Senate Bill 26-053 Introduced

A Bill for an Act

• Page 1, Line 101Concerning the expansion of eligible borrowers for

• Page 1, Line 102mortgages through the Colorado housing and finance

• Page 1, Line 103authority.

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.)

The bill expands eligibility for mortgage loans through the Colorado housing and finance authority to law enforcement officers and first responders, irrespective of income.

• Page 2, Line 1Be it enacted by the General Assembly of the State of Colorado:

• Page 2, Line 2SECTION 1.  Short title.

• Page 2, Line 3The short title of this act is the "Colorado Champions Home Loan

• Page 2, Line 4Program".

• Page 2, Line 5SECTION 2.  In Colorado Revised Statutes, 29-4-703, amend

• Page 2, Line 6(5.4); repeal (5.3) and (5.5); and add (5.6), (5.8), (5.9), and (7.5) as

• Page 2, Line 7follows:

• Page 2, Line 829-4-703.  Definitions - rules.

• Page 2, Line 9As used in this part 7, unless the context otherwise requires:

• Page 2, Line 10(5.3)  "Governing body" means the board, council, officer, or

• Page 2, Line 11group charged with exercising the legislative power of a government.

• Page 2, Line 12(5.4)  "Government" means the federal government, the state

• Page 2, Line 13government, and any county, municipality, or state agency "First

• Page 2, Line 14responder" has the meaning set forth in section 24-33.5-122.

• Page 2, Line 15(5.5)  "Home improvement loan" means a loan of money for the

• Page 2, Line 16alteration, repair, or improvement of an existing housing facility. The

• Page 2, Line 17term does not include a loan for a pool, hot tub, or any other construction

• Page 2, Line 18not directly improving the structural integrity, general appearance, or

• Page 2, Line 19living conditions within the housing facility.

• Page 2, Line 20(5.6)  "Governing body" means the board, council, officer,

• Page 2, Line 21or group charged with exercising the legislative power of a

• Page 2, Line 22government.

• Page 2, Line 23(5.8)  "Government" means the federal government, the

• Page 2, Line 24state government, and any county, municipality, or state

• Page 2, Line 25agency.

• Page 2, Line 26(5.9)  "Home improvement loan" means a loan of money for

• Page 2, Line 27the alteration, repair, or improvement of an existing housing

• Page 3, Line 1facility. The term does not include a loan for a pool, hot tub, or

• Page 3, Line 2other construction not directly improving the structural

• Page 3, Line 3integrity, general appearance, or living conditions within the

• Page 3, Line 4housing facility.

• Page 3, Line 5(7.5)  "Law enforcement officer" means any officer

• Page 3, Line 6certified by the Colorado peace officer standards and training

• Page 3, Line 7board pursuant to section 24-31-305 and working as a law

• Page 3, Line 8enforcement officer in the state.

• Page 3, Line 9SECTION 3.  In Colorado Revised Statutes, 29-4-712, amend

• Page 3, Line 10(4)(a) as follows:

• Page 3, Line 1129-4-712.  Powers of the board - executive director - mortgage

• Page 3, Line 12purchase - loans to lenders - assistance in providing housing facilities.

• Page 3, Line 13(4) (a)  Mortgage loans made by lenders to families with the

• Page 3, Line 14proceeds of a loan as provided for in subsection (3) of this section,

• Page 3, Line 15pursuant to a commitment to purchase as provided for in paragraph (a) of

• Page 3, Line 16subsection (3.5) subsection (3.5)(a) of this section, or with the proceeds

• Page 3, Line 17of the purchase of a mortgage loan as provided for in paragraph (b) of

• Page 3, Line 18subsection (3.5) subsection (3.5)(b) of this section, shall be to families

• Page 3, Line 19who qualify as low-income or low- or moderate-income families or to

• Page 3, Line 20families of law enforcement officers working in Colorado or

• Page 3, Line 21families of first responders working in Colorado.

• Page 3, Line 22SECTION 4.  Act subject to petition - effective date. This act

• Page 3, Line 23takes effect at 12:01 a.m. on the day following the expiration of the

• Page 3, Line 24ninety-day period after final adjournment of the general assembly (August

• Page 3, Line 2512, 2026, if adjournment sine die is on May 13, 2026); except that, if a

• Page 3, Line 26referendum petition is filed pursuant to section 1 (3) of article V of the

• Page 3, Line 27state constitution against this act or an item, section, or part of this act

• Page 4, Line 1within such period, then the act, item, section, or part will not take effect

• Page 4, Line 2unless approved by the people at the general election to be held in

• Page 4, Line 3November 2026 and, in such case, will take effect on the date of the

• Page 4, Line 4official declaration of the vote thereon by the governor.