A ballot proposal that would provide up to $300 million on an annual basis in Colorado for the building and creating of new affordable housing has still not been determined more than one day after the election.
As proposed, Proposition 123 would set aside funding from a 0.1% tax each year for such projects. According to an analysis of the measure, it would have a capability of raising $145 million in the current fiscal year, and up to $290 million annually after that.
The proposal, which won the backing of the National Association of Realtors and the Caring for Colorado Foundation, among other groups, as well as many local city officials, across the state.
The initiative was opposed by the Advance Colorado Action, who said that it will take tax revenue that should otherwise be going to the people of the state.
Natalie Menten, board member of the Colorado Taxpayer Bill of Rights Foundation, earlier this year said the measure would “get us more high-density housing and that is not what I want to see more of.”
As it now stands, out of more than 1.9 million votes cast, the proposition is leading by a just under 27,000 votes, with the results expected to be certified within days.
By Garry Boulard
