HB 22-1282

HB 22-1282, also known as The Innovative Housing Incentive Program, provides funding for Colorado businesses that manufacture specific types of housing with up to 500 employees. This includes grants and loans aimed at reducing operating costs and encouraging the production of affordable, energy-efficient homes across the state. The bill allocates $40 million from the general fund to support these incentives and requires annual reports on how this money is spent. Since it has been signed into law, businesses can now apply for funding under this program to help expand housing options in Colorado.

Official Summary

The act creates the innovative housing incentive program (program) within the office of economic development (office). A business located in Colorado that has 500 or fewer employees and that manufactures certain types of housing may apply for funding through the program. Funding may be awarded through grants for operating expenses and for incentives for units manufactured based on criteria established by the office such as affordability, location where the unit is installed in the state, or meeting energy efficiency standards. Funding may also be awarded through loans that fund a new housing manufacturing factory or the expansion of an existing housing manufacturing factory. The act creates the innovative housing incentive program fund, requires a $40 million transfer to the fund of money from the affordable housing and home ownership cash fund that originates from the general fund, and continuously appropriates all money in the fund to the office to fund the program. The office must annually report to the general assembly regarding the expenditure of money from the innovative housing incentive program fund. (Note: This summary applies to this bill as enacted.)

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