housing tax credit bills advance in senate

CHFA is pleased to report that HB24-1434 and HB24-1316, which propose increased and new resources for affordable and middle-income housing, continue to progress in the Senate. Over the weekend, legislators worked diligently to continue their efforts in anticipation of the May 8, 2024 deadline for business.

On Friday, both HB24-1434, the State Affordable Housing Tax Credit bill, and HB24-1316, the Middle-income Housing Tax Credit bill passed unanimously in Senate Finance Committee. On Saturday, both passed Senate Appropriations committee with amendments adopted that adjust the amount of credits awarded annually, while providing a net increase in credits available for award. CHFA is supportive of the Appropriations amendments which reflect good compromise reached by bill sponsors, the Governor’s office, and House and Senate leaders who have worked diligently to balance all of the diverse tax credit proposals sought by wide-ranging stakeholders with the state’s fiscal and economic priorities.

As of the time of this eNews, HB24-1316 has passed Second Reading in the Senate and HB24-1434 is pending consideration on Second Reading in the Senate later today.

HB24-1434: Expand Affordable Housing Tax Credit

As amended, HB24-1434 proposes to increase and strengthen the state Affordable Housing Tax Credit (AHTC) as follows. These amounts are in addition to CHFA's existing $10 million in state AHTC allocation authority.

Year	As Introduced	Senate Appropriations Amendment
2024	$20M	$20M
2025	$20M	$16M
2026	$20M	$12M
2027	$16M	$12M
2028	$16M	$16M
2029	$16M	$20M
2030	$10M	$20M
2031	$10M	$20M
Total	$128M	$136M

In addition, the Transit Oriented Communities (TOC) tax credit, originally proposed in HB24-1313 and amended into HB24-1434 on Third Reading in the House was also amended in Senate Appropriations as follows:

Year	As Introduced	Senate Appropriations Amendment
2025	$8.6M	$2M
2026	$7.2M	$2M
2027	$5.6M	$2M
2028	$5M	$11M
2029	$3.6M	$13M
Total	$30M	$30M

HB24-1316: Middle-income Housing Tax Credit

Last, HB24-1316, the Middle-income Housing Tax Credit (MIHTC), was amended in Senate Appropriations as follows:

Year	As Introduced	Senate Appropriations Amendment
2025	$10M	$5M
2026	$10M	$5M
2027	$10M	$10M
2028	$0	$10M
2029	$0	$10M
Total	$30M	$40M

CHFA is grateful to community members who reached out to members in support of these bills and legislative leaders who continue to champion affordable housing investment this session.

Please contact Jerilynn Francis or Julia Selby for more information.