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HB22-1282 invests $40 million to boost affordable housing supply, increasing affordability and homeownership rates

Friday, April 29 was a busy day at the Colorado Capitol, as the Senate gave final approval to Senator Jeff Bridges’, D-Greenwood Village, bill to increase housing affordability, improve homeownership rates, and create jobs through innovative housing solutions.

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Colorado State Capitol, Image courtesy of Good Free Photos.

Co-sponsored by Senator Rob Woodward, R-Loveland, HB22-1282 would create and allocate $40 million to the Innovative Housing Incentive Program to support the construction of innovative forms of affordable housing to be built across Colorado, such as modular housing, 3-D printed housing, kit homes, tiny homes, and other forms of prefabricated housing.

Sponsors say this will help boost the affordable housing supply and increase the rate of homeownership in communities that have traditionally lacked access to affordable housing.

“Hard-working Colorado families deserve to have a home they can afford,” said Bridges. “But too many Coloradans are getting priced out of the neighborhoods where they work and live. This bill will create good-paying jobs while quickly increasing our housing stock with quality, affordable homes that will help drive down housing costs and get roofs overhead as quickly as possible. I am proud to sponsor this critical bipartisan legislation as we continue fighting to make sure every Colorado family has a place they can afford to call home.”

HB22-1282, is part of a package of bills developed from the Affordable Housing Transformational Task Force recommendations. The hope is that it will also create jobs by incentivizing housing companies to create new and innovative housing processes and materials, to set up manufacturing here, and to consider Colorado a market for their housing innovations.

The bill will now head to Governor Jared Polis’s desk for signature.