C.R.S.
Section 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
(1)
There is hereby created in the state treasury the housing development grant fund, which fund is administered by the division and is referred to in this section as the “fund”. The fund consists of money credited to the fund in accordance with section 39-26-123 (3)(b); money transferred to the fund in accordance with section 24-22-118 (2); money appropriated to the fund by the general assembly; all money transferred to the fund from the marijuana tax cash fund created in section 39-28.8-501 (1) and any other cash fund maintained by the state; all money transferred to the fund from the general fund pursuant to subsection (6) of this section; all money collected by the division for purposes of this section from federal grants, 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 money. The division is hereby authorized and directed to solicit, accept, expend, and disburse all money collected for the fund from the sources specified in this subsection (1) for the purpose of making grants, loans, or other forms of assistance that may be awarded under section 24-32-721.7 and for program administration as provided in this section. All such money must be transmitted to the state treasurer to be credited to the fund. The money in the fund is continuously appropriated to the division for the purposes of this section.(1.5)
In addition to the other sources of money to be deposited into the fund that are specified in subsection (1) of this section, the fund also consists of money transferred by the state treasurer from the unclaimed property trust fund to the division in accordance with section 38-13-801 (3.5) to supplement existing funds to be expended for any of the purposes specified in subsection (2)(d) of this section.(1.7)
Repealed.(2)
Intentionally left blank —Ed.(a)
Subject to the requirements of this section, upon the approval of the board, the division may make a grant or loan from money in the fund to improve, preserve, or expand the supply of affordable housing in Colorado as well as to fund the acquisition of housing and economic data necessary to advise the board on local housing conditions. In making loans or grants from the 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 where the property owner has received the maximum insurance proceeds and public disaster assistance. The division shall annually allocate, with or without board approval, at least one-third of the money credited to the fund in accordance with section 39-26-123 (3)(b) to improve, preserve, or expand affordable housing for households whose annual income is less than or equal to thirty percent of the area median income, as published annually by the United States department of housing and urban development. The division shall use at least five million dollars of the amount transferred to the fund in accordance with section 24-22-118 (2) to improve, preserve, or expand the supply of affordable housing in rural Colorado.(b)
and (c)(Deleted by amendment, L. 2014.)(d) In addition to any other use authorized under this section, money may also be used for the following purposes, without limitation:(I)
Grants and loans for the acquisition, renovation, and construction of for-sale homes in nonurban areas for purchasers who reside in households with an annual income up to one hundred twenty percent of the area median income and down payment assistance programs that are financed in partnership with private and public entities for the development of housing and the delivery of services that assist persons in households with an annual income up to one hundred percent of the area median income;(II)
Programs for home rehabilitation;(III)
Repair, replacement, and disposal of mobile homes in conjunction with programs that are operated by local governments, local housing authorities, and private organizations;(IV)
Grants and loans for the financing of land acquisition and infrastructure costs associated with the provision of utilities to support development of a planned deed restricted rental or for-sale affordable housing development;(V)
Grants and loans to private and public entities to provide funding for the development, acquisition, and rehabilitation of affordable housing targeted at a specific area median income or income level; and(VI)
Rental assistance and tenancy support service programs that target one or more of the following persons or uses:(A)
Homeless families with dependents or other children enrolled in preschool, elementary, or secondary schools;(A.5)
Individuals experiencing homelessness;(B)
Medicaid clients in nursing homes who are able to live in their communities with in-home services;(C)
Family unification and related services;(D)
Homeless or disabled veterans;(E)
Low-income households with an annual income at or below sixty percent of the area median income; and(F)
Survivors of domestic violence.(VII)
Grants and loans to local governments and nonprofit organizations for the rental, acquisition, or renovation of underutilized hotels, underutilized motels, and other underutilized properties to provide noncongregate sheltering or affordable housing for people experiencing homelessness. The division shall define the terms “underutilized hotel”, “underutilized motel”, and “underutilized property” by policies and procedures. Local governments and nonprofit organizations that are awarded grants or loans under this subsection (2)(d)(VII) shall prioritize the rental, acquisition, or renovation of underutilized hotels, underutilized motels, and other underutilized properties that are minority-owned or women-owned businesses, that have annual revenues under five million dollars, that qualify as disadvantaged business enterprises as defined in part 26 of title 49 of the code of federal regulations, as amended, or that comply with the federal “Americans with Disabilities Act of 1990”, 42 U.S.C. sec. 12101 et seq., as amended.(e)
In determining how best to allocate money to promote the various purposes specified in subsection (2)(d) of this section, the division shall consult with stakeholders from urban and rural communities and representatives from populations of different income levels with diverse housing needs and shall award funding to meet the needs of local communities that will optimize the return on money invested in a particular program or for a particular use, leverage other available sources of money, address housing needs throughout the state, and serve populations with the greatest unmet need.(f)
As used in this subsection (2), “area median income” is determined in accordance with guidelines or other standards promulgated by the United States department of housing and urban development.(g)
Intentionally left blank —Ed.(I)
Within three business days of June 26, 2021, the state treasurer shall transfer thirty million dollars from the affordable housing and home ownership cash fund created in section 24-75-229, that originates from money the state received from the federal coronavirus state fiscal recovery fund, to the housing development grant fund and transfer fifteen million dollars from the general fund to the affordable housing and home ownership cash fund created in section 24-75-229. Within three business days of May 27, 2022, the state treasurer shall transfer:(A)
One million eight hundred ninety-four thousand four dollars to the housing development grant fund from the affordable housing and home ownership cash fund created in section 24-75-229 that originates from the general fund;(B)
Twenty-eight million dollars to the housing development grant fund from the general fund; and(C)
Twenty-nine million eight hundred ninety-four thousand four dollars from the housing development grant fund to the affordable housing and home ownership cash fund created in section 24-75-229. The transfer required by this subsection (2)(g)(I)(C) is from money that was transferred on June 26, 2021, to the housing development grant fund from the affordable housing and home ownership cash fund that originated from money the state received from the federal coronavirus state fiscal recovery fund.(II)
The division shall use money transferred from the affordable housing and home ownership cash fund created in section 24-75-229, that originates from money the state received from the general fund, pursuant to subsection (2)(g)(I) of this section for the purposes allowed under subsection (2)(d)(VI)(A.5) of this section that are related to subsection (2)(d)(VII) of this section and for the purposes allowed by subsection (2)(d)(VII) of this section.(III)
During the department of local affairs’ annual presentation in 2022 and 2023 to the committees of reference pursuant to section 2-7-203, the department shall include a summarized report of the rental and tenancy support service programs provided by the division of housing pursuant to subsection (2)(d)(VI)(A.5) of this section that are related to underutilized hotels, underutilized motels, and other underutilized properties and the grants and loans awarded by the division of housing for the rental, acquisition, or renovation of underutilized hotels, underutilized motels, and other underutilized properties pursuant to subsection (2)(d)(VII) of this section.(h)
Intentionally left blank —Ed.(I)
Within three business days of June 26, 2021, the state treasurer shall transfer fifteen million dollars from the general fund to the housing development grant fund. Money transferred pursuant to this subsection (2)(h)(I) shall be maintained in a separate account. The division may use up to three percent of the money transferred pursuant to this subsection (2)(h)(I) for the costs of administering this subsection (2)(h).(II)
The division shall use the money transferred from the general fund pursuant to subsection (2)(h)(I) of this section for the purpose of awarding grants to nonprofit organizations for the issuance of direct assistance to individuals who are currently experiencing financial need and are not eligible for certain other types of assistance, such as:(A)
Unemployment insurance pursuant to the “Colorado Employment Security Act”, articles 70 to 82 of title 8;(B)
The federal supplemental nutrition assistance program; or(C)
Federal stimulus payments pursuant to the federal “Coronavirus Aid, Relief, and Economic Security Act,” also known as the “CARES Act”, Pub.L. 116-36, as amended.(III)
The division may develop such policies and procedures as are necessary for the awarding of grants pursuant to this subsection (2)(h).(IV)
The state treasurer shall transfer all unexpended and unencumbered money in the fund, that was transferred pursuant to this subsection (2)(h), on June 30, 2022, to the general fund.(V)
This subsection (2)(h) is repealed, effective December 31, 2023.(3)
Intentionally left blank —Ed.(a)
Except as otherwise provided in section 24-75-226 (4)(c)(II), any money in the fund not expended or encumbered from any appropriation at the end of any fiscal year, including interest and income earned on the investment or deposit of money in the fund, remains in the fund and does not revert to the general fund or any other fund and remains available for expenditure by the division in subsequent fiscal years for the purposes specified in subsection (1.5) or (2) of this section without further appropriation.(b)
Notwithstanding any other provision of this section, the division, in its discretion, may transfer twenty percent of the balance of the money in the fund into the housing investment trust fund established in section 24-32-717 (1)(a), which balance is calculated as of July 1 of the state fiscal year in which the money is transferred. For any given state fiscal year, no more than three percent of the money appropriated or transferred to the fund may be expended for the administrative costs of the division in administering the fund.(c)
Subject to the limitation on the percentage of money appropriated from the fund that may be expended for the administrative costs of the division in administering the fund specified in subsection (3)(b) of this section, the division may expend money from the fund to hire and employ individuals in order to fulfill the purposes of House Bill 19-1322, enacted in 2019.(4)
Intentionally left blank —Ed.(a)
As used in this subsection (4), unless the context otherwise requires, “person with a behavioral or mental health disorder” means an individual who has or, at any time during the previous twelve months, had a diagnosable mental, behavioral, or emotional disorder of sufficient duration to meet diagnostic criteria specified within the diagnostic and statistical manual of mental disorders, resulting in functional impairment that interferes with or limits one or more major life activities.(b)
In conjunction with its other programs to provide assistance in obtaining housing and subject to available appropriations, the division of housing shall establish a program that provides vouchers and other support services for housing assistance for:(I)
An individual with a mental health disorder, substance use disorder, or co-occurring behavioral health disorder who is transitioning from the department of corrections, the division of youth services in the department of human services, a mental health institute, a psychiatric hospital, or a county jail into the community; or(II)
An individual who is homeless or in an unstable housing environment and is transitioning from a residential treatment program or is engaged in the community transition specialist program created pursuant to section 27-66.5-103.(c)
In addition to any other uses specified in this section, the division shall also provide grants or loans for the acquisition, construction, or rehabilitation of rental housing for persons with behavioral or mental health disorders.(d)
There is created in the state treasury the housing assistance for persons transitioning from the criminal or juvenile justice system cash fund, referred to in this subsection (4) as the “cash fund”. The cash fund consists of money that the general assembly appropriates to the cash fund. Subject to annual appropriation by the general assembly, the division may expend money in the cash fund for the purposes set forth in this subsection (4). All interest earned from the investment of money in the cash fund is credited to the cash fund. All money not expended at the end of the fiscal year remains in the cash fund, does not revert to the general fund or any other fund, and remains available for expenditure by the division in the next fiscal year for the purposes of this subsection (4) without further appropriation.(e)
In addition to any money appropriated to the division of housing pursuant to subsection (4)(d) of this section, for the 2019-20 fiscal year, and for each of the following four fiscal years, the general assembly shall annually appropriate one million dollars from the marijuana tax cash fund created in section 39-28.8-501 to the division of housing for the voucher program specified in subsection (4)(b) of this section.(f)
The executive director of the department of local affairs shall report to the senate committee on health and human services and the house of representatives committees on health and insurance and public health care and human services, or any successor committees, under the “State Measurement for Accountable, Responsive, and Transparent (SMART) Government Act”, part 2 of article 7 of title 2, on:(I)
The number of projects funded under this section;(II)
The number of units in each project funded under this section;(III)
The number of qualified individuals housed as a result of this subsection (4); and(IV)
To the extent practicable, the number of individuals who, after receiving a voucher under subsection (4)(b) of this section, returned to the facilities from which the individuals were transitioning.(5)
Any principal or interest payments received by the division from a borrower pursuant to a loan originated using funds appropriated from the affordable housing and home ownership cash fund created in section 24-75-229 (3)(a) must be deposited in the housing investment trust fund created in section 24-32-717 (1).(6)
On June 27, 2021, the state treasurer shall transfer one million six hundred thousand dollars from the general fund to the housing development grant fund created in subsection (1) of this section. The division shall use the money transferred pursuant to this subsection (6) for the affordable housing guided toolkit and local officials guide program created in section 24-32-721.7.
Source:
Section 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, https://leg.colorado.gov/sites/default/files/images/olls/crs2023-title-24.pdf (accessed Dec. 24, 2024).
Up to date