CO HB1051

Extends the Colorado Affordable Housing Tax Credit program period from December 31, 2024 to December 31, 2031, allowing credits to be claimed through the extended timeframe.

Increases the annual credit allocation cap to $10 million per year for credits allocated from January 1, 2020 through December 31, 2031, under subsections (1) and section 39-22-2105 combined.

Modifies disaster relief provisions to allow credits for qualified developments in counties impacted by federally declared disasters that leverage state and federal natural disaster recovery funds.

Requires the Colorado Housing and Finance Authority to provide annual reports to the General Assembly and State Auditor measuring program effectiveness in addressing affordable housing shortage and increasing access for residents with below-area median incomes.

Establishes legislative declaration that the credit's purpose is to encourage affordable housing development and private sector investment in preservation of housing for low-income residents.