Up to $270 million a year in tax revenue will be delegated to an affordable housing fund in Colorado, depending upon the results of this November’s election.
The ballot proposal will set aside 0.01% of the state’s income tax revenue for the fund to greatly increase Colorado’s affordable housing stock.
The effort is being pushed by a group called Make Colorado Affordable, which proved successful in securing nearly 231,000 signatures to get the initiative on the state ballot. Just under 125,000 signatures, by law, were needed.
On the state ballot, the proposal will read as the Dedicated State Income Tax Revenue for Affordable Housing Programs.
If passed, proponents say the initiative could fund the construction of a combination of 170,000 homes and rental units across Colorado over a span of two decades. During that period, the initiative could bring in more than $5 billion in revenue.
The housing would be geared for those making incomes at or below 60% of the area’s median income.
Earlier this year the US Census estimated that Colorado has an immediate shortage of some 225,000 affordable housing units.
By Garry Boulard
