CO SCR002

Removes the constitutional prohibition on real estate transfer taxes and creates a new 0.1% transfer tax on real property deeds effective January 1, 2019.

Tax is collected by county clerks and recorders at time of deed recording, with the county clerk retaining 5% as a collection fee and remitting the balance quarterly to the state treasurer for deposit into the Housing Investment Trust Fund.

Exempts conveyances between spouses or marital partners and correction deeds from the tax.

Requires at least 30% of collected revenue be used for affordable housing projects serving households earning no more than 30% of area median income, with remaining funds supporting affordable housing construction, maintenance, and financial assistance programs.

Amendment requires voter approval at the November 2017 general election by 55% majority and constitutes a voter-approved revenue change exempting the tax from state spending limitations.