s_sa_2017a_2017-05-03t13:38:55z11 Hearing Summary

Date: 05/03/2017

Location: SCR 357

08:28 PM -- HB17-1309



Senator Guzman and Senator Coram, co-prime sponsors, presented House Bill 17-1309 to the committee. Under current law, when the total amount paid by the purchaser on a real property transaction exceeds $500, the county clerk and recorder collects a one cent documentary fee for each $100 of the amount paid for the recording of a real estate deed or other documents. The bill increases the documentary fee to two cents per $100. Beginning January 1, 2018, 50 percent of the fees generated must be used as prescribed by current law and 50 percent must be deposited in the newly created Statewide Affordable Housing Investment Fund (fund), administered by the Colorado Housing and Finance Authority (CHFA). The bill specifies that moneys in the fund, as allocated by CHFA, must be used for new or existing programs that:



• facilitate the construction or rehabilitation of residential affordable housing units; and

• provide financial assistance to a nonprofit or political subdivision that make loans to households for the financing, purchase, or rehabilitation of residential housing.



The bill defines affordable housing as housing that is affordable for households with an income that is up to 80 percent of the area median income for rental occupancy and up to 110 percent for home ownership. It also specifies that a portion of the funds must be used for programs that serve counties with a population of 175,000 or less.



08:33 PM -- Amy Attwood, representing the Colorado Association of Realtors, testified against the bill.



08:35 PM -- Sara Reynolds, representing Housing Colorado and the Colorado Municipal League, testified in support of the bill.



08:38 PM -- Stefka Fanchi, representing Habitat for Humanity, testified in support of the bill.





08:41 PM



Senators Guzman and Coram wrapped up their presentation of the bill.



Ms. Reynolds returned to the table to respond to committee member questions.