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CO HB1282
Bill
Status
5/20/2022
Primary Sponsor
Michael Lynch
Click for details
AI Summary
HB 22-1282 Summary
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Creates the Innovative Housing Incentive Program within the Colorado Office of Economic Development to provide grants and loans to innovative housing businesses with 500 or fewer employees that manufacture manufactured homes, prefabricated housing, 3D-printed housing, kit homes, or tiny homes (maximum 400 square feet).
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Establishes an Innovative Housing Incentive Program Fund with an initial $40 million transfer from the Affordable Housing and Home Ownership Cash Fund on July 1, 2022, with money continuously appropriated to the office for program purposes.
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Authorizes grants for operating expenses up to 20% of demonstrated expenditures (minimum $50,000; $75,000 in coal transition communities) and performance-based per-unit incentives for affordable units installed in Colorado, with enhanced incentives for specific geographic areas and energy efficiency standards.
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Permits loans to fund new or expanded private housing factories by innovative housing businesses that produce affordable units, with potential revolving loan structure and authority to contract with third parties such as the Colorado Housing and Finance Authority for administration.
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Requires annual reporting by participating businesses on units built and installed, job creation, and other metrics, and mandates annual reports to the General Assembly on program expenditures, applicant funding rates, and geographic distribution of grants and loans.
Legislative Description
The Innovative Housing Incentive Program
State Government
Last Action
Governor Signed
5/20/2022