A Bill for an Act
Page 1, Line 101Concerning modification of the authority of the division of
Page 1, Line 102housing to expend money from the housing development
Page 1, Line 103grant fund for administrative costs, and, in connection
Page 1, Line 104therewith, making an appropriation.
Bill Summary
(Note: This summary applies to this bill as introduced and does not reflect any amendments that may be subsequently adopted. If this bill passes third reading in the house of introduction, a bill summary that applies to the reengrossed version of this bill will be available at http://leg.colorado.gov/.)
Joint Budget Committee. Current law continuously appropriates to the division of housing (division) within the department of local affairs money from the housing development grant fund (fund) and allows the division to expend 3% of the money in the fund for the administrative costs of the division in administering the fund. Beginning in state fiscal year 2025-26, the bill increases the percentage of money in the fund that the division may expend for administrative costs to 4% and makes expenditure of money from the fund for administrative costs subject to annual appropriation by the general assembly.
Page 2, Line 1Be it enacted by the General Assembly of the State of Colorado:
Page 2, Line 2SECTION 1. In Colorado Revised Statutes, 24-32-721, amend (1) and (3)(b); and add (3)(b.5) as follows:
Page 2, Line 324-32-721. Colorado affordable housing construction grants
Page 2, Line 4and loans - housing development grant fund - creation - housing
Page 2, Line 5assistance for persons with behavioral, mental health, or substance
Page 2, Line 6use disorders - cash fund - appropriation - report to general assembly
Page 2, Line 7- rules - definitions - repeal. (1) There is created in the state treasury the
Page 2, Line 8housing development grant fund, which fund is administered by the
Page 2, Line 9division and is referred to in this section as the "fund". The fund consists
Page 2, Line 10of money credited to the fund in accordance with section 39-26-123
Page 2, Line 11(3)(b); money transferred to the fund in accordance with section
Page 2, Line 1224-22-118 (2); money transferred to the fund from the ARPA refinance
Page 2, Line 13state money cash fund pursuant to section 24-75-226.5; money
Page 2, Line 14appropriated to the fund by the general assembly; all money transferred
Page 2, Line 15to the fund from the marijuana tax cash fund created in section
Page 2, Line 1639-28.8-501 (1) and any other cash fund maintained by the state; all
Page 2, Line 17money transferred to the fund from the general fund and the revenue loss
Page 2, Line 18restoration cash fund created in section 24-75-227 (2) pursuant to
Page 2, Line 19subsections (6) and (7) of this section; all money collected by the division
Page 2, Line 20for purposes of this section from federal grants, from other contributions,
Page 2, Line 21gifts, grants, and donations received from any other organization, entity,
Page 3, Line 1or individual, public or private; and from any fees or interest earned on
Page 3, Line 2such money. The division is authorized and directed to solicit, accept,
Page 3, Line 3expend, and disburse all money collected for the fund from the sources
Page 3, Line 4specified in this subsection (1) for the purpose of making grants, loans,
Page 3, Line 5or other forms of assistance that may be awarded under section
Page 3, Line 624-32-721.7 and for program administration as provided in this section.
Page 3, Line 7All such money must be transmitted to the state treasurer to be credited
Page 3, Line 8to the fund. Except as otherwise provided in subsection (3)(b.5) of
Page 3, Line 9this section, the money in the fund is continuously appropriated to the division for the purposes of this section.
Page 3, Line 10(3) (b) Notwithstanding any other provision of this section, the
Page 3, Line 11division, in its discretion, may transfer twenty percent of the balance of
Page 3, Line 12the money in the fund into the housing investment trust fund established
Page 3, Line 13in section 24-32-717 (1)(a), which balance is calculated as of July 1 of the
Page 3, Line 14state fiscal year in which the money is transferred. For any given state
Page 3, Line 15fiscal year before state fiscal year 2025-26, no more than three
Page 3, Line 16percent of the money appropriated or transferred to the fund may be
Page 3, Line 17expended for the administrative costs of the division in administering the fund.
Page 3, Line 18(b.5) Subject to annual appropriation by the general
Page 3, Line 19assembly beginning in state fiscal year 2025-26, for any given
Page 3, Line 20state fiscal year, the division may expend up to four percent of
Page 3, Line 21the money appropriated or transferred to the fund for the administrative costs of the division in administering the fund.
Page 3, Line 22SECTION 2. Appropriation. For the 2025-26 state fiscal year,
Page 3, Line 23$187,659 is appropriated to the department of local affairs for use by the
Page 3, Line 24division of housing. This appropriation is from reappropriated funds from
Page 4, Line 1the appropriation to the department of local affairs for affordable housing
Page 4, Line 2construction grants and loans pursuant to section 24-32-721, C.R.S., and
Page 4, Line 3is based on an assumption that the division will require an additional 1.8
Page 4, Line 4FTE. To implement this act, the division may use this appropriation for affordable housing program costs.
Page 4, Line 5SECTION 3. Safety clause. The general assembly finds,
Page 4, Line 6determines, and declares that this act is necessary for the immediate
Page 4, Line 7preservation of the public peace, health, or safety or for appropriations for
Page 4, Line 8the support and maintenance of the departments of the state and state institutions.