Proposition 123 - Dedicate Revenue for Affordable Housing Programs

Prop 123 is a statutory change that functions similarly to a dedicated tax except that it does not raise taxes. Instead, it is a budgeting tool, setting aside up to 0.1% of Colorado's income tax revenute each year for affordable housing programs administered by the state. A variety of programs would be funded under Prop 123.

As with many recent fiscal measures, Prop 123 would also take the dedicated revenue out from under the TABOR constraints.

Recommendation: Yes/For

Colorado’s housing prices are out of reach for many. Homelessness is a big problem in Boulder and elsewhere in Colorado. Budgeting more money for affordable housing should be a priority for Colorado. We can “give permission” to the legislature to spend more money on housing.

If Colorado’s housing woes are resolved (or even if they aren’t), the legislature can change the budget portion for housing in the future because Prop 123 is a statutory change.

Website for the Yes side – Coloradans for Affordable Housing Now
https://yeson123co.com/

Website for the No side
No known website – Info on an opponents’ website appreciated.


Approved Ballot Language
Proposition 123 (Statutory)

Shall there be a change to the Colorado Revised Statutes concerning statewide funding for additional affordable housing, and, in connection therewith, dedicating state revenues collected from an existing tax of one-tenth of one percent on federal taxable income of every individual, estate, trust, and corporation, as defined in law, for affordable housing and exempting the dedicated revenues from the constitutional limitation on state fiscal year spending; allocating 60% of the dedicated revenues to affordable housing financing programs that will reduce rents, purchase land for affordable housing development, and build assets for renters; allocating 40% of the dedicated revenues to programs that support affordable home ownership, serve persons experiencing homelessness, and support local planning capacity; requiring local governments that seek additional affordable housing funding to expedite development approvals for affordable housing projects and commit to increasing the number of affordable housing units by 3% annually; and specifying that the dedicated revenues shall not supplant existing appropriations for affordable housing programs?

YES/FOR ____
NO/AGAINST ____

Proposition 123 initiative language filed with the Secretary of State
https://www.sos.state.co.us/pubs/elections/Initiatives/titleBoard/filings/2021-2022/108Final.pdf