Summary of HB08-1340
Short Title: CO Housing Inv Fund

Sponsors: Kefalas/Boyd

Creates the Colorado housing investment fund (fund) in the state treasury. Makes the administrator of the fund the state division of housing. Specifies the sources of moneys to be transferred to the fund. Authorizes moneys to be paid from the fund in the form of grants and loans. Specifies requirements pertaining to the awarding of grants and loans. Specifies that moneys paid out in grants or that are loaned from the fund shall be used to support the creation and maintenance of affordable housing statewide by means of, or for, the following purposes:
* New construction and the related infrastructure costs of shelter, transitional housing, permanent supportive housing, affordable rental, and affordable ownership housing stock;
* The acquisition of existing real estate for intended conversion to shelter, transitional, or affordable rental or for affordable ownership purposes;
* The acquisition of real property or the banking of the property in anticipation of new construction and predevelopment costs;
* Defraying the cost of affordable housing in conformity with local inclusionary zoning or inclusionary housing ordinances;
* The rehabilitation of a substandard shelter, transitional housing, or an affordable rental and ownership unit;
* Assistance with down payment or closing costs;
* Energy efficiency and improvements;
* The preservation of manufactured housing communities;
* The development of special needs housing that conforms to any of the purposes or uses specified in the act; or
* Foreclosure prevention. Specifies factors the board may consider in reviewing an application for a grant or loan from the fund. Specifies that a portion of the moneys available from the fund are to be allocated to local governments of a certain size with the balance of moneys allocated on a competitive basis to all eligible fund recipients. Specifies additional requirements relating to the distribution of moneys from the fund. Creates an advisory board to the fund administrator. Specifies various requirements pertaining to the composition and appointment of members of the board. Specifies powers or duties of the board. Requires annual reporting from local governments to the fund administrator and the fund administrator to the advisory board. Specifies the contents of the report. Requires the secretary of state to submit a ballot question to the registered voters of the state at the November 2008 general election asking whether the documentary fee levied in connection with the conveyance of real property shall be increased for the purpose of financing the creation and maintenance of affordable housing statewide. Specifies the amount of the proposed fee increase. Specifies how revenues from the fee increase are to be allocated between the fund and county governments. Defines terms.

Status
02/18/2008 Introduced In House - Assigned to Finance
03/05/2008 House Committee on Finance Witness Testimony and/or Committee Discussion Only
04/02/2008 House Committee on Finance Result was to Layover till 5/8/08

Fiscal Notes Status

To View Entire Bill >