Capitol Connection: March 15, 2019
House Bill 19-1228: Increase Tax Credit Allocation Affordable Housing
HB19-1228, sponsored by Rep. Shannon Bird (D-Westminster), Rep. Brianna Titone (D-Arvada), Sen. Jack Tate (R-Centennial) and Sen. Rachel Zenzinger (D-Aurora), increases the annual allocation of the state’s Affordable Housing Tax Credit program (AHTC), administered by the Colorado Housing and Finance Authority (CHFA), from $5 million to $10 million from 2019 through 2024. CHFA is currently authorized to allocate $5 million annually in state AHTCs through 2024.
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CAR’s Legislative Policy Committee (LPC) supports this legislation. According to CHFA, between the years of 2015 and 2018, the state AHTC program directly supported the development of 4,796 affordable rental units, estimated to generate over $1.9 billion in economic impact, and enabled CHFA to support 15,312 units using state and federal low-income tax credits (LIHTC). Colorado is in dire need of more diverse, affordable and attainable housing options. Many Coloradans face housing costs that eat up larger and larger portions of their family budgets. CHFA, through the implementation of the AHTC program, plays a critical role in the solution for low-income individuals and families, critical civil servants and senior citizen populations. Click here to view CHFA’s fact sheet.
Senate Bill 19-046: Appraisal Management Company Definition
SB19-046, sponsored by Sen. Jack Tate (R-Centennial) and Rep. Jeni Arndt (D-Fort Collins), updates the state’s definition of an appraisal management company to adhere to federal law. Federal law authorizes an appraisal management company to oversee an appraiser panel “to recruit, select and retain appraisers.”
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CAR’s Legislative Policy Committee (LPC) supports this legislation because it enables the promotion of clarity and good business procedures that provide ease of operation and compliance with industry regulations. The alignment of state and federal law provide certainty and prevent miscommunication or regulatory delays. SB19-046 will be prepared for the Governor’s signature in the coming weeks.
Senate Bill 19-181: Protect Public Welfare Oil and Gas Operations
SB19-181, sponsored by Sen. Stephen Fenberg (D-Boulder), Sen. Mike Foote (D-Lafayette), Speaker of the House KC Becker (D-Boulder) and Rep. Yadira Caraveo (D-Thornton), expands the regulatory scope of the Department of Natural Resources related to oil and gas production across the state, and allows local governments to regulate oil and gas operations within their own jurisdictions.
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CAR’s Legislative Policy Committee (LPC) opposes this legislation for a variety of reasons. First, the legislation introduces uncertainty into the building and permitting atmosphere for affordable housing. When a land use regulatory authority could be litigated between both a state and a local jurisdiction or delayed by a lengthy regulatory process, it discourages investment in real estate, such as the building of affordable housing products. Second, in Colorado, we are a major energy producer with a track record of extensive oil and gas regulation. Third, the revenue that comes from our oil and gas operations shores up other shortfalls in budgets such as education and municipal operations. The question we must ask ourselves is where would we make up for that loss of revenue?
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Common Sense Policy Roundtable (CSPR) recently released a study analyzing the economic impacts and unintended consequences this legislation could trigger if it passes. The analysis finds that if just 50% of new oil and gas production across the state was halted, the impacts by 2030 would be 120,000 fewer jobs across all sectors, over $8 billion in lost state and local tax revenue from 2020 through 2030 and over $158 billion in lost GDP from 2020 through 2030. Read full study here.
CSPR Analysis: Denver Initiative 300: Right to Survive
On the May 2019 ballot, Denver voters will be asked to consider Denver Initiative 300, commonly referred to as the Right to Survive Initiative. This proposed policy change to the city’s municipal code, if voters approve, could repeal Denver’s urban camping ban, allowing individuals to reside in any public space throughout the City and County of Denver for any duration of time. Common Sense Policy Roundtable (CSPR) released a detailed study analyzing how Homelessness is currently being addressed in Denver, and the impacts and unintended consequences of granting unimpeded access to public space. Read full report here.
CAR Spring Summit (April 23-25, 2019)
The 2019 CAR Spring Summit is almost here. Spring Summit is packed with business meetings, new ideas, vendors, networking and fun. The Four Seasons in Vail is the place to be Apr. 23-25, 2019. Also, during Spring Summit, join us to celebrate 50 years of RPAC at our annual Spring RPAC Reception, A Diamond is Forever. Join us in your best James Bond attire to support 50 years of RPAC and even enter a raffle to win a real diamond. Registration for Spring Summit is available online. Click here for more information and the link to register.
NAR Midyear Legislative Meetings (May 13-18, 2019)
The REALTORS® Legislative Meetings and Trade Expo allows NAR members an opportunity to take an active role in advancing the real estate industry, and public policy directly. REALTORS® come to Washington, DC, for special issues forums, committee meetings, legislative activities, hill visits and the industry trade show. Registration is now open. Click here for more information.
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For Colorado, we have nine hill visits to complete and as we approach May, CAR Government Affairs staff will be in contact with attendees regarding the hill visits meeting schedule for their specific congressional district.
Colorado Project Wildfire
Developed by the Colorado Association of REALTORS®, Project Wildfire is designed to help reduce the destruction of land, property, and lives. Working in partnership with other like-minded fire prevention organizations across the state, local REALTOR® associations are bringing education and awareness, as well as access to resources, directly to residents in their local communities. To learn more about Colorado Project Wildfire, click here.
Sign up for REALTOR® Party Mobile Alerts
More than 50,000 REALTORS® from across the country have already signed up for REALTOR® Party Mobile Alerts – have you? Text REALTORS to 30644 to stay up to date on REALTOR® issues! You’ll be among the first to know about NAR Calls for Action and more! Click here for more information.