Coloradans will vote on an affordable housing measure for the first time ever this November, one that would divert nearly $300 million in annual funding toward a first-of-its-kind program.
is unique in its breadth and scale, supporters and analysts said. It would support eviction defense, down-payment assistance, new housing development, the purchasing of land for future use and direct payments to renters.
If approved, Prop 123 wouldn’t raise taxes. It would instead allow the state to keep 0.1% of taxable income each year, projected at $290 million from 2023 onward, as a carve-out of the Taxpayer’s Bill of Rights, or TABOR. That first step may also mean that TABOR checks could be lower going forward, a fact that’s drawn the criticism of the conservative group Advance Colorado. Senior advisor Michael Fieldssaid Coloradans need their full tax refunds now more than ever. He also questioned whether the measure would actually build as many units as advertised.Prop 123’s passage could mean TABOR checks would be $43 lower in 2023 and $86 lower in 2024.
The money diverted by the measure would go toward several programs, including “land banking,” which would give forgivable loans and grants to local governments and nonprofit organizations to buy land for future housing development. Normally, housing developers get most of their funding from a standard bank with relatively low-interest rates, Johnston said. They get the rest from investment firms that expect substantial, and speedy, returns.
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