h_tra_2016a_2016-05-05t10:54:07z1 Hearing Summary

Date: 05/05/2016

11:03 AM -- HB 16-1466



Representatives Tyler and K. Becker, co-prime sponsors, presented House Bill 16-1466. In FY 2015-16, the bill transfers $40 million from the Unclaimed Property Trust Fund by June 30, 2016 to be used for affordable housing projects.



Of this amount, $30 million is transferred to the Housing Development Grant Fund. The funds must be used by the Division of Housing in the Department of Local Affairs (DOLA) for new and existing programs to improve, preserve, or expand the supply of affordable housing, including rental assistance for households with low incomes. The State Housing Board must approve the allocation of funds within DOLA.



The remaining $10 million is transferred to the Affordable Housing Assistance Fund, in the Colorado Housing and Finance Authority (CHFA), to support new or existing programs that provide financial assistance to households with an income of 80 percent or less of the area median income. The programs, administered by CHFA, must:



• allow eligible people to finance, purchase, or rehabilitate single family residential homes; or

• provide financial assistance to nonprofits and political subdivisions that make loans to enable eligible people to finance, purchase, or rehabilitate single family residential homes.



The bill gives CHFA the authority to determine how best to spend the $10 million and specifies that the Affordable Housing Assistance Fund may include other money allocated by the state, or from other sources, for the fund's specified purpose.



If the Legislative Council Staff Economic and Revenue Forecast in June 2016 shows that the transfers will result in the state exceeding the TABOR spending limit, the transfers must be reduced to an amount that keeps the state below the TABOR spending limit. The bill is repealed July 1, 2020.



Two handouts on affordable housing were distributed to the committee (Attachments B and C).



160505 AttachB.pdf160505 AttachC.pdf



11:18 AM



Representatives Tyler and Becker responded to questions from the committee.



11:26 AM -- Alison George, representing DOLA, testified in support of the bill.



11:29 AM -- Claire Levy, representing the Colorado Center on Law & Policy, testified in support of the bill. A list of organizations supporting the bill (Attachment D) and a fact sheet on the affordable housing crisis in Colorado (Attachment E) were distributed to the committee.



160505 AttachD.pdf160505 AttachE.pdf



11:34 AM -- Cris White, representing CHFA, testified in support of the bill.

11:36 AM -- Sara Reynolds, representing Housing Colorado, testified in support of the bill.

11:38 AM -- Stefka Fanchi, representing Habitat for Humanity, testified in support of the bill.

11:42 AM -- Kimball Crangle, representing Gorman & Company, testified in support of the bill.

11:44 AM -- Brad Weinig, representing Enterprise Community Partners, testified in support of the bill.

11:45 AM -- Jonathan Harris, representing Build Our Homes Right, testified in support of the bill.

11:48 AM -- Lydia Waligorski, representing the Colorado Coalition Against Domestic Violence, testified in support of the bill.

11:51 AM -- Meghan Dollar, representing the Colorado Municipal League, testified in support of the bill.



11:52 AM



Representative Tyler explained amendment L.001 (Attachment F). Representatives Tyler and K. Becker made their closing comments on the bill.



160505 AttachF.pdf

11:59 AM



The bill was laid over for action later in the meeting.