Up to $13 million in new funding may soon be available for the construction of affordable housing in Colorado if a bill in the state legislature becomes law.
The measure will place the $13 million in what is called the Unused State-Owned Real Property Fund, thus supporting the state’s existing Public-Private Collaboration Unit, which is tasked with spurring housing on publicly owned land.
The collaboration unit was created last year as the result of a vote by the legislature. It specifically called for the state’s Department of Personal & Administration to plan and design public-private partnership projects with the goal of increasing affordable housing.
An important part of the legislation is the real estate component: by spurring affordable housing construction on land owned by the state, the cost of any such development is substantially reduced.
Now Senator Dylan Robert, in proposing Senate Bill 23-001, hopes to build on last year’s creation of the collaboration unit by exactly spelling out how local public private partnerships can spur affordable home construction.
The legislature further outlines policies for donations and the use of proceeds from real estate transactions, while also establishing, according to the language of the bill, a process for “using requests for information to solicit public projects.”
A recent analysis compiled by the Washington-based group Up for Growth, which is dedicated to housing solutions, said that the Centennial State is currently in need of at least 127,000 new affordable housing units in order to keep up with demand.
Senator Roberts’ bill is now under consideration in the Colorado House of Representatives.
By Garry Boulard
