C.R.S. Section 24-32-717
Housing investment trust fund

  • loans
  • definitions

(1)

Intentionally left blank —Ed.

(a)

The division shall establish a housing investment trust fund, referred to in this section as the “trust fund”. The division shall pay into the trust fund any moneys made available by the general assembly, all moneys collected by the division for purposes of this section from federal grants and from other contributions, gifts, grants, and donations received from any other organization, entity, or individual, public or private, and from any fees or interest earned on such moneys, which moneys the division is hereby authorized and directed to solicit, accept, expend, and disburse for the purpose of making loans or loan guarantees and for program administration as provided in this section. Any moneys in the trust fund at the end of any fiscal year do not revert to the general fund. The moneys in the trust fund are hereby continuously appropriated to the division for the purposes specified in this section. For any given state fiscal year, no more than three percent of the moneys appropriated from the trust fund may be expended for the administrative costs of the division in administering the trust fund.
(b)(Deleted by amendment, L. 2014.)(2) Subject to the requirements of this section, upon the approval of the board, the division may make a loan from moneys in the trust fund for development or redevelopment costs incurred prior to the completion of low- or moderate-income housing or for the rehabilitation of such housing. The interest rate on such loan shall be determined by the board and set forth in the loan agreement signed by the applicant. In conjunction with the making of such loan, the division shall require the borrower to furnish collateral security in such amounts and in such form as the division shall determine to be necessary to assure the payment of such loan and the interest thereon as the same become due. The loan shall be subject to the terms and conditions imposed by the division and shall be repaid within the time and in the manner specified by the division in the loan agreement. In making loans of moneys from the trust fund, the division shall give priority to owners of property that was either destroyed or incurred substantial damage as a result of one or more state or federally declared natural disasters.

(3)

As principal and interest payments are received by the division from the borrower, such moneys shall be deposited in the trust fund.

(3.5)

Notwithstanding any other provision of this section, on or after May 29, 2014:

(a)

The division may charge the borrower an origination fee for loans made from the trust fund. The fee must be used for direct and indirect costs associated with the administration of the trust fund.

(b)

The division shall not guarantee any loan made to a for-profit organization or entity unless the loan is secured on a recourse basis; and

(c)

The total amount of loan guarantees that may be made by the division against the trust fund shall not exceed either two million dollars for any one project or up to five million dollars for all such projects at any one time.

(4)

For the purposes of this section, unless the context otherwise requires, the following definitions shall apply:

(a)

“Family” means two or more persons related by blood, marriage, or adoption who live or expect to live together as a single household in the same home, a single person who is either at least sixty-two years of age or has a disability, or a single person whom the board may by regulation determine to be eligible for assistance under this part 7.

(b)

“Low- or moderate-income family” means a family whose income is insufficient to secure decent, safe, and sanitary housing provided by private industry without public assistance and whose income is below the respective income limits established by the board by regulation, taking into consideration such factors as the following:

(I)

The amount of the total income of such family available for housing needs;

(II)

The size of the family;

(III)

The cost and condition of housing facilities available;

(IV)

The ability of such family to compete successfully in the private housing market and to pay the amounts at which private enterprise is providing decent, safe, and sanitary housing; and

(V)

Standards established by various programs of the federal government for determining eligibility based on the income of such family.

(c)

“Low- or moderate-income housing” means a residential structure or structures occupied by one or more low- or moderate-income families.

(5)

Repealed.

Source: Section 24-32-717 — Housing investment trust fund - loans - definitions, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-24.­pdf (accessed Oct. 20, 2023).

24‑32‑101
Legislative declaration 24‑32‑102
Definitions 24‑32‑103
Division of local government - created 24‑32‑104
Functions of the division - interconnectivity grant program - interconnectivity grant program fund - reporting - definition 24‑32‑105
Limitation of authority of division 24‑32‑106
Powers of the director 24‑32‑107
Payment of expenses and salaries 24‑32‑108
Establishment of a file 24‑32‑109
Notice of change - failure to file - effect 24‑32‑115
Economic self-sufficiency - development of standards - rules - fund - legislative declaration 24‑32‑116
Inventory of local governmental entities - information required - definitions 24‑32‑118
Military and community partnerships 24‑32‑118.5
Mobile veterans-support unit grant program - fund created - report - definitions - repeal 24‑32‑119
Gray and black market marijuana enforcement grant program - report - definition 24‑32‑120
Justice reinvestment crime prevention initiative - program - rules - cash funds - reports - definitions - repeal 24‑32‑121
Colorado resiliency office - creation - director - repeal 24‑32‑122
Colorado resiliency office - duties and powers - repeal 24‑32‑123
Defense counsel on first appearance grant program - rules - report - definition - repeal 24‑32‑124
Law enforcement community services grant program - committee - policies and procedures - fund - rules - report - definitions 24‑32‑126
Strategic action plan for upcoming decennial census 24‑32‑127
Community substance use and mental health services grant program - creation - legislative intent 24‑32‑128
Rural economic development initiative grant program - creation - report - definitions 24‑32‑130
Local government affordable housing development incentives grant program - local government planning grant program - creation - report - definitions 24‑32‑131
Best practices in policing study 24‑32‑132
Small community-based nonprofit infrastructure grant program - creation - legislative declaration - definitions - repeal 24‑32‑133
Infrastructure and strong communities grant program - creation - fund - reporting - definitions - repeal 24‑32‑134
Disaster resilience rebuilding program - fund - creation - policies - report - definitions 24‑32‑202
Division of planning - creation 24‑32‑203
Duties of the division of planning 24‑32‑204
Population statistics, estimates, and projections 24‑32‑205
Assistance to local planning agencies 24‑32‑207
Reference in contracts, documents 24‑32‑301
Division of commerce and development - creation - director - assistants 24‑32‑302
Purpose 24‑32‑303
Authority and responsibility of the director 24‑32‑305
Offices of division - expenses and salaries - reports and publications 24‑32‑306
Matching funds - gifts - bequests 24‑32‑307
Reference in contracts, documents 24‑32‑701
Short title 24‑32‑702
Legislative declaration 24‑32‑703
Definitions 24‑32‑704
Division of housing - director 24‑32‑705
Functions of division 24‑32‑705.5
Annual public report on funding of affordable housing preservation and production - definition - repeal 24‑32‑706
State housing board 24‑32‑707
Powers of board 24‑32‑717
Housing investment trust fund - loans - definitions 24‑32‑718
Publicly assisted housing - notice of termination - database - high energy performance building standard program - definitions 24‑32‑721
Colorado affordable housing construction grants and loans - housing development grant fund - creation - housing assistance for persons with behavioral, mental health, or substance use disorders - cash fund - appropriation - report to general assembly - rules - definitions - repeal 24‑32‑721.3
Middle income access program - contract with Colorado housing and finance authority for administration of funds - appropriation 24‑32‑721.7
Affordable housing guided toolkit and local officials guide program - creation 24‑32‑723
Office of homeless youth services - creation - function - duties - definitions 24‑32‑724
Fort Lyon property - supportive residential community - definitions - repeal 24‑32‑726
Financial literacy and exchange program - creation - FLEX accounts - FLEX cash fund - short title - legislative declaration - definitions 24‑32‑727
Denver-metropolitan regional navigation campuses grant - regional navigation campuses cash fund - creation - definitions 24‑32‑728
Mobile home park resident empowerment loan program - fund - creation - policies - report - legislative declaration - definitions 24‑32‑729
Transformational affordable housing through local investments - grant program - investments eligible for funding - report - definitions - repeal 24‑32‑730
Ridge View Supportive Residential Community at the Ridge View campus - report - legislative declaration 24‑32‑731
Revolving loan fund - eligible projects - report - definitions - legislative declaration 24‑32‑732
Connecting Coloradans experiencing homelessness with services, recovery care, and housing supports grant program - funding - report - definitions - repeal 24‑32‑733
Task force on corporate housing ownership - creation - membership - issues of study - additional duties - report - compensation - staff support - definitions - repeal 24‑32‑801
Legislative declaration 24‑32‑802
Office of rural development created 24‑32‑803
Duties of the office 24‑32‑901
Legislative declaration 24‑32‑902
Definitions 24‑32‑904.5
Compliance with national standards - recreational park trailers - recreational vehicles 24‑32‑907
Injunctive relief 24‑32‑909
Violation - penalty 24‑32‑1201
Legislative declaration 24‑32‑1202
Definitions 24‑32‑1203
State clearinghouse designated - duties - limitations 24‑32‑1620
Effect of repeal of sections 24‑32‑1701
Short title 24‑32‑1702
Legislative declaration 24‑32‑1703
Definitions 24‑32‑1704
Allocation of state ceiling 24‑32‑1705
Allocations to state issuing authorities 24‑32‑1706
Allocations to designated local issuing authorities 24‑32‑1707
Statewide balance 24‑32‑1708
Bond issuance and mortgage credit certificate election - reporting requirement 24‑32‑1709
Application for allocation from statewide balance 24‑32‑1709.5
Administrative costs of the department - private activity bond allocation fund - creation 24‑32‑1710
Notifications and validity of allocations from the statewide balance 24‑32‑1711
Statewide balance carryforward allocations 24‑32‑1712
Time period must end on business day 24‑32‑1713
Effect of mortgage credit certificate election or issuance of bonds without allocation 24‑32‑1714
Severability 24‑32‑1715
Agreement with bond owners 24‑32‑2001
Legislative declaration 24‑32‑2002
Definitions 24‑32‑2003
Colorado youth conservation and service corps council - creation - membership - duties 24‑32‑2004
Colorado youth service corps established - director’s duties 24‑32‑2005
Duties and functions of the youth service corps 24‑32‑2006
Colorado youth service corps - criteria for enrollment 24‑32‑2007
Local youth employment opportunities 24‑32‑2008
Placement under work agreements 24‑32‑2009
Youth service corps members - compensation - scholarship 24‑32‑2010
Youth service corps members not to displace current workers 24‑32‑2011
Acceptance and utilization of funds 24‑32‑2012
Colorado youth service corps fund - created 24‑32‑2013
Conflict with federal requirements 24‑32‑3001
Community-based access grant program - powers and duties of department of local affairs - definitions - legislative declaration 24‑32‑3201
Legislative declaration 24‑32‑3202
Definitions 24‑32‑3203
Office of smart growth - creation - powers and duties of executive director 24‑32‑3204
Powers and duties of the office of smart growth 24‑32‑3205
Qualifications 24‑32‑3207
Colorado heritage communities fund - creation - source of funds 24‑32‑3208
Additional sources of funding 24‑32‑3209
Comprehensive planning disputes - development plan disputes - mediation - list of qualified professionals to assist in mediating land use disputes - definitions 24‑32‑3301
Legislative declaration 24‑32‑3302
Definitions 24‑32‑3303
Division of housing - powers and duties - rules 24‑32‑3304
State housing board - powers and duties - rules 24‑32‑3305
Rules - advisory committee - enforcement 24‑32‑3306
Recognition of similar standards - compliance with standards 24‑32‑3307
Noncompliance with standards 24‑32‑3308
Violation - penalty 24‑32‑3309
Fees - building regulation fund - rules 24‑32‑3310
Local enforcement 24‑32‑3311
Certification of factory-built structures - rules 24‑32‑3312
Notification and correction of defects 24‑32‑3314
Cooperation with department of revenue 24‑32‑3315
Installers of manufactured homes and tiny homes - registration - fees - educational requirements - rules 24‑32‑3315.5
Contract for the installation of manufactured homes and tiny homes - requirements 24‑32‑3316
Compliance with manufacturer’s installation instructions 24‑32‑3317
Installation of manufactured homes and tiny homes - authorization - certificates - inspections - inspector qualification and education requirements - rules 24‑32‑3318
Local installation standards preempted 24‑32‑3319
Prohibited acts 24‑32‑3320
Penalty for violation 24‑32‑3321
Investigations of consumer complaints 24‑32‑3323
Sellers of manufactured homes and tiny homes - registration 24‑32‑3324
Escrow and bonding requirements - rules 24‑32‑3325
Contract for sale of manufactured home or tiny home - requirements 24‑32‑3326
Unlawful sales practices - manufactured homes and tiny homes - fines 24‑32‑3327
Inspections 24‑32‑3328
Tiny homes - standards - rules 24‑32‑3329
Local governments inspections of tiny homes - connection to utilities - rules 24‑32‑3501
Peace officers behavioral health support and community partnerships grant program - created - report - rules - fund - definitions - repeal 24‑32‑3502
Public defender and prosecutor behavioral health support program - policies - report - fund 24‑32‑3601
Short title 24‑32‑3602
Legislative declaration 24‑32‑3603
Definitions - rules 24‑32‑3604
Rural economic advancement of Colorado towns - coordination of nonmonetary assistance - application - rules
Green check means up to date. Up to date

Current through Fall 2024

§ 24-32-717’s source at colorado​.gov