§ 24-46-104 — Powers and duties of commission

Colorado § 24-46-104

• Jurisdiction: Colorado
• Title 24: Government
• Art.: Economic Development

Text

(1) The commission has the
following powers and duties:

(a) To adopt an annual budget;

(b) To develop operating guidelines relating to the manner and forms of
financial assistance such as loans, grants, and local match requirements to be
provided for various types of projects;

(c) To review the economic needs of the various geographical regions of
Colorado;

(d) To identify the types of businesses which need the most support in terms
of economic development;

(e) and (f) (Deleted by amendment, L. 91, p. 823, � 1, effective March 29,
1991.)

(g) To make information and assistance available for businesses interested in
relocating or expanding their operations in the state of Colorado;

(h) To receive and expend donations or grants from the private sector;

(i) To contract for those services, including personnel services, and materials
required by the activities of the commission;

(j) To review and recommend to the governor expenditures of moneys of the
fund for economic incentives and marketing, as provided in section 24-46-105, for
reimbursement for actual and necessary expenses of the commission, as authorized
in section 24-46-103 (2), and for operational expenses of the commission;

(k) To exercise any other powers or perform any other duties which are
consistent with the purposes for which the commission was created and which are
reasonably necessary for the fulfillment of the commission's assigned
responsibilities;

(l) and (m) Repealed.

(n) To contract with the Colorado housing and finance authority, created in
part 7 of article 4 of title 29, for the operation of:

(I) A Colorado credit reserve program for the purpose of increasing the
availability of credit to small businesses in Colorado; and

(II) Repealed.

(o) To oversee the Colorado office of film, television, and media loan
guarantee program pursuant to section 24-48.5-115 and the performance-based
incentive for film production in Colorado pursuant to section 24-48.5-116; and

(p) To consult with the Colorado office of economic development pursuant to
section 24-48.5-117.

(q) (I) To expend eight million dollars to contract with the Colorado housing
and finance authority, created in part 7 of article 4 of title 29, for the creation and
operation of one or more of the following programs to benefit low- to moderate-income residents in local governments that have been certified as accessory
dwelling unit supportive jurisdictions by the department of local affairs:

(A) An accessory dwelling unit credit enhancement program that supports
lenders offering affordable loans to eligible low- and moderate-income borrowers
for the construction or conversion of accessory dwelling units;

(B) A program that allows for the buying down of interest rates on loans
made to eligible low- and moderate-income borrowers in connection with the
construction or conversion of accessory dwelling units;

(C) A program that offers down payment assistance in connection with
accessory dwelling units, principal reduction on loans to eligible low- and
moderate-income borrowers made in connection with accessory dwelling units, or
both; or

(D) A program in which the Colorado housing and finance authority offers
loans, revolving lines of credit, or grants to eligible non-profits, public housing
authorities, and community development financial institutions to make direct loans
or grants to support the construction or conversion of accessory dwelling units for
low- and moderate-income borrowers or tenants.

(II) Any contract made by the commission with the Colorado housing and
finance authority pursuant to this subsection (1)(q) may include normal and
customary fees and expenses for administrating the programs described in this
subsection (1)(q).

(2) The commission shall report to the general assembly no later than
November 1 of each year regarding the work of the commission. The report shall
include the information required to be collected by the commission pursuant to
section 24-46-105.1.

Legislative History

Source: L. 87: Entire article added, p. 1026, � 1, effective July 8. L. 88: (2) amended, p. 1431, � 13, effective June 11. L. 89: (2) amended, p. 339, � 3, effective June 7. L. 91: Entire section amended, p. 823, � 1, effective March 29. L. 97: (1)(l) added, p. 588, � 20, effective April 30. L. 2002: (1)(m) added, p. 1120, � 2, effective June 3. L. 2003: (1)(m) repealed, p. 2139, � 41, effective May 22. L. 2007: (2) amended, p. 509, � 1, effective August 3. L. 2009: (1)(n) added, (SB 09-067), ch. 237, p. 1080, � 1, effective May 7. L. 2012: (1)(o) added, (HB 12-1286), ch. 186, p. 710, � 4, effective July 1; (2) amended, (SB 12-166), ch. 243, p. 1149, � 2, effective August 8. L. 2013: (1)(o) amended and (1)(p) added, (HB 13-1001), ch. 227, p. 1077, � 4, effective August 7. L. 2020: (1)(n) amended, (SB 20-222), ch. 120, p. 497, � 2, effective June 23. L. 2021: (1)(n)(II)(B) amended, (HB 21-1302), ch. 271, p. 1571, � 2, effective June 21. L. 2024: (1)(q) added, (HB 24-1152), ch. 167, p. 831, � 3, effective May 13.