SB 22-232

Senate Bill 22-232, which has been signed into law in Colorado, establishes the Middle-Income Housing Authority. This new authority will focus on creating affordable rental housing for middle-income workers by building, buying, and fixing up homes. It’s run by a board appointed by the governor with Senate approval, and it can work with private companies to develop these housing projects. The bill aims to help people who earn moderate incomes find stable, long-term housing options. Since the bill has been signed, it is now law and the authority can start its operations according to the outlined guidelines.

Official Summary

The act creates the middle-income housing authority (authority) for the purpose of acquiring, constructing, rehabilitating, owning, operating, and financing affordable rental housing projects for middle-income workforce housing. The authority is governed by a board of directors composed of appointees by the governor with the consent of the senate. The bill specifies requirements governing the appointment of board members and other administrative details. The board must solicit project proposals by October 1, 2022. Rental units in affordable rental housing projects must provide middle-income workforce housing with stable rents. The authority is a "public entity" and is a "special purpose authority" for the purpose of TABOR. The authority is authorized to exercise the powers necessary to acquire, construct, rehabilitate, own, operate, and finance affordable rental housing projects, including but not limited to: The power to issue bonds in connection with its affordable rental housing projects payable solely from revenues from affordable rental housing projects and with no recourse to the state; The power to enter into public-private partnerships and to contract with experienced real estate professionals to develop and operate affordable rental housing projects; The power to employ its own personnel or contract with public or private entities, or both, for services necessary or convenient to the conduct of all of the authority's activities; To provide assistance to tenants in its rental housing to enable a transition to home ownership; and To establish one or more controlled entities to carry out its activities.(Note: This summary applies to this bill as enacted.)

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