8 Colo. Code Regs. § 1302-16. HOUSING INVESTMENT TRUST FUND INCOME LIMITS AND DEFINITION OF A SINGLE PERSON AS AN ELIGIBLE ENTITY FOR ASSISTANCE
09/30/2020 – 08/07/2024
Rule 1. Income limits for Housing Investment Trust Fund
Low-income families are those with incomes at or below 80% of median household income for specific geographical areas and household size as published in the HUD Multifamily Tax Subsidy Income Limits.
Moderate income families are those with incomes at or below 120% of the median household income for specific geographical areas and household size as published in the HUD Multifamily Tax Subsidy Income Limits.
Rule 2. Definition of a single person as an eligible entity for housing created with assistance from the housing investment trust fund.
A single person is eligible for housing created with assistance under the housing investment trust fund when such person’s income, added to the income(s) of any persons residing at the same address, do not, in total, exceed the income limits established for the housing investment trust fund.
- Colo. Rev. Stat. § 24-32-706 State housing board
05/25/2023 – 08/07/2024
(1) There is created, within the division of housing, the state housing board. The governor shall appoint one member from each congressional district in the state to the board. The member must be a qualified elector of the congressional district from which the member is appointed. In making appointments to the board, the governor shall include representation by at least one member who is a person with a disability, as defined in section 24-34-301, a family member of a person with a disability, or a member of an advocacy group for persons with disabilities.
(2) The term of office for a member is four years; except that the terms shall be staggered so that no more than a minimum majority of the members’ terms expire in the same year. Members shall not serve more than two consecutive full terms. All members shall be appointed with the consent of the senate.
(3) A vacancy on the board occurs whenever any member moves out of the congressional district from which the member was appointed. A member who moves out of such congressional district shall promptly notify the governor of the date of such move, but such notice is not a condition precedent to the occurrence of the vacancy. The governor shall fill the vacancy as provided in subsection (5) of this section.
(4) Not more than a minimum majority of the members may be affiliated with any one political party.
(5) Any vacancy shall be filled by the governor pursuant to subsection (1) of this section for the unexpired term.
(6) Members of the board shall serve without compensation but shall be reimbursed for necessary expenses incurred in the performance of their duties.
(7) The board shall meet upon call of the chair or whenever directed by the governor.
(8) The governor may remove any appointed member of the board for misconduct, incompetence, or neglect of duty, and any such removal, when made, shall not be subject to review.
- Colo. Rev. Stat. § 29-32-102. State affordable housing fund
12/27/2022 – 08/07/2024
(1) The state affordable housing fund is hereby created in the state treasury. Commencing on January 1, 2023, all state revenues collected from an existing tax on one-tenth of one percent on federal taxable income, as modified by law, of every individual, estate, trust, and corporation, as defined in law, as calculated pursuant to subsection (4) of this section, shall be deposited in the fund by the state treasurer. The revenue deposited into the fund pursuant to this subsection (1) shall not be subject to the limitation on fiscal year spending specified in section 20 of article X of the state constitution.
(2) The fund shall consist of money deposited into the fund under subsection (1) of this section; any money appropriated to the fund by the general assembly; and any gifts, grants, or donations from any public or private sources, including governmental entities, that the division and the office are hereby authorized to seek and accept.
(3) All money not expended or encumbered, and all interest earned on the investment or deposit of money in the fund, shall remain in the fund and shall not revert to the general fund or any other fund at the end of any fiscal year.
(4)
(a) The legislative council, in consultation with the office of state planning and budgeting, shall calculate the amount of revenues to be deposited in the fund for the period commencing January 1, 2023 and ending June 30, 2023, and for each state fiscal year commencing on or after July 1, 2023. The legislative council and the office of state planning and budgeting shall rely upon the quarterly state revenue estimates issued by the legislative council in calculating such amounts and shall update its calculations not later than five days following the issuance of each quarterly state revenue estimate.
(b) To ensure that all fund revenues are transferred to the fund and that other state revenues are not erroneously transferred to the fund:
(I) No later than two days after calculating or recalculating the amount of fund revenues for the period commencing January 1, 2023 and ending June 30, 2023, and for any fiscal year commencing on or after July 1, 2023, the legislative council, in consultation with the office of state planning and budgeting, shall certify to the department of revenue the amount of fund revenues that the department shall transfer to the state treasurer for deposit into the fund on the first day of each of the three succeeding calendar months as required by paragraph (c) of this subsection (4);
(II) Notwithstanding the provisions of subparagraph (I) of this paragraph (b), no later than May 25 of 2023 and of any state fiscal year commencing on or after July 1, 2023, the legislative council, in consultation with the office of state planning and budgeting, may certify to the department of revenue an adjusted amount for any transfer to be made on the first business day of the immediately succeeding June; and
(III) Subject to review by the state auditor, the legislative council, in consultation with the office of state planning and budgeting, may correct any error in the total amount of state affordable housing revenues transferred during any state fiscal year by adjusting the amount of any transfer to be made during the next state fiscal year.
(c) On the first business day of each calendar month that commences after January 5, 2023, the department of revenue shall transfer to the state treasurer for deposit into the fund revenues in an amount certified to the department by the legislative council, in consultation with the office of state planning and budgeting, pursuant to paragraph (b) of this subsection (4).
- Colo. Rev. Stat. § 29-32-104. Permissible expenditures–affordable housing programs—report
06/05/2023 – 08/07/2024
(1) The office shall contract with the administrator. The office may select an administrator without a competitive procurement process but shall announce the contract opening publicly and select the administrator in a meeting that is open to the public, no less than seventy-two hours after notice of such meeting is publicly available. No single contract may exceed five years in duration. Upon the expiration of any contract term, the office may renew the contract with the same administrator or may select another administrator. The administrator selected by the office shall expend the money transferred to the financing fund in section 29-32-103(2) that the administrator receives from the office to support the following programs only:
(a) A land banking program to be administered by the administrator. The program shall provide grants to local governments and tribal governments and loans to non-profit organizations with a demonstrated history of providing affordable housing to acquire and preserve land for the development of affordable housing. For purposes of this subsection (1)(a), “affordable housing” means rental housing that has a designated imputed income limit by household size not to exceed sixty percent of the area median income as established by the United States Department of Housing and Urban Development and published by the department or a statewide political subdivision or authority on housing, and regulated units in the project must have a gross rent limit that does not exceed thirty percent of the imputed income limitation applicable to the units and for-sale housing that could be purchased by a household with an annual income of at or below one hundred percent of the area median income. Mixed use development is an allowable use of land purchased under this program if the predominant use of the land is affordable housing. Loans made by the program shall be forgiven if land acquired with the assistance of the program is properly zoned with an active plan for the development of affordable housing within 5 years of date the loan is made and if the development is permitted and funded within 10 years. The lender and borrower may establish additional terms if needed. If land acquired with the assistance of the program is not developed within the timeline above, the loan must be repaid, with interest, as soon as practical, but not more than six months after expiration of said timeline, unless the office agrees to extend all or a portion of the timeline in its reasonable discretion. Land acquired with the assistance of the program that is not developed within the timeline above may be used by the owner for any purpose upon payment of the loan with interest or, in exchange for a waiver of interest, conveyed to a state agency or other entity for the development of affordable housing with the approval of the administrator. All principal and interest payments on loans made under this paragraph (a) shall be paid to the administrator and used by the administrator for the purposes set forth in this subsection (1). As determined by the administrator, a minimum of 15% and a maximum of 25% of monies transferred to the financing fund annually may be used for the program. The administrator may utilize the funds it receives from the office for the program to pay for the costs of administering the program; except that the total combined annual administrative expenditures of money from the financing fund by the administrator and the office shall not exceed two percent of the funds the administrator receives from the office for the program for the state fiscal year.
(b) An affordable housing equity program to be administered by the administrator. The program shall make equity investments in low- and middle-income multi-family rental developments. The program shall also make equity investments in existing projects which include multi-family rental units for the purpose of ensuring that said projects remain affordable. The average designated imputed income by household size for projects funded by the program must not exceed 90% of the area median income as established by the United States Department of Housing and Urban Development and published by the department or a statewide political subdivision or authority on housing, and regulated units in the project must have a gross rent limit that does not exceed thirty percent of the imputed income limitation applicable to the units. The program shall include a tenant equity vehicle, meaning, in projects funded by the program, tenants who reside in the project for at least one year shall be entitled to a share of the equity growth in the project, if any, in the form of funding from the program for a down-payment on housing or related purposes, which may also include ongoing opportunities for tenants to build up their savings, in an amount determined by the administrator. Equity investments made by the program shall be made with the expectation of returns that are below the prevailing market returns. Returns on program investments up to the amount of the program’s initial investment shall be retained in the program and reinvested. Returns on program investments greater than the program’s initial investment shall be retained in the program to fund the tenant equity vehicle. In selecting investments under this program, the administrator shall prioritize high-density housing, mixed-income housing, and projects consistent with the goal of environmental sustainability. As determined by the administrator, a minimum of 40% of monies and a maximum of 70% of monies transferred to the financing fund annually may be used for the program. The administrator may utilize the funds it receives from the office for the program to pay for the costs of administering the program; except that the total combined annual administrative expenditures of money from the financing fund by the administrator and the office shall not exceed two percent of the funds the administrator receives from the office for the program for the state fiscal year.
(c) A concessionary debt program to be administered by the administrator. The program shall:
(I) Provide debt financing of low- and middle-income multi-family rental developments,
(II) Provide gap financing in the form of subordinate debt and pre-development loans for projects that qualify for federal low income housing tax credits,
(III) Provide debt financing of existing projects for the purpose of preserving existing affordable multi-family rental units;
(IV) Provide debt financing for modular and factory build housing manufacturers; and
(V) Include the following features:
(A) The average designated imputed income by household size for projects funded by the subprograms specified in subsections (1)(c)(I), (1)(c)(II), and (1)(c)(III) of this section must not exceed 60% of the area median income as established by the United States Department of Housing and Urban Development and published by the department or a statewide political subdivision or authority on housing, and a unit in the project must have a gross rent limit that does not exceed thirty percent of the imputed income limitation applicable to the unit; except that where the subprogram is a secondary source of funding, the affordability threshold required by the primary funding source, if any, may be operative. The subprogram specified in subsection (1)(c)(IV) of this section does not have a designated imputed income or rent limit. Debt financing and loans made by the program shall be made at below market interest rates as determined by the administrator. Returns on program investments up to the amount of the program’s initial investment shall be retained in the program and reinvested by the administrator in the program established in this subsection (1)(c). Returns on program investments greater than the program’s initial investment shall be retained in the program to fund the tenant equity vehicle of the affordable housing equity program created in subsection (1)(b) of this section.
(B) As determined by the administrator, a minimum of 15% of monies and a maximum of 35% of monies transferred to the financing fund annually may be used for the program. The administrator may utilize the funds it receives from the office for the program to pay for the costs of administering the program; except that the total combined annual administrative expenditures of money from the financing fund by the administrator and the office shall not exceed two percent of the funds the administrator receives from the office for the program for the state fiscal year.
The average of rents for projects funded by the program (calculated by adding together the monthly rent for all units in a project and dividing by the number of units in the project) must be and remain permanently affordable (meaning that a household shall not be required to spend more than 30% of household income on rent and basic utilities) for households that are at or below 60% of the area median income of households of that size in the territory or jurisdiction of local government in which the housing is located, as calculated and published for a given year by the United States Department of Housing and Urban Development (the affordability threshold); except that where the program is a secondary source of funding, the affordability threshold required by the primary funding source, if any, may be operative. Debt financing and loans made by the program shall be made at below market interest rates as determined by the administrator. Returns on program investments up to the amount of the program’s initial investment shall be retained in the program and reinvested by the administrator in the program established in this paragraph (c). Returns on program investments greater than the program’s initial investment shall be retained in the program to fund the tenant equity vehicle of the affordable housing equity program created in subsection (1)(b) of this section. As determined by the administrator, a minimum of 15% of monies and a maximum of 35% of monies transferred to the office from the fund annually may be used for the program. The administrator may utilize up to two percent of the funds it receives from the office for the program annually to pay for the costs of administering the program.
(2) In selecting investments to be made by the programs of subsection (1) of this section, the administrator shall prioritize projects that achieve high-density housing, mixed-income housing, and projects consistent with the goal of environmental sustainability, as appropriate.
(3) The division of housing and the division of local government shall expend the money transferred to the support fund in section 29-32-103(1) to support the following programs only:
(a) An affordable home ownership program administered by the division or one or more contractors of the division. The program shall offer home ownership down-payment assistance to first-time homebuyers and shall prioritize assistance, to the extent practicable, to first-generation homebuyers. The assistance shall be provided to households with income less than or equal to 120% of the area median income of households of that size in the territory or jurisdiction of local government or tribal government in which the housing is located, as calculated and published for a given year by the United States Department of Housing and Urban Development, and the cost of the monthly housing payment towards mortgage principal, mortgage interest, property taxes, mortgage and homeowner’s insurance, homeowner association fees, land lease fees, and metropolitan district fees shall not cost more than 35% of monthly household income. The program shall also make grants to non-profits, local governments, tribal governments, community development financial institutions, and community land trusts to support affordable home ownership. The program shall also make grants or loans to groups or associations of mobile home owners and their assignees to assist them with the purchase of a mobile home park pursuant to section 38-12-217. Said grants and loans shall be used to support affordable home ownership for households with income less than or equal to 100% of the area median income of households of that size in the territory or jurisdiction of local government or tribal government in which the households are located, as calculated and published for a given year by the United States Department of Housing and Urban Development, and the cost of the monthly housing payment towards mortgage principal, mortgage interest, property taxes, mortgage and homeowner’s insurance, homeowner association fees, land lease fees, and metropolitan district fees shall not cost more than 35% of monthly household income. All principal and interest payments on loans made under this paragraph (a) shall be paid to the division and used by the division for the purposes set forth in this subsection (3). Up to 50% of monies transferred to the support fund annually may be used for the program. The division shall determine how much of the available funding shall be allocated to each aspect of the program. The division may utilize up to 5% of the funds it allocates from the fund for the program each state fiscal year to pay for the direct and indirect costs of administering the program.
(b) A program serving persons experiencing homelessness to be administered by the division. The program shall provide rental assistance, housing vouchers, and eviction defense assistance, including legal, financial, and case management, to persons experiencing homelessness or at risk of experiencing homelessness. The program shall also make grants or loans to non-profit organizations, local governments, tribal governments, or private entities to support the development and preservation of supportive housing for persons experiencing homelessness, and other homelessness related activities the division determines contribute to the resolution of or prevention of homelessness, including housing programs paid for by non-profit organizations, local governments, tribal governments, or private entities on a pay for success basis, meaning an organization, local government, tribal government, or private entity would receive financial support from the program upon achieving objectives contractually agreed upon with the division. All principal and interest payments on loans made under this paragraph (b) shall be paid to the division and used by the division for the purposes set forth in this subsection (3). Up to 45% of monies transferred to the support fund annually may be used for the program. The division may utilize up to 5% of the funds it allocates from the fund for the program each state fiscal year to pay for the direct and indirect costs of administering the program.
(c) A local planning capacity development program administered by the division of local government. The program shall provide grants to local governments and tribal governments to increase the capacity of local government and tribal government planning departments responsible for processing land use, permitting and zoning applications for housing projects. Up to 5% of monies transferred to the support fund annually may be used for the program. The division of local government may utilize up to 5% of the funds that the division of housing allocates from the fund for the program each state fiscal year to pay for the direct and indirect costs of administering the program.
(4) On or before October 1, 2024, and October 1 of the next two years thereafter, the office and division shall respectively provide to the joint budget committee, the senate local government and housing committee, and the house of representatives transportation, housing, and local government committee, or their successor committees, a report about the disbursements from the financing fund and support fund for the prior state fiscal year. In the reports, the office and the division shall include the following information about each affordable housing program:
(a) The applicants for funding, the projects funded, and the projects that were denied, along with the reason for the denial;
(b) The anticipated or actual number of households served and the number of affordable housing rental units and for-sale units funded; and
(c) The geographic distribution of the funding.
(5) If the Legislative Council Staff’s March Economic and Revenue Forecast in any given year projects revenue for the next state fiscal year will fall below the revenue limit imposed under section 20 of article X of the state constitution, the general assembly may reduce the funding allocated to the office required by this section for the next state fiscal year in order to balance the state budget for said state fiscal year.
- Colo. Rev. Stat. § 29-4-704 Colorado housing and finance authority
02/25/2022 – 08/07/2024
(1) There is hereby created the Colorado housing and finance authority, which shall be a body corporate and a political subdivision of the state, shall not be an agency of state government, and shall not be subject to administrative direction by any department, commission, board, bureau, or agency of the state.
(2) The powers of the authority shall be vested in the governing body of the authority, which shall be a board of directors consisting of:
(a) The state auditor;
(b) A member of the general assembly appointed jointly by the speaker of the house and the majority leader of the senate to serve for the legislative biennium. The legislative member shall be appointed in January at the beginning of the regular session held in odd-numbered years.
(c) Eight persons, who shall be appointed by the governor, with the consent of the senate, as follows:
(I) One member who shall be experienced in mortgage banking;
(II) One member who shall be experienced in real estate transactions;
(III) Six additional members to be appointed without regard to their occupations; except that, in making such appointments, the governor shall give strong consideration to the appointment of a member trained in architecture and a member trained in city or regional planning;
(d) An executive director of a principal department of the state government appointed by the governor who shall serve at the pleasure of the governor.
(3)
(a) Each member appointed by the governor shall be appointed for a term of four years; except that the terms shall be staggered so that no more than three members’ terms expire in the same year.
(4) Each member shall hold office for the member’s term and until a successor is appointed. Any member is eligible for reappointment, but members are not eligible to serve more than two consecutive full terms. Members of the board serve without compensation for such services but are entitled to be reimbursed for their necessary expenses while serving as a member of the board. Any vacancy shall be filled in the same manner as the original appointments for the unexpired term.
(5) Any appointed member of the board may be removed by the governor, and the legislative representative by the speaker of the house and the majority leader of the senate, for malfeasance in office, failure to regularly attend meetings, or for any cause which renders said member incapable of or unfit to discharge the duties of his office.
(6) No part of the revenues or assets of the authority shall inure to the benefit of, or be distributed to, its members or officers or any other private persons or entities.
(7) The authority and its corporate existence shall continue until terminated by law; except that no such law shall take effect so long as the authority has bonds, notes, or other obligations outstanding, unless adequate provision has been made for the payment thereof. Upon termination of the existence of the authority, all its rights and properties in excess of its obligations shall pass to and be vested in the state.
- Colo. Rev. Stat. § 24-32-705.5. Annual public report on funding of affordable housing preservation and production—definition
06/01/2022 – 08/07/2024
(1) Commencing in 2021 and every year thereafter, as part of the department’s presentation to its joint committees of reference at a hearing held pursuant to section 2-7-203 (2)(a) of the “State Measurement for Accountable, Responsive, and Transparent (SMART) Government Act”, in accordance with this section, the division shall prepare a public report that specifies the total amount of money that:
(a) The division or the board was appropriated, awarded, allocated, or transferred from any federal, state, other public, or any private source during the prior fiscal year that may be used for the preservation or production of emergency or affordable housing;
(b) The division or the board has awarded from any federal, state, other public, or any private source during the prior fiscal year in the form of a grant, contract, or loan to promote the preservation or production of emergency or affordable housing;
(c) The division expended during the prior fiscal year on administrative costs associated with each funding source identified in subsection (1)(a) of this section and the number of full-time employees supported by the funding source identified; and
(d) The division uses of existing state and federal funds to provide the best use of subsidies to maximize unit production including developments in high-need, difficult-to-develop areas, and confirmation of rules and practices that ensure developments are not disqualified from further support from the division or the office of economic development based on prior receipt of money pursuant to article 32 of title 29.
(1.3) For the public report required pursuant to subsection (1) of this section, for 2025 and each year thereafter, the division shall include the following information concerning any affordable housing program administered by the division in the year preceding the year in which the public report is presented:
(a) The number of applications, by program, submitted to the division;
(b) The number of applications approved by the division, by program;
(c) The number of applications denied by the division, by program;
(d) The aggregate amount of money awarded for all approved applications;
(e) The aggregate amount of money applied for but not awarded for all denied applications, by program; and
(f) The number of applications, by program, pending review and the aggregate amount of money applied for in all pending applications at the time of the public report.
(1.5)(a) For the public report required pursuant to subsection (1) of this section, for 2025and each year thereafter, the division shall include the following information concerning the fund:
(I) The total amount of revenue in the fund and an identification of each source of all revenue in the fund categorized by the amount of revenue that is attributable to each source;
(II) The total amount of money in the fund;
(III) The aggregate amount of money in the fund encumbered by an award letter and the aggregate amount of money in the fund encumbered by an executed contract for grants from the fund;
(IV) The aggregate amount of money in the fund encumbered in the year prior to the year in which the public report is prepared that was unencumbered in any year prior to the reporting year;
(V) The amount of unencumbered money in the fund at the time the public report is prepared;
(VI) The amount of money transferred from the fund to any other fund in the year prior to the year in which the public report is prepared and an identification of the funds to which money from the fund was transferred;
(VII) The number of contracts drafted and executed for loans or grants from the fund and the number of days it took to execute each contract. If the average number of days to execute contracts included in the report is more than ninety days, the division shall include an explanation regarding this average and a plan to reduce the average to ninety days or less.
(VIII) The average number of days to produce preliminary versions of contracts after money in the fund is awarded to recipients. If the average number of days to produce preliminary versions of contracts included in the report is more than thirty days, the division shall include an explanation regarding this average and a plan to reduce the average to thirty days or less.
(IX) The average number of days for recipients to receive signed contracts after the contracts are approved and terms are finalized by the division and the recipient. If the average number of days for recipients to receive signed contracts after the contracts are approved and terms are finalized is more than ten days, the division shall include an explanation regarding this average and a plan to reduce the average to ten days or less.
(b) As used in this subsection (1.5), unless the context otherwise requires, “fund” means the housing development grant fund created in section 24–32–721(1).
(2) With respect to any funding award made by the division or the board to promote the preservation or production of emergency or affordable housing in the form of a grant or loan, the report must identify the:
(a) Applicant for the award;
(b) Name of the project being funded by the award;
(c) Source of the award funding for the project;
(d) Amount of award funding that was requested for the project identified at the time the final application was submitted;
(e) Amount of funding awarded through the grant or loan;
(f) Total cost of the entire project being funded by the award;
(g) Municipality and county in which the project being funded by the award is located;
(h) Type of housing solution being funded by the award, such as homeownership, rental, emergency, or affordable housing;
(i) Purpose of the award, such as new construction of housing, preservation of existing housing, down payment assistance, land acquisition, or repairs of owner-occupied housing; and
(j) Number of housing units built, acquired, rehabilitated, or preserved by the award.
(3) Each report must also provide a summary describing the source and amount of all funding appropriated, re-appropriated, transferred, or otherwise made available to the division of housing that may be used for the preservation or production of emergency or affordable housing.
(3.3) For the public report required by subsection (1) of this section, the division must include, on an annual basis, the information required to be included in accordance with section 24-32-731 (10).
(3.5) For the public report required by subsection (1) of this section, the division shall include in the report for each year of the connecting Coloradans experiencing homelessness with services, recovery care, and housing supports grant program’s operation, the information required pursuant to section 24-32-732.
(3.7)
(a) For the public report required by subsection (1) of this section that the division is required to prepare in 2023 and 2024, the division shall include in the report for each year the information required to be included in the report in accordance with section 23-32-729 (5).
(b) This subsection (3.7) is repealed, effective July 1, 2026.
(4) The division shall post the most recent version of the annual public report it has prepared as required under subsection (1) of this section in a prominent place on the division’s website. In addition, on an annual basis, the division shall deliver a copy of the most recent version of the report to the board as well as to the joint committees of reference for purposes of the hearing held pursuant to section 2-7-203 (2)(a) of the “State Measurement for Accountable, Responsive, and transparent (SMART) Government Act”.
(5) Notwithstanding section 24-1-136 (11)(a)(I), the requirement to submit the report required by subsection (1) of this section continues indefinitely.
(6) As used in this section,“affordable housing” means any current or prospective structure that has benefitted from, or that may benefit from, the award of a place-based grant or loan by the division. For purposes of this section, “affordable housing” includes permanent residences, such as rental or for-sale housing inhabited by low-, moderate-, and middle- income households, as well as temporary and emergency housing such as transitional housing and shelters and households that will benefit from down payment assistance.
- Colo. Rev. Stat. § 24-32-717. Housing investment trust fund–loans–definitions
04/01/2024 – 08/07/2024
(1)
(a) The division shall establish a housing investment trust fund, referred to in this section as the “trust fund”. The division shall pay into the trust fund any moneys made available by the general assembly, all moneys collected by the division for purposes of this section from federal grants and from other contributions, gifts, grants, and donations received from any other organization, entity, or individual, public or private, and from any fees or interest earned on such moneys, which moneys the division is hereby authorized and directed to solicit, accept, expend, and disburse for the purpose of making loans or loan guarantees and for program administration as provided in this section. Any moneys in the trust fund at the end of any fiscal year do not revert to the general fund. The moneys in the trust fund are hereby continuously appropriated to the division for the purposes specified in this section. For any given state fiscal year, no more than three percent of the moneys appropriated from the trust fund may be expended for the administrative costs of the division in administering the trust fund.
(b) (Deleted by amendment, L. 2014.)
(2) Subject to the requirements of this section, upon the approval of the board, the division may make a loan from moneys in the trust fund for development or redevelopment costs incurred prior to the completion of low- or moderate-income housing or for the rehabilitation of such housing. The interest rate on such loan shall be determined by the board and set forth in the loan agreement signed by the applicant. In conjunction with the making of such loan, the division shall require the borrower to furnish collateral security in such amounts and in such form as the division shall determine to be necessary to assure the payment of such loan and the interest thereon as the same become due. The loan shall be subject to the terms and conditions imposed by the division and shall be repaid within the time and in the manner specified by the division in the loan agreement. In making loans of moneys from the trust fund, the division shall give priority to owners of property that was either destroyed or incurred substantial damage as a result of one or more state or federally declared natural disasters.
(3) As principal and interest payments are received by the division from the borrower, such moneys shall be deposited in the trust fund.
(3.5) Notwithstanding any other provision of this section, on or after May 29, 2014:
(a) The division may charge the borrower an origination fee for loans made from the trust fund. The fee must be used for direct and indirect costs associated with the administration of the trust fund.
(b) The division shall not guarantee any loan made to a for-profit organization or entity unless the loan is secured on a recourse basis; and
(c) The total amount of loan guarantees that may be made by the division against the trust fund shall not exceed either two million dollars for any one project or up to five million dollars for all such projects at any one time.
(3.7) If applications are required for loans pursuant to this section, the application process must be in accordance with the process set forth in section 24–32–705.7.
(4) For the purposes of this section, unless the context otherwise requires, the following definitions shall apply:
(a) “Family” means two or more persons related by blood, marriage, or adoption who live or expect to live together as a single household in the same home, a single person who is either at least sixty-two years of age or has a disability, or a single person whom the board may by regulation determine to be eligible for assistance under this part 7.
(b) “Low- or moderate-income family” means a family whose income is insufficient to secure decent, safe, and sanitary housing provided by private industry without public assistance and whose income is below the respective income limits established by the board by regulation, taking into consideration such factors as the following:
(I) The amount of the total income of such family available for housing needs;
(II) The size of the family;
(III) The cost and condition of housing facilities available;
(IV) The ability of such family to compete successfully in the private housing market and to pay the amounts at which private enterprise is providing decent, safe, and sanitary housing; and
(V) Standards established by various programs of the federal government for determining eligibility based on the income of such family.
(c) “Low- or moderate-income housing” means a residential structure or structures occupied by one or more low- or moderate-income families.
(5) Repealed.
- Colo. Rev. Stat. § 24-75-226. “American Rescue Plan Act of 2021” cash fund–creation–recipient funds–limitations–reporting–legislative declaration–definitions–repeal
04/01/2024 – 08/07/2024
(1) As used in this section, unless the context otherwise requires:
(a) “American Rescue Plan Act of 2021” means the federal “American Rescue Plan Act of 2021”, Pub.L. 117-2, as the act may be subsequently amended.
(a.5) “Coronavirus state fiscal recovery fund” means the federal fund created in 42 U.S.C. sec. 802, or any successor fund.
(a.7) “Discretionary account” means the discretionary account created in the fund in subsection (4)(a)(II) of this section.
(b) “Fund” means the “American Rescue Plan Act of 2021” cash fund created in subsection (2) of this section.
(c) “Office” means the office of state planning and budgeting created in section 24-37-102.
(c.5) “Personal services” has the same meaning as set forth in section 24-75-112 (1)(m).
(d) “Recipient fund” means a cash fund that includes any money that at one time was in the “American Rescue Plan Act of 2021” cash fund created in subsection (2) of this section.
(e) “Secretary” means the secretary of the treasury of the United States.
(f) “Subrecipient” means a person that receives money from the fund or a recipient fund to carry out a program or project on behalf of the state but that is not a beneficiary of the services or benefits provided through the program or project.
(2) The “American Rescue Plan Act of 2021” cash fund is hereby created in the state treasury. The fund consists of money credited to the fund pursuant to subsections (3) and (3.5) of this section.
(3)
(a) From the money the state received from the federal coronavirus state fiscal recovery fund under section 9901 of title IX, subtitle M of the “American Rescue Plan Act of 2021”, the state treasurer shall transfer three billion four hundred forty-eight million seven hundred sixty-one thousand seven hundred ninety dollars, and any interest and income earned thereon, to the fund on the effective date of this subsection (3).
(b) The state treasurer shall deposit in the fund any money that a local government receives from the federal coronavirus local fiscal recovery fund and transfers to the state under section 9901 of title IX, subtitle M of the “American Rescue Plan Act of 2021”.
(c) The state treasurer shall credit all interest and income derived from the deposit and investment of money in the fund to the fund.
(d) The fund also includes the amount transferred to the fund in accordance with section 24-75-228 (3.5)(a).
(3.5) On June 30, 2024, the state treasurer shall transfer to the fund the following amounts from money that originated from the money the state received from the coronavirus state fiscal recovery fund from the following recipient funds, including a companion fund or any account in the fund, at the end of the 2023-24 state fiscal year:
(a) Two hundred forty-eight million two hundred forty-four thousand eighty-three dollars and sixty-two cents from the discretionary account, created in subsection (4)(a)(II) of this section;
(b) Two hundred sixty-eight million seven hundred forty-four thousand three hundred forty-two dollars and seventy-one cents from the behavioral and mental health cash fund, created in section 24-75-230;
(c) Fourteen million five hundred thousand dollars from the broadband administrative fund, created in section 24-37.5-119;
(d) Seven million one hundred thirty-four thousand two hundred eighty-two dollars from the Colorado economic development fund, created in section 24-46-105;
(e) Ten million three hundred sixty-eight thousand one hundred fifty-nine dollars from the Colorado heritage communities fund, created in section 24-32-3207;
(f) Twenty-one million five hundred forty-five thousand three hundred seven dollars from the Colorado opportunity scholarship initiative fund, created in section 23-3.3-1005;
(g) Seven million dollars from the Colorado water conservation board construction fund, created in section 37-60-121;
(h) Ninety million nine hundred eighty thousand dollars from the connecting Coloradans experiencing homelessness with services, recovery care, and housing supports fund, created in section 24-32-732;
(i) Eleven million two thousand five hundred twenty-nine dollars from the digital inclusion grant program fund, created in section 24-37.5-904;
(j) One hundred thirty-five million eight hundred seventy-five thousand five hundred forty-eight dollars and fifty-four cents from the economic recovery and relief cash fund, created in section 24-75-228;
(k) Three million dollars from the healthy forests and vibrant communities fund, created in section 23-31-313;
(l) Twenty thousand dollars from the housing development grant fund, created in section 24-32-721;
(m) Twenty-nine million two hundred nine thousand five hundred seventy-six dollars from the infrastructure and strong communities grant program fund, created in section 24-32-133;
(n) Seventeen million dollars from the judicial department information technology cash fund, created in section 13-32-114;
(o) One hundred twenty-five million six hundred thousand dollars from the local investments in transformational affordable housing fund, created in section 24-32-729;
(p) Ninety-six million one hundred sixty thousand dollars from the multimodal transportation and mitigation options fund, created in section 43-4-1103;
(q) Forty-nine million six hundred fifty-two thousand nine hundred thirty-six dollars from the regional navigation campus cash fund, created in section 24-32-727;
(r) Sixty-eight million seven hundred thirty thousand dollars from the regional talent development initiative grant program fund, created in section 24-48.5-406;
(s) Two hundred ninety-nine million three hundred sixty-two thousand three hundred two dollars and seventy-three cents from the revenue loss restoration cash fund, created in section 24-75-227;
(t) Two million three hundred thousand dollars from the rural provider access and affordability fund, created in section 25.5-1-207;
(u) Seventy-five million three hundred thirty thousand dollars from the state highway fund, created in section 43-1-219;
(v) Forty thousand dollars from the wildfire mitigation capacity development fund, created in section 24-33-117; and
(w) Twenty-two million two hundred twelve thousand three hundred ninety-nine dollars and fourteen cents from the workers, employers, and workforce centers cash fund, created in section 24-75-231.
(4)
(a)
(I)The general assembly shall not appropriate money from the fund except as described in this subsection (4)(a) and subsection (5)(f) of this section. The general assembly may transfer money in the fund to another cash fund that is established for the purpose of using the money from the federal coronavirus state fiscal recovery fund. Transfers from the fund to the general fund are prohibited. A department shall not use money appropriated pursuant to this subsection (4) for any purpose prohibited by the “American Rescue Plan Act of 2021”. A department shall comply with all requirements set forth in this section.
(II) If there is any of the money transferred to the fund under subsection (3)(a) of this section remaining in the fund after any transfers from the fund required by bills enacted during the 2021 regular legislative session, then, of the remainder in the fund, the lesser of three hundred million dollars or the remainder is placed in the discretionary account, which is created in the fund, and is continuously appropriated to any department designated by the governor for any allowable purpose under the “American Rescue Plan Act of 2021”.
(III) The money specified in subsection (3)(d) of this section is placed in the discretionary account and is continuously appropriated to any department designated by the governor for any expenditures necessary to respond to the public health emergency with respect to COVID-19.
(IV) For the 2023-24 state fiscal year, the general assembly shall appropriate money from the fund to any departments for personal services that were paid from the general fund in state fiscal year 2023-24.
(V) For the 2024-25 state fiscal year, the general assembly shall appropriate the balance of the fund, excluding money remaining in the discretionary account. The general assembly may make the required appropriations to any department for personal services and for other purposes permitted under the “American Rescue Plan Act of 2021”. any money appropriated pursuant to this subsection (4)(a)(V) must be obligated as required in subsection (4)(d) of this section and expended on or before January 31, 2025.
(b) A department may expend money appropriated from the fund or a recipient fund for purposes permitted under the “American Rescue Plan Act of 2021” and shall not use the money for any purpose prohibited by the act.
(c)(I) Notwithstanding any provision of law to the contrary, in order to ensure proper accounting for and compliance with the “American Rescue Plan Act of 2021”, whenever money is transferred or appropriated to a recipient fund that also has money from other sources, the state controller or department controller shall create a companion cash fund that includes only the money the state received from the federal coronavirus state fiscal recovery fund under section 9901 of title IX, subtitle M of the “American Rescue Plan Act of 2021”, but that is otherwise legally identical to the recipient fund, except as otherwise provided in subsection (4)(c)(II) of this section. The state controller may prescribe procedures to permit continued use of companion funds, with proper segregation of fund sources through completion of a project, for any money appropriated for a use permitted pursuant to the “American Rescue Plan act of 2021” that is partially refinanced.
(II) Notwithstanding any provision of law to the contrary, the state treasurer shall credit all interest and income derived from the deposit and investment of money in a recipient fund that originates from money the state received from the federal coronavirus state fiscal recovery fund to the state emergency reserve cash fund created in section 24-77-104 (6)(a).
(d)
(I) Money in the fund or a recipient fund that originated from the coronavirus state fiscal recovery fund must be expended or obligated by December 31, 2024. Just prior to the close of business on December 30, 2024, any unexpended appropriations from a recipient fund that is of money that originated from the coronavirus state fiscal recovery fund and that remained in the recipient fund after the reversion described in subsection (4.2) of this section that are not for expenditures to be made after December 31, 2024, that were obligated before that date, revert to the “American Rescue Plan Act of 2021” cash fund, and the state treasurer shall transfer the unexpended and unobligated balance in the fund to the unemployment compensation fund created in section 8-77-101 (1). Any money that originated from the coronavirus state fiscal recovery fund that is obligated by December 31, 2024, must be expended by December 31, 2026. Effective December 31, 2026, the state controller shall transmit any unexpended money in the fund or a recipient fund to the United States department of the treasury. Money in a recipient fund that did not originate from the coronavirus state fiscal recovery fund must be expended in accordance with any applicable law or appropriation.
(II) A subrecipient must spend money received from the fund or a recipient fund by December 11, 2026. On or before December 11, 2026, the subrecipient shall return to the state any remaining money under terms dictated by the state controller and thereafter the state controller shall transmit the money to the United States department of the treasury in accordance with the treasury’s requirements.
(III) Money in the fund or in a recipient fund that originated from the coronavirus state fiscal recovery fund is obligated when it is obligated in accordance with the “American Rescue Plan Act of 2021” and any federal rules promulgated thereunder. The obligation criteria in the “American Rescue Plan Act of 2021” and federal rules do not apply to money in the fund or in a recipient fund that did not originate from the coronavirus state fiscal recovery fund. Money that did not originate from the coronavirus state fiscal recovery fund that is not obligated by an applicable deadline in state law does not revert and remains available for expenditure in accordance with any applicable appropriation. The state controller shall determine whether money is obligated for purposes of determining the deadline for expenditures and the reversion or repayment of money in accordance with this subsection (4)(d).
(4.1)
(a)
(I) Effective June 30, 2024, the amount of general fund money appropriated in a line item for personal services expenses in the general appropriation act for state fiscal year 2023-24, Senate Bill 23-214, is reduced by the amount of federal funds appropriated pursuant to subsection (4)(a)(IV) of this section that were spent for personal services in the line item.
(II) Effective November 30, 2024, the amount of general fund money appropriated in a line item for personal services expenses in the general appropriation act for state fiscal year 2024-25, House Bill 24-1430, is reduced by the amount of federal funds appropriated pursuant to subsection (4)(a)(V) of this section that were spent for personal services in the line item.
(b) To the extent permitted by federal law, the governor and a department that is appropriated money that originated from the fund shall spend the money for the purpose for which it is appropriated before spending money from any other source for the same purpose.
(c) For the purpose of balancing the state budget as required by article x of the state constitution during the 2024 regular legislative session, the amounts appropriated in the general appropriation acts for state fiscal year 2023-24, Senate Bill 23-214, and state fiscal year 2024-25, House Bill 24-1430, to each department for personal services is reduced by the amount appropriated from the fund for the department’s personal services for the applicable state fiscal year.
(4.2)
(a)
(I) On December 1, 2024, any unspent and unobligated money that originated from the coronavirus state fiscal recovery fund, other than money designated for personal services or other operating costs as described in subsection (4.2)(a)(II) of this section, that is in the fund, a recipient fund, or the discretionary account reverts to the fund. money that reverts to the fund pursuant to this subsection (4.2) is continuously appropriated until January 31, 2025, to any department designated by the governor for any purpose for which a general fund appropriation was made in the general appropriation act for state fiscal year 2024-25, House Bill 24-1430.
(II) On or before November 30, 2024, the office shall determine the amount of unspent and unobligated money in the fund, a recipient fund, or the discretionary account that originated from the coronavirus state fiscal recovery fund that will be spent by a department for personal services and other operating costs on or before January 31, 2025, and shall report that amount to the state controller. Pursuant to subsection (4.2)(a)(I) of this section, money designated for personal services and other operating costs reported to the state controller does not revert to the fund on December 1, 2024.
(b) Effective January 31, 2025, the amount of general fund money appropriated in a line item in the general appropriation act for state fiscal year 2024-25, House Bill 24-1430, is reduced by the amount of federal money that originated from the coronavirus state fiscal recovery fund appropriated pursuant to subsection (4.2)(a) of this section and that was spent for the line item.
(4.3)
(a) After December 31, 2024, any money in a recipient fund that originated from the coronavirus state fiscal recovery fund that was obligated as of December 31, 2024, but not expended on an eligible activity at the conclusion of the appropriation reverts to the fund. Money that reverts to the fund pursuant to this subsection (4.3) is continuously appropriated through December 31, 2026, to any department designated by the governor for any purpose for which a general fund appropriation was made in the general appropriation act for the state fiscal year in which the reversion occurred.
(b) Effective on the date of the applicable reversion, the amount of general fund money appropriated in a line item in the general appropriation act for the state fiscal year in which the reversion occurred is reduced by the amount of federal money that originated from the coronavirus state fiscal recovery fund appropriated pursuant to subsection (4.3)(a) of this section and that was spent for the line item.
(5)
(a)
(I) The state controller shall provide periodic reports to the secretary as required by the secretary under the “American Rescue Plan Act of 2021”. The department of revenue shall provide the state controller with any information required by the secretary about any reductions or increases in net tax revenue.
(II) The general assembly hereby finds and declares that:
(A) Under 42 U.S.C. sec. 802 (c)(1)(C), the state is permitted to use money received from the coronavirus state fiscal recovery fund for the provision of government services to the extent of the reduction in the state’s revenue due to the COVID-19 public health emergency relative to the revenues the state collected for the state fiscal year 2018-19;
(B) The United States department of the treasury has promulgated a rule to establish the methodology for the state to calculate a recipient government’s annual reduction in revenue for the four calendar years beginning in 2020;
(C) As of May 27, 2022, the state reported a reduction for the 2020 and 2021 calendar years that totals three billion six hundred ninety-four million six hundred fifty-three thousand two hundred forty-nine dollars;
(D) This amount exceeds the total of all the funds that have yet to be reported to the United States department of the treasury; and
(E) Therefore, any money in the fund or transferred from the fund to a recipient fund is available to be reported as being an expenditure for the provision of government services.
(III) The state controller may report the expenditure of any money in or transferred from the “American Rescue Plan Act of 2021” that originated from the coronavirus state fiscal recovery fund as a government service to the extent of the reduction in the state’s revenue due to the COVID-19 public health emergency relative to the revenues the state collected for the state fiscal year 2018-19, if the description is applicable, regardless of whether the purpose of the expenditure is also described as being to respond to the public health emergency with respect to COVID-19 or its negative economic impacts.
(b) The office and the state controller shall establish compliance requirements concerning the use of money that originated from the coronavirus state fiscal recovery fund for any department that receives an appropriation from the fund or a recipient fund or any person that receives money from a department. The office and the state controller may establish compliance requirements for money that originates from the ARPA refinance state money cash fund created in section 24-75-226.5. If a department or person fails to comply with these requirements, then:
(I) A department shall, with approval by the office and state controller, identify the best method and fund source to be used to repay the fund or a recipient fund for the money expended on noncompliant functions, and, to the extent feasible, repay the fund or recipient fund;
(II) A person shall, to the extent possible, repay any money received by the state from the fund or recipient fund that is related to the noncompliance; and
(III) The state controller may, in his or her discretion, reduce or eliminate all unexpended appropriations from the fund or a recipient fund for the department.
(c) The office and the state controller shall establish reporting and record-keeping requirements for any department that expends money from the fund or a recipient fund or any person that receives the money from a department. To expend money from the fund or recipient fund, a department and the person must comply with these requirements.
(d) The office shall provide guidance on program evaluation, including exemptions from evaluation, evaluation criteria, implementation guidance, and selection of independent evaluators. To expend money from the fund or a recipient fund, a department or person that receives money from a department must comply with any program evaluation requirements established by the office.
(e) The office shall provide the joint budget committee with a yearly performance report that consists of the information that the state controller provides the secretary under subsection (5)(a) of this section and any other information, including program evaluation information, that the office determines to be relevant. Money in the fund or a recipient fund is not subject to the reporting requirements set forth in section 24-33.5-717.
(f) The general assembly may appropriate money from the fund or the revenue loss restoration cash fund created in section 24-75-227 to the department of personnel for use by the state controller and to the office for any direct or indirect expenses related to the administration of this subsection (5).
(g) The compliance, reporting, record-keeping, and program evaluation requirements established by the office of state planning and budgeting and the state controller apply to a person regardless of whether the person is a beneficiary or a subrecipient and regardless of whether the person receives the money directly from a department or from a subrecipient.
(6) Money transferred to the state highway fund and the multimodal transportation and mitigation options fund in accordance with section 24-75-219 (7), to the workers, employers, and workforce centers cash fund in accordance with section 24-75-231 (2)(b)(III), and to the revenue loss restoration cash fund in accordance with section 24-75-227 (2)(b)(III)(A) are subject to the requirements of this section as if they were recipient funds.
(6.5)
(a) The governor and the state controller shall jointly submit a report to the joint budget committee, the speaker of the house of representatives, the minority leader of the house of representatives, the president of the senate, and the minority leader of the senate, as described in this subsection (6.5).
(b) On or before September 15, 2024, the governor and state controller shall submit a report that includes:
(I) The total expenditure by the state of money that originated from the coronavirus state fiscal recovery fund and related adjustments to the general fund, as described in subsection (4.1) of this section, including the amount expended from the fund by each department for personal services for the 2023-24 state fiscal year from the money appropriated pursuant to subsection (4)(a)(IV) of this section; and
(II) An explanation of any further actions that the governor and any state department will take to ensure that money that originated from the coronavirus state fiscal recovery fund is fully expended in compliance with the “American Rescue Plan Act of 2021”.
(c) On or before February 15, 2025, the governor and the state controller shall submit a report that includes updated information about each of the subjects required in the report described in subsection (6.5)(b)(I) of this section and any expenditure from the fund pursuant to subsection (4.2) of this section, including the amount expended from the fund by each department as of December 31, 2024.
(7) This section is repealed, effective July 1, 2027.
- Colo. Rev. Stat. § 24-75-229. Affordable housing and home ownership cash fund–creation–allowable uses–task force–legislative declaration–definitions–repeal
04/01/2024 – 08/07/2024
(1) The general assembly finds, determines, and declares that:
(a) As a result of the COVID-19 public health emergency, a significant share of households across the state now face various forms of housing insecurity;
(b) Although the impacts of the COVID-19 public health emergency have been widespread, both the public health and economic impact of the pandemic have fallen most severely on disadvantaged communities and populations. Low-income communities, people of color, and tribal communities have faced higher rates of infection, hospitalization, and death, as well as higher rates of unemployment and lack of basic necessities such as food and housing. Preexisting social vulnerabilities magnified the pandemic in these communities, where a reduced ability to work from home and denser housing amplified the risk of infection.
(c) The federal government enacted the “American Rescue Plan Act of 2021” to provide support to state, local, and tribal governments in responding to the impact of COVID-19 and to assist their efforts to contain the effects of COVID-19 on their communities, residents, and businesses. Under the federal act, the state of Colorado receives over three billion dollars to be used for the purposes identified in the federal act.
(d) Regulations construing the federal act promulgated by the United States treasury identify a nonexclusive list of uses that address the disproportionate negative economic effects of the COVID-19 public health emergency, including building stronger communities through investments in housing and neighborhoods. Services in this category alleviate the immediate economic impact of the COVID-19 public health emergency on housing insecurity, while addressing conditions that contributed to poor public health and economic outcomes during the pandemic, namely concentrated areas with limited economic opportunity and inadequate or poor quality housing. Under these regulations, funds may be used for programs or services that address housing insecurity, lack of affordable and workforce housing, or homelessness, including:
(I) Supportive housing or other programs or services to improve access to stable, affordable housing among unhoused individuals;
(II) The development of affordable housing to increase the supply of affordable housing units that are livable, vibrant, and driven by community benefits; and
(III) Housing vouchers and assistance to allow individuals to relocate in neighborhoods with high levels of economic opportunity and to reduce concentrated areas of low economic opportunity.
(e) The general assembly further determines that the programs and services funded by the transfers in this section are appropriate uses of the money transferred to Colorado under the federal act. This money will be put to expeditious and efficient use in building stronger communities across the state by making investments in housing for populations, households, or geographic areas disproportionately affected by the COVID-19 public health emergency.
(f) By the enactment of this section, the general assembly intends that the money appropriated to the department of local affairs for use by the division of housing from the affordable housing and home ownership cash fund created in section 24-75-229 (3)(a) be used to finance programs and services that provide gap financing for projects financed through the housing investment trust fund created in section 24-32-717 or the housing development grant fund created in section 24-32-721. The general assembly further intends that the programs and services financed by this appropriation assist populations, households, or geographic areas disproportionately affected by the COVID-19 public health emergency in order to obtain affordable housing by the acquisition, construction, or renovation of affordable housing projects or land acquisition, thus enabling individuals and families to relocate to neighborhoods with high levels of economic opportunity and reducing concentrated areas of low economic opportunity.
(g) Pursuant to 31 C.F.R. 35.6 (b)(6), the transfer to the eviction legal defense fund required by subsection (3.5) of this section for the purpose of providing legal representation to indigent tenants to resolve civil legal matters arising on and after March 1, 2020, for an eviction or impending eviction related to the public health emergency caused by the COVID-19 public health emergency, is intended to address housing insecurity, lack of affordable housing, or homelessness to assist persons disproportionately affected by the public health emergency in obtaining affordable housing. Accordingly, the general assembly further finds, determines, and declares that the transfer required by subsection (3.5) of this section is an eligible use of money received by the state under the “American Rescue Plan Act of 2021”, Pub.L. 117-2.
(2) As used in this section, unless the context otherwise requires:
(a) “American Rescue Plan Act of 2021” or “federal act” means the federal “American Rescue Plan Act of 2021”, Pub.L. 117-2, as the act may be subsequently amended.
(b) “Department” means a principal department identified in section 24-1-110, the judicial department, and the legislative department.
(c) “Fund” means either the affordable housing and home ownership cash fund created in subsection (3)(a) of this section or an identical companion fund created in section 24-75-226 (4)(c).
(3)
(a) The affordable housing and home ownership cash fund is hereby created in the state treasury. The fund consists of money deposited in the fund in accordance with subsection (3)(b) of this section and any other money that the general assembly may appropriate or transfer to the fund. To respond to the public health emergency with respect to COVID-19 or its negative economic impacts or for the provision of government services, the general assembly may appropriate or transfer money from the fund to a department or cash fund for programs or services that benefit populations, households, or geographic areas disproportionately affected by the COVID-19 public health emergency to obtain affordable housing, focusing on programs or services that address housing insecurity, lack of affordable and workforce housing, or homelessness. Money from the fund may be expended to support the task force pursuant to subsection (6)(a) of this section. Permissible uses of such money include costs associated with the creation and administration of the task force and related expenses for research and evaluation undertaken by the task force.
(b)
(I) Three days after June 25, 2021, the state treasurer shall transfer five hundred fifty million dollars from the “American Rescue Plan Act of 2021” cash fund created in section 24-75-226 to the fund;
(II) Repealed.
(III) The fund also includes the amount transferred to the fund in accordance with section 24-75-228 (3.5)(c).
(c) The division of housing within the department of local affairs shall use the appropriation made by House Bill 21-1329, enacted in 2021, for programs or services of the type and kind financed through the housing investment trust fund created in section 24-32-717 or the housing development grant fund created in section 24-32-721 to support the programs or services that benefit populations, households, or geographic areas disproportionately affected by the COVID-19 public health emergency to obtain affordable housing, focusing on programs or services that address housing insecurity, lack of affordable and workforce housing, or homelessness, including the programs or services described in subsection (1)(d) of this section. The division may use not more than three percent of any money appropriated or transferred to it under House Bill 21-1329, enacted in 2021, to cover the total administrative costs of the division in administering the programs or services for which money is appropriated or transferred to it under House Bill 21-1329, enacted in 2021.
(d) On July 1, 2022, the state treasurer shall transfer three hundred fifty million three hundred ninety-four thousand four dollars from the general fund to the fund.
(4)
(a) Three days after June 25, 2021, the state treasurer shall transfer one million five hundred thousand dollars from the fund to the eviction legal defense fund created in section 13-40-127 (2).
(b) On July 1, 2022, the state treasurer shall transfer three hundred fifty million three hundred ninety-four thousand four dollars from the fund to the revenue loss restoration cash fund created in section 24-75-227.
(c) On June 30, 2024, the state treasurer shall transfer from the fund to the “American Rescue Plan Act of 2021” cash fund created in section 24-75-226, seventy thousand five hundred eighty-one dollars and ninety-nine cents that originated from money the state received from the federal coronavirus state fiscal recovery fund.
(5) A department may expend money that originates from money the state received from the federal coronavirus state fiscal recovery fund that is appropriated from the fund for purposes permitted under the “American Rescue Plan Act of 2021” and shall not use the money for any purpose prohibited by the act. A department, nonprofit organization, or local government, including a county, municipality, special district, or school district, or any other person who receives money from the fund shall comply with any requirements set forth in section 24-75-226.
(6)
(a) The executive committee of the legislative council shall, by resolution, create a task force to meet during the 2021 interim and issue a report with recommendations to the general assembly and the governor on policies to create transformative change in the area of housing using money the state receives from the federal coronavirus state fiscal recovery fund under title IX, subtitle M of the “American Rescue Plan Act of 2021”. The general assembly shall also review recommendations for such policies submitted by the strategic housing working group assembled by the department and the state housing board created in section 24-32-706 (1).
(b) The task force may include nonlegislative members and create working groups to assist them. The executive committee of the legislative council shall hire a facilitator to guide the work of the task force.
(c) The task force created in this section is not subject to the requirements specified in section 2-3-303.3 or rule 24A of the joint rules of the senate and the house of representatives. The executive committee of the legislative council shall specify requirements governing members’ participation in the task force. The task force shall not submit bill drafts as part of their recommendations.
(d) The money in the fund is continuously appropriated to the legislative branch of state government for payment of the reasonable expenses incurred by the task force subject to the approval of the executive committee of the legislative council.
(6.8) Pursuant to section 24-75-226.5 (6), on December 31, 2026, the state treasurer shall transfer any unexpended and unencumbered money in the fund that originates from the ARPA refinance state money cash fund to the ARPA refinance state money cash fund.
(7) This section is repealed, effective July 1, 2027.
