HB 26-1066

House Bill 26-1066, which has been signed into law, expands tax exemptions for property used in the development of low-income rental housing. Originally, these tax breaks were available only to nonprofit organizations and community land trusts, but now they will also cover developers working on affordable residential rentals for people with lower incomes. This means that more projects aimed at providing affordable homes for rent can benefit from reduced taxes, making it easier for them to build or renovate properties. The bill is now law and will affect property developers and owners involved in low-income housing initiatives across Colorado.

Official Summary

Current law provides an exemption for taxation on property acquired and developed for low-income housing by nonprofit housing providers, community land trusts, and nonprofit affordable homeownership developers. The bill expands the exemption to also include property intended for low-income residential rental property.(Note: This summary applies to this bill as introduced.)

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