Money for Affordable Housing in Colorado, VOTERS will Decide
(Colorado) -- You have likely already heard countless discussions on affordable housing or lack thereof in the Centennial state. You might be one of those searching for something to rent to find that the average rent now has increased significantly in the last year. And you also might have heard that the inventory of affordable housing is at record low levels.
All things considered as a question has received enough petition signatures to make it on the November ballot in Colorado.
Ballot Initiative 123 will worded as follows:
Shall there be a change to the Colorado Revised Statutes concerning statewide funding for additional affordable housing, and, in connection therewith, dedicating state revenues collected from an existing tax of one-tenth of one percent on federal taxable income of every individual, estate, trust, and corporation, as defined in law, for affordable housing and exempting the dedicated revenues from the constitutional limitation on state fiscal year spending; allocating 60% of the dedicated revenues to affordable housing financing programs that will reduce rents, purchase land for affordable housing development, and build assets for renters; allocating 40% of the dedicated revenues to programs that support affordable home ownership, serve persons experiencing homelessness, and support local planning capacity; requiring local governments that seek additional affordable housing funding to expedite development approvals for affordable housing projects and commit to increasing the number of affordable housing units by 3% annually; and specifying that the dedicated revenues shall not supplant existing appropriations for affordable housing programs?
According to the Blue book, a book sent out to voters that explains the questions this is what each vote means.
YES: money will be set aside for programs. It would exempt the money from the state's revenue limit.
NO: this means the state's money will continue to be spent on items lawmakers determine to be important or the money will be returned to the taxpayers.
The election is Tuesday, November 8th. Colorado's mail in ballots should be arriving in the mail soon. If you haven't received yours, contact your county clerk and recorder.