
Page 2, Line 29loan program.
Page 2, Line 30(III) The department may charge an administrative fee of
Page 2, Line 31up to one-half of one percent on the principal amount of a loan
Page 2, Line 32made under the loan program.
Page 2, Line 33(IV) The department may use earnings from the
Page 2, Line 34investment of the loan made to the department by the state
Page 2, Line 35treasurer pursuant to subsection (2.6)(a)(I) of this section for
Page 2, Line 36the department's reasonable expenses for administering the
Page 2, Line 37loan program.
Page 2, Line 38(V) A loan made by the department pursuant to
Page 2, Line 39subsection (2.6)(b)(I) of this section to a district, as defined in
Page 2, Line 40section 20 (2)(b) of article X of the state constitution, must
Page 2, Line 41either be approved by the voters of the district in accordance
Page 2, Line 42with section 20 (4)(b) of article X of the state constitution or be
Page 2, Line 43structured so that it is not a multiple-fiscal-year direct or
Page 3, Line 1indirect district debt or other financial obligation whatsoever
Page 3, Line 2that requires voter approval under section 20 (4)(b) of article
Page 3, Line 3X of the state constitution.
Page 3, Line 4(c) (I) The fire department revolving loan program fund,
Page 3, Line 5referred to in this subsection (2.6) as the "fund", is created in the
Page 3, Line 6state treasury.
Page 3, Line 7(II) The fund consists of:
Page 3, Line 8(A) Money loaned to the department of local affairs
Page 3, Line 9pursuant to subsection (2.6)(a)(I) of this section;
Page 3, Line 10(B) Loan administration fees received by the department
Page 3, Line 11of local affairs pursuant to subsection (2.6)(b)(III) of this
Page 3, Line 12section; and
Page 3, Line 13(C) Interest and income derived from the deposit and
Page 3, Line 14investment of money in the fund.
Page 3, Line 15(III) The state treasurer shall credit all interest and
Page 3, Line 16income derived from the deposit and investment of money in the
Page 3, Line 17fund to the fund.
Page 3, Line 18(IV) The money in the fund is continuously appropriated to
Page 3, Line 19the department for the purposes described in this subsection (2.6)
Page 3, Line 20and to pay reasonable expenses relating to the administration
Page 3, Line 21of the loan program.
Page 3, Line 22(d) The department of local affairs shall pay the loan
Page 3, Line 23back to the unclaimed property trust fund not later than July
Page 3, Line 241, 2065. The loan repayment is subject to future appropriation by
Page 3, Line 25the general assembly and shall not be deemed or construed as
Page 3, Line 26creating an indebtedness of the state within the meaning of any
Page 3, Line 27provision of the state constitution or state law concerning or
Page 3, Line 28limiting the creation of indebtedness by the state.
Page 3, Line 29(2.7) The state treasurer may invest money from the trust
Page 3, Line 30fund in the firefighter first homeownership program created in
Page 3, Line 31section 38-13-801.7.
Page 3, Line 32SECTION 2. In Colorado Revised Statutes, 24-75-402, add
Page 3, Line 33(5)(lll) as follows:
Page 3, Line 3424-75-402. Cash funds - limit on uncommitted reserves -
Page 3, Line 35reduction in the amount of fees - exclusions - definitions.
Page 3, Line 36(5) Notwithstanding any provision of this section to the contrary, the
Page 3, Line 37following cash funds are excluded from the limitations specified in this
Page 3, Line 38section:
Page 3, Line 39(lll) The fire department revolving loan program fund
Page 3, Line 40created in section 38-13-801 (2.6)(c).
Page 3, Line 41SECTION 3. In Colorado Revised Statutes, add 38-13-801.7 as
Page 3, Line 42follows:
Page 3, Line 4338-13-801.7. Firefighter first homeownership program -
Page 4, Line 1creation - report - legislative declaration - definitions. (1) The
Page 4, Line 2general assembly finds and declares that housing developments
Page 4, Line 3that include preferences for firefighters in the state:
Page 4, Line 4(a) Promote a substantial, legitimate, and
Page 4, Line 5nondiscriminatory state interest that cannot be served by
Page 4, Line 6another practice with a less discriminatory effect;
Page 4, Line 7(b) Do not constitute a source of income discrimination
Page 4, Line 8under section 24-34-501 (4.5) or 24-34-502; and
Page 4, Line 9(c) Comply with the federal "Fair Housing Act", 42 U.S.C.
Page 4, Line 10sec. 3601 et seq., part 5 of article 34 of title 24, and other state
Page 4, Line 11and local laws, ordinances, and resolutions.
Page 4, Line 12(2) As used in this section, unless the context otherwise
Page 4, Line 13requires:
Page 4, Line 14(a) "Fire department" has the meaning set forth in section
Page 4, Line 1524-33.5-1202.
Page 4, Line 16(b) "Firefighter" means an officer or member of a fire
Page 4, Line 17department.
Page 4, Line 18(c) "Program" means the firefighter first homeownership
Page 4, Line 19program created in this section.
Page 4, Line 20(d) "Program manager" means the Colorado housing and
Page 4, Line 21finance authority created in section 29-4-704; except that, if the
Page 4, Line 22Colorado housing and finance authority elects at any time not
Page 4, Line 23to serve as program manager, the state treasurer shall select
Page 4, Line 24another program manager.
Page 4, Line 25(e) "Trust fund" means the unclaimed property trust fund
Page 4, Line 26created in section 38-13-801 (1)(a).
Page 4, Line 27(3) There is created the firefighter first homeownership
Page 4, Line 28program to support firefighter homeownership, address
Page 4, Line 29firefighter shortages, and support the retention of firefighters.
Page 4, Line 30(4) (a) The state treasurer may invest money from the
Page 4, Line 31trust fund into the program; except that, if the state treasurer
Page 4, Line 32invests money into the program, the total investment amount
Page 4, Line 33shall not exceed the sum of the investments made in accordance
Page 4, Line 34with subsection (4)(b) of this section.
Page 4, Line 35(b) If the program is implemented:
Page 4, Line 36(I) The state treasurer shall purchase from the program
Page 4, Line 37manager the mortgage products created through the program
Page 4, Line 38in tranches of reasonable amounts that are mutually agreed
Page 4, Line 39upon by the state treasurer and the program manager; and
Page 4, Line 40(II) The state treasurer may provide notice of any
Page 4, Line 41discontinuation in future investment the program manager has
Page 4, Line 42not already committed to the program, which notice must be
Page 4, Line 43provided at least six months prior to discontinuation.
Page 5, Line 1(c) The program manager shall establish guidelines and
Page 5, Line 2underwriting criteria for the program that:
Page 5, Line 3(I) Prioritize first-time homebuyers who use the home as a
Page 5, Line 4primary residence;
Page 5, Line 5(II) Provide shared equity down payment assistance to
Page 5, Line 6firefighters and aim to help firefighters achieve, to the extent
Page 5, Line 7possible, affordable home ownership;
Page 5, Line 8(III) Allow appreciation-sharing between the program and
Page 5, Line 9homeowner;
Page 5, Line 10(IV) If the program manager is the Colorado housing and
Page 5, Line 11finance authority, pair a program borrower with a first
Page 5, Line 12mortgage loan provided through the program manager's
Page 5, Line 13participating lender network that bears an interest rate that
Page 5, Line 14is at or below the prevailing mortgage rates; and
Page 5, Line 15(V) Serve home buyers across diverse geographic areas
Page 5, Line 16and housing markets.
Page 5, Line 17(d) The program manager is entitled to normal and
Page 5, Line 18customary fees for managing the program, including any
Page 5, Line 19carrying costs required to accommodate tranche payments, paid
Page 5, Line 20by the program or the program manager's products and services
Page 5, Line 21paired with the program.
Page 5, Line 22(5) The program manager shall annually publish and
Page 5, Line 23present to the state treasurer a report on program outcomes,
Page 5, Line 24including:
Page 5, Line 25(a) The number of program borrowers;
Page 5, Line 26(b) The geographic distribution of program borrowers;
Page 5, Line 27(c) The area median income of program borrowers; and
Page 5, Line 28(d) The median purchase price, median loan amount, and
Page 5, Line 29average interest rate on first mortgages for program
Page 5, Line 30borrowers who benefit from the program.
Page 5, Line 31(6) Nothing in this section prevents leveraging other
Page 5, Line 32sources of state or local money for the program.
Page 5, Line 33SECTION 4. Safety clause. The general assembly finds,
Page 5, Line 34determines, and declares that this act is necessary for the immediate
Page 5, Line 35preservation of the public peace, health, or safety or for appropriations for
Page 5, Line 36the support and maintenance of the departments of the state and state
Page 5, Line 37institutions.".
Page 5, Line 38Page 1, line 101, strike "resources," and substitute "resources.".
Page 5, Line 39Page 1, strike lines 102 through 112.".".