Last week, Colorado Governor Polis signed SB26-040, Affordable Home Ownership Program, sponsored by Senators Cleave Simpson and Judy Amabile, and Representatives Katie Stewart and Lesley Smith into law.
“The dream of home ownership is for everyone, and this new law expands home ownership opportunities to more hardworking Coloradans. Proposition 123 helps communities build more homes people can afford and this law will make home ownership a reality for more Coloradans by adding flexibility that will allow more homes to be built,” said Governor Polis.
Archuleta County was among the jurisdictions lobbying for the new law, which allows higher income families to qualify for state housing subsidies, especially in mountain resort towns.
“The Affordable Homeownership Program was designed in 2022, for a 2022 market with low interest rates and lower construction costs than what we see today,” said Senator Judy Amabile, D-Boulder. “This new law updates the program to reflect today’s reality and provide the flexibility that Coloradans need. We’re taking a practical approach to make sure this program works as intended so more Colorado families can put down roots and achieve their dream of homeownership.”
“Senate Bill 26-040 takes a practical approach to help working families in Colorado buy homes again. By updating the state’s affordable homeownership program, the bill makes more people eligible and adds flexibility so housing projects can reach buyers in today’s market. As rising costs make it harder to own a home, this bill helps our policies match today’s economy and gives more Coloradans the chance to find stability and build equity in their communities,” said Senate Minority Leader Cleave Simpson.
“This bipartisan law makes the Prop 123 Affordable Homeownership Program more responsive to the needs of our communities, especially in Colorado mountain towns like mine. When Colorado voters approved Prop 123, it created the Affordable Home Ownership Program to help first-time homebuyers with down payments and other financial assistance. This new law will make crucial updates to the program to help more low- and middle-income Coloradans in rural areas qualify for homebuying assistance,” said Rep. Katie Stewart.
Governor Polis also signed HB26-1244, Department of Public Health and Environment Nursing Home Penalty Fund, sponsored by Representatives Scott Slaugh and Junie Joseph, and Senators Lisa Frizell and Tony Exum.
“Colorado and the nation face a shortage of healthcare workers to provide everyone with the high quality and affordable care we deserve. This law will provide scholarships and training opportunities for healthcare workers who take care of our loved ones in nursing homes, ensuring our families receive the highest quality care while helping fill in-demand jobs,” said Governor Polis.