Making an appropriation in connection with the creation of the middle-income housing authority for the purpose of providing workforce housing.

In this act, a Middle-Income Housing Authority (authority) is created for the purpose of acquiring, constructing, renovating, owning, operating, and financing rental housing that meets middle-income housing needs. A board of directors is appointed by the governor with the consent of the senate to govern the authority. A number of administrative details are specified in the bill, including the requirements for appointing board members. By October 1, 2022, the board must solicit project proposals. Middle-income workforce housing with stable rents must be provided in affordable rental housing projects.

The authority is a “public entity” and is a “special purpose authority” for the purpose of TABOR.

Affordable rental housing projects are authorized to be acquired, constructed, rehabilitated, owned, operated, and financed by the authority, including:

With no recourse to the state, the authority to issue bonds in connection with affordable rental housing projects;
Develop and operate affordable rental housing projects through public-private partnerships and contracts with experienced real estate professionals;
It has the right to hire its own personnel or contract with public or private entities, or both, to provide services necessary or convenient to the conduct of its activities;
To provide assistance to tenants in its rental housing to enable a transition to home ownership; and
Establishing one or more controlled entities to carry out its activities.