House Passes Bipartisan Bill to Increase Affordable For-Sale Housing

DENVER, CO - The House today passed bipartisan legislation sponsored by Representative Manny Rutinel that would improve Colorado’s ability to invest in affordable for-sale housing. SB25-006 passed by a vote of 42-20.

“Every Coloradan deserves the chance to realize their dream of becoming a homeowner,” said Rep. Manny Rutinel, D-Commerce City. “I’m proudly sponsoring this bipartisan effort to help build more ‘starter housing’ for hardworking Coloradans. This bill would make it easier for Coloradans to access stable housing and build equity and generational wealth.”

SB25-006, also sponsored by Rep. Mary Bradfield, R-El Paso County, would allow the state treasurer to invest up to $50 million in Colorado Housing Finance Authority (CHFA) bonds to buy down the construction and mortgage costs of affordable for-sale housing that would otherwise not be built. These funds would give low interest rates to builders in exchange for long-term affordability restrictions and low mortgage rates to first-time buyers to ease their way into the housing market.

The $50 million would finance homeownership for 175-200 new low- and middle-income residents.