HB 24-1308 Summary

• Establishes quarterly application process for affordable housing programs administered by the Division of Housing, with applications accepted at least once per quarter beginning in July.

• Creates specific timelines for application review: 10 days to review for completeness, 45 days to complete additional review and send to State Housing Board, and 90 days to finalize contracts (pausing during applicant response periods).

• Requires Division of Housing to provide preliminary contract drafts within 30 days of approval and executed contracts within 10 days of finalization.

• Adds annual reporting requirements for 2025 and beyond, including number of applications submitted/approved/denied by program, aggregate funding amounts, and Housing Development Grant Fund revenue and expenditure details.

• Modifies City Housing Law to allow cities to own, lease, and manage affordable housing projects independently or through contracts, with property tax exemption provisions for subdivided community land trust and nonprofit homeownership developer properties.