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Colorado Revised Statutes Title 24. Government State § 24-32-705.5. Annual public report on funding of affordable housing preservation and production--definitions--repeal

Current as of January 01, 2025 | Updated by Findlaw Staff

(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  1 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.

1 So in enrolled law.
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Cite this article: FindLaw.com - Colorado Revised Statutes Title 24. Government State § 24-32-705.5. Annual public report on funding of affordable housing preservation and production--definitions--repeal - last updated January 01, 2025 | https://codes.findlaw.com/co/title-24-government-state/co-rev-st-sect-24-32-705-5/

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