Colorado voters passed the measure by 5 percentage points. Now local governments are eying conditions and wringing their hands.
In the run-up to Election Day, a broad group of Colorado public officials and organizations threw their weight behind Proposition 123, billed as a historic attempt to support affordable housing in the state. It promised hundreds of millions of dollars in annual funding for a variety of housing and homeless prevention efforts, available to any local government that agreed to a few key conditions.. Now local governments are eying those conditions and wringing their hands.
The money — one-tenth of a percent of income tax revenue, projected to be nearly $300 million from 2023 onward — is a “huge step” in Colorado’s fight for housing affordability, said Kinsey Hasstedt of the housing nonprofit Enterprise Community Partners.
But other concerns get at the heart of the measure. To ensure the money is used to support affordable housing, it requires that any participating governments grow their affordable housing stock by 3% every year over a three-year period. It also requires that the approval process for certain housing developments be fast-tracked, to 90 days.
“The two things the measure are asking are the two things local governments have been doing the opposite of for decades,” said Peter LiFari, the executive director of Adams County’s Maiker Housing Partners. “My response is: Why haven’t they done that already if this is such an appealing strategic approach to our housing unit shortfall? I think what’s going on now is local governments are really starting to scrutinize .
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