Will Coloradans risk hit to their TABOR checks for a new affordable housing program? | SummitDaily.com
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Will Coloradans risk hit to their TABOR checks for a new affordable housing program?

Proposition 123 seeks first-of-its-kind approach to affordable housing

Seth Klamman
Denver Post

Coloradans will vote on an affordable housing measure for the first time ever this November, one that would divert nearly $300 million in annual funding toward a first-of-its-kind program.

Proposition 123 is unique in its breadth and scale, supporters and analysts said. It would support eviction defense, down-payment assistance, new housing development, the purchasing of land for future use and direct payments to renters. Its presence on an already crowded ballot comes as affordability anxiety among residents — and their elected leaders — continues to rise: A Colorado Health Foundation survey found that 86% of residents felt that housing is a very or extremely serious problem, second only to the cost of living.

If passed, Prop 123 could spur the construction of 10,000 affordable rental units each year, said Mike Johnston, the CEO of Gary Community Ventures, which is supporting the effort.



“We cannot afford a Colorado where Coloradans can’t afford to live,” Johnston told supporters at a kick-off event in Aurora earlier this week. “And that is the moment we find ourselves in right now,  and the trajectory where we’re heading if we don’t make dramatic changes right now.”

If approved, Prop 123 wouldn’t raise taxes. It would instead allow the state to keep 0.1% of taxable income each year, projected at $290 million from 2023 onward, as a carve-out of the Taxpayer’s Bill of Rights, or TABOR.



Read the rest of the story at DenverPost.com.

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