| Summary |
The federal government enacted the American Rescue Plan Act
of 2021 (federal act) to provide support to state, local, and tribal
governments in responding to the impact of COVID-19 and to assist them
in their efforts to contain the effects of COVID-19 on their communities,
residents, and businesses. Under the federal act, the state of Colorado
receives over $500 million to address the housing needs of populations,
households, or geographic areas disproportionately affected by the
COVID-19 public health emergency.
The bill creates the affordable housing and home ownership cash
fund (fund) in the state treasury. To respond to the public health
emergency with respect to COVID-19 or its negative economic impacts,
the bill authorizes the general assembly to appropriate money from the
fund to a department for programs or services that benefit populations,
households, or geographic areas disproportionately impacted by the
COVID-19 public health emergency, focusing on programs or services
that address housing insecurity, lack of affordable housing, or
homelessness.
Three days after the effective date of the bill, the state treasurer is
required to transfer $550 million from the American Rescue Plan Act of
2021 cash fund to the fund.
The bill requires the executive committee of the legislative
council, by resolution, to create a task force to meet during the 2021
interim and issue a report with recommendations to the general assembly
and the governor on policies to create transformative change in the area
of housing using money the state receives from the federal act. The task
force may include nonlegislative members and have working groups
created to assist them.
For the 2021-22 state fiscal year, the bill appropriates $100 million
to the department of local affairs for use by the division of housing
(division). This appropriation is from the fund. To implement the bill, the
division may use the appropriation for programs and services that provide
gap financing for projects financed through the housing investment trust
fund or the housing development grant fund to assist populations,
households, or geographic areas disproportionately affected by the
COVID-19 public health emergency in order to obtain affordable housing
by the acquisition, construction, or renovation of affordable housing
projects or land acquisition, thus enabling individuals and families to
relocate to neighborhoods with high levels of economic opportunity and
reducing concentrated areas of low economic opportunity.
|
