HB 14-1017 Summary

• Expands sources of funding for the Housing Investment Trust Fund to include federal grants, private donations, and interest earnings, with continuous appropriation to the division and limits administrative costs to 3% annually.

• Authorizes the division to charge origination fees for trust fund loans, prohibits loan guarantees to for-profit entities unless secured on a recourse basis, and caps loan guarantees at $2 million per project or $5 million total.

• Extends the low-income housing tax credit period from 4 to 6 taxable years and allows tax credit carryforward for 11 years following allocation (previously limited to tax year 2012).

• Establishes priority lending for property owners affected by state or federally declared natural disasters and exempts such projects from annual credit allocation limits.

• Requires annual reporting to the General Assembly detailing allocated tax credits, supported developments, demographics served, and housing market data demonstrating how credits address affordable housing needs.