While negotiations on construction defect legislation reform came to a halt in the Colorado Legislature last Thursday, a package of three bills aimed at increasing affordable housing in Colorado moved forward at the State Capital on May 5, 2016.
The package includes bipartisan efforts to extend tax credits for affordable housing developers and to create tax-free savings accounts first-time home buyers can use toward down payments and closing costs, as well as a Democratic effort to put $40 million from the state’s unclaimed property trust fund toward low-income housing rental and purchase support.
A related measure would extend the notice period required of landlords to terminate a tenancy or to increase rent from seven days to twenty-eight days for tenancies of one month or more but less than one year, affording tenants additional time to find a new home if they are unable to afford a rent increase.
The measures come at a time when population growth in the state is resulting in a dwindling affordable housing supply.