SB 22-072

Senate Bill 22-072, now signed into law, introduces a three-year pilot program that offers Colorado homeowners over the age of 55 a one-time $500 grant if they rent out space within their home for at least six months to someone seeking long-term housing. This initiative aims to increase rental housing options while providing financial incentives to older homeowners. The program will be managed by the state’s Department of Local Affairs and details about it will be included in property tax notices sent to qualifying seniors.

Official Summary

The bill creates the grants to homeowners to make residential space available to renters grant program (grant program) as a 3-year pilot program in the division of housing (division) within the department of local affairs (DOLA). The grant program is established to provide state assistance in the form of a one-time grant award of $500 to eligible recipients who make residential space available within their homes for the use of individuals seeking long-term rental housing. The grant program must operate for 3 consecutive state fiscal years, commencing with the 2023-24 state fiscal year through the 2025-26 state fiscal year. The division administers the grant program. The division is required to create a process by which grant awards are made. In order to be eligible to receive a grant award under the bill, an individual must: Be the owner of record of residential real property that the individual occupies as the individual's primary residence (owner-occupier); Be at least 55 years of age as of the date of an application submitted by the individual for a grant award; Make residential space available within the owner-occupier's home for use by an individual seeking housing on a rental basis for a period of not less than 180 consecutive days. The bill creates the grants to homeowners to make residential space available to renters grant program fund (fund) in the state treasury. The fund funds grant awards under the grant program and the administrative costs of the division in administering the grant program. The division is required to publish on an annual basis a report summarizing the use of the money that was awarded under the grant program in the preceding fiscal year. The bill specifies minimum contents of the report, and the report must be posted on DOLA's and the division's websites. The division is also required to prepare educational materials concerning the grant program and to display such materials on its page on DOLA's website. Each county treasurer is required to include general information about the grant program in the notice the assessor sends concerning the property tax exemption for qualifying seniors. The division is required to provide information to the county treasurers about the grant program for inclusion in the notice. (Note: This summary applies to this bill as introduced.)

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