SB22-146 expands middle-income workforce housing so workers can continue to live where they work
On Monday Governor Jared Polis signed into law SB22-146, which expands critical middle-income workforce housing so hardworking Colorado families getting priced out of their communities, can continue living where they work.
Sponsored by Senator Rachel Zenzinger, D-Arvada, the bipartisan legislation provides $25 million for the Colorado Housing and Finance Authority’s Middle-Income Access Program, which serves middle-income families and individuals with incomes too high to qualify for state and federal low-income housing tax credits, but still too low to afford market rates.
“Coloradans across the state are struggling to afford a place to live, and the time to act is now,” said Zenzinger. “This bill will improve support systems for middle-income families whose modest resources squeeze them between skyrocketing housing costs and ineligibility for assistance, save people money, and help more Colorado families thrive.”
Typically, the missing middle is made up of renters whose income is between 80 percent and 120 percent of area median income (AMI); while they are making decent wages, their income is too high to qualify for tax credits and too low to afford the rising cost of housing in the state. This means they can’t accrue the means to buy a home, or often can’t afford the rising rents occurring across the state. This legislation was developed based on recommendations from the Affordable Housing Transformational Task Force.