HB24-1316: Middle-Income Housing Tax Credit

• Establishes a pilot program creating a middle-income housing tax credit for qualified developments serving individuals and families earning 80-120% of area median income (80-140% in rural resort counties) from calendar years 2025-2029.

• Allocates $50 million total in tax credits over five years: $5 million annually for 2025-2026, and $10 million annually for 2027-2029, with unused credits carried forward and added to future allocations after 2029.

• Requires Colorado Housing and Finance Authority to issue allocation certificates to qualified developments meeting criteria including rent restrictions and Fair Housing Act accessibility requirements, with a 15-year compliance period.

• Allows owners to claim full credit amount annually during the five-year credit period, with excess credits carried forward up to three years after the credit period ends and no refund of unused amounts.

• Requires annual reporting to General Assembly on number of developments funded, housing units created, demographic information, and impact on middle-income housing needs; program automatically repeals January 1, 2055.