Election 2022: Affordable-housing proposition has slim lead
Updated at 9:20 p.m.
DENVER — Proposition 123, which would dedicate 0.1% of state income-tax revenue to fund affordable-housing programs, is nearly deadlocked, 50.77% to 49.23% with 1,603,761 votes counted.
The proposition would institute a number of programs, including:
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- Grants to local governments and loans to nonprofit organizations to acquire and maintain land for the development of affordable housing.
- An affordable housing equity program to make equity investments in multi-family rental units to ensure that rent is no more than 30% of a household’s income.
- A concessionary debt program to provide debt financing for low- and middle-income multi-family rental developments and existing affordable housing projects.
- An affordable home ownership program providing down-payment assistance for homebuyers meeting certain income requirements.
- A grant program for local governments to increase capacity to process land use, permitting, and zoning applications for housing projects.
- A program to provide rental assistance, housing vouchers, and other case management for the homeless.
The funding would come from revenue above the state’s TABOR limits that would otherwise be returned to taxpayers.
The proposition is endorsed by state Sens. Rhonda Fields and Julie Gonzales and State Reps. Naquette Ricks and Steven Woodrow. It is supported by organizations such as the National Association of Realtors and Boulder Housing Partners.
It is opposed by organizations such as Advance Colorado Action and the TABOR Foundation.
This story will be updated as more votes are tabulated.
