CO SB242

Expands allowable uses of the Housing Development Grant Fund to include rental assistance and tenancy support service programs for individuals experiencing homelessness.

Authorizes grants and loans to local governments and nonprofit organizations for renting, acquiring, or renovating underutilized hotels, motels, and other properties to provide noncongregate sheltering or affordable housing for people experiencing homelessness.

Transfers $30 million from the Affordable Housing and Home Ownership Cash Fund (derived from federal coronavirus relief funds) to the Housing Development Grant Fund, and transfers $15 million from the General Fund to replenish the Affordable Housing fund.

Requires recipients of grants or loans to prioritize minority-owned or women-owned businesses, businesses with annual revenues under $5 million, disadvantaged business enterprises, and properties compliant with the Americans with Disabilities Act.

Transfers an additional $15 million from the General Fund to the Housing Development Grant Fund for direct assistance grants to nonprofits serving individuals experiencing financial need and ineligible for unemployment insurance, nutrition assistance, or federal stimulus payments; this provision expires December 31, 2023.