s_agr_2017a_2017-04-27t13:31:08z11 Hearing Summary

Date: 04/27/2017

Location: SCR 357

03:12 PM -- SCR 17-002



Senator Kefalas, prime sponsor, described the provisions of SCR 17-002 concerning the real estate transfer tax for affordable housing. He also distributed Amendment L.001 (Attachment K) and a handout that shows the cost burden of renters and owners (Attachment L). He also . The resolution refers a constitutional amendment to voters in the November 2017 election to approve a new 0.1 percent transfer tax on the sale of real property beginning in 2019. New revenue from the tax is dedicated to affordable housing. The new tax is collected by the County Clerk and Recorder when a deed is recorded. Counties may retain up to 5 percent of the new tax, with remaining revenue deposited in the state Housing Investment Trust Fund to be administered by the Division of Housing within the Department of Local Affairs. These funds must be spent on affordable housing, defined as housing that is affordable to households with 60 percent of area median income or less. At least 30 percent of funds are required to support affordable housing for households with 30 percent of area median income or less.



170427 AttachK.pdf170427 AttachL.pdf



The following persons testified on the resolution:



03:19 PM -- Diane Thiel, representing herself, spoke in support of the resolution and discussed the shortage of affordable housing in metropolitan Denver. She also identified average salaries for certain jobs in Colorado.



03:23 PM -- Mary Solsick, representing herself, spoke in support of the resolution and explained she is a real estate broker. She also discussed the shortage of affordable housing in metropolitan Denver.



03:26 PM -- Amy Attwood, Colorado Association of Realtors, spoke in opposition to the resolution.



03:28 PM -- Aubrey Hasvold, All Families Deserve a Chance, spoke in support of the resolution.



03:31 PM -- Kristopher Grant, Colorado Center on Law and Policy, spoke in support of the resolution.



03:33 PM -- Cathy Alderman, Colorado Coalition for the Homeless, spoke in support of the resolution.



03:36 PM



The chair closed testimony. The bill was laid over unamended and scheduled on Wednesday, May 3 for action only. The committee recessed.