Bill Introduced to Fund Attainable Housing
As I mentioned in my blog entry kicking off the 2017 legislative session in Colorado, 8 to 10 bills relating to construction defects and the construction of affordable housing are expected to be introduced this session. In my January 12th blog entry, I reported on the bipartisan introduction of SB 45 which is intended to reduce the cost of construction insurance for builders.
Yesterday, in an effort to provide financial assistance to those individuals who are seeking to purchase, finance or rehabilitate attainable housing, Senator Rachel Zenzinger (D) introduced Senate Bill 17-085 ("SB 85"). The bill is also intended to provide financial assistance to nonprofit entities and political subdivisions that make loans to folks in relation to attainable housing. To secure these funds, SB 85 would increase the per document surcharge that is assessed by clerk and recorders on each document they receive for recording from $1 to $5. The additional $4 added to each document surcharge on a yearly basis would be transmitted to the State Treasurer and deposited into the "Statewide Attainable Housing Investment Fund."
Will the fiscal note on SB 85 be a non-starter for the Republican controlled Senate? If SB 45 makes it through the legislative process and is signed into law, will it assist in a meaningful way the citizens of Colorado in purchasing attainable housing? It SB 85 dead on arrival in the Senate? Only time will tell!