§ 29-32-102 — State affordable housing fund

Colorado § 29-32-102

• Jurisdiction: Colorado
• Title 29: Government
• Art.: Statewide Affordable Housing Fund

Text

(1) The state affordable housing
fund is hereby created in the state treasury. Commencing on January 1, 2023, all
state revenues collected from an existing tax on one-tenth of one percent on
federal taxable income, as modified by law, of every individual, estate, trust, and
corporation, as defined in law, as calculated pursuant to subsection (4) of this
section, shall be deposited in the fund by the state treasurer. The revenue
deposited into the fund pursuant to this subsection (1) shall not be subject to the
limitation on fiscal year spending specified in section 20 of article X of the state
constitution.

(2) The fund shall consist of money deposited into the fund under subsection
(1) of this section; any money appropriated to the fund by the general assembly; and
any gifts, grants, or donations from any public or private sources, including
governmental entities, that the division and the office are hereby authorized to seek
and accept.

(3) All money not expended or encumbered, and all interest earned on the
investment or deposit of money in the fund, shall remain in the fund and shall not
revert to the general fund or any other fund at the end of any fiscal year.

(4) (a) The legislative council, in consultation with the office of state
planning and budgeting, shall calculate the amount of revenues to be deposited in
the fund for the period commencing January 1, 2023 and ending June 30, 2023, and
for each state fiscal year commencing on or after July 1, 2023. The legislative
council and the office of state planning and budgeting shall rely upon the quarterly
state revenue estimates issued by the legislative council in calculating such
amounts and shall update its calculations not later than five days following the
issuance of each quarterly state revenue estimate.

(b) To ensure that all fund revenues are transferred to the fund and that
other state revenues are not erroneously transferred to the fund:

(I) No later than two days after calculating or recalculating the amount of
fund revenues for the period commencing January 1, 2023 and ending June 30,
2023, and for any fiscal year commencing on or after July 1, 2023, the legislative
council, in consultation with the office of state planning and budgeting, shall certify
to the department of revenue the amount of fund revenues that the department
shall transfer to the state treasurer for deposit into the fund on the first day of each
of the three succeeding calendar months as required by paragraph (c) of this
subsection (4);

(II) Notwithstanding the provisions of subparagraph (I) of this paragraph (b),
no later than May 25 of 2023 and of any state fiscal year commencing on or after
July 1, 2023, the legislative council, in consultation with the office of state planning
and budgeting, may certify to the department of revenue an adjusted amount for
any transfer to be made on the first business day of the immediately succeeding
June; and

(III) Subject to review by the state auditor, the legislative council, in
consultation with the office of state planning and budgeting, may correct any error
in the total amount of state affordable housing revenues transferred during any
state fiscal year by adjusting the amount of any transfer to be made during the next
state fiscal year.

(c) On the first business day of each calendar month that commences after
January 5, 2023, the department of revenue shall transfer to the state treasurer for
deposit into the fund revenues in an amount certified to the department by the
legislative council, in consultation with the office of state planning and budgeting,
pursuant to paragraph (b) of this subsection (4).

Legislative History

Source: Initiated 2022: Entire article added, Proposition 123, effective upon proclamation of the Governor, December 27, 2022.