Proposition 123 Commitment Updates

The Division of Housing (DOH) saw a tremendous response from local governments and received Prop 123 commitments from more than 202 of the 336 jurisdictions throughout Colorado. These jurisdictions account for 87.7% of the state’s population. A list of jurisdictions that have made this commitment can be found here. For a project to be eligible for Proposition 123 funding, the county, municipality or tribal government was required to file a commitment by November 1, 2023, to increase affordable housing within each jurisdiction by 3% per year, for three years, for a total of a 9% increase.

Passed by Colorado voters in 2022, Proposition 123 created the State Affordable Housing Fund, dedicating 40% of funds to the Affordable Housing Support Fund administered by the Department of Local Affairs (DOLA) and 60% to the Affordable Housing Financing Fund overseen by the Office of Economic Development & International Trade (OEDIT) to fund housing programs.

The three Affordable Housing Support administered by the Department of Local Affairs (DOLA) are:

• Affordable Home Ownership - up to 50% of the Support Fund and administered by DOH
  • $32 million in Year 1 and estimated to be $63.6 million in Year 2
• Program Servicing Persons Experiencing Homelessness - up to 45% of the Support Fund and administered by DOH
  • $28.8 million in Year 1 and estimated to be $57.24 in Year 2
• Local Planning Capacity Development Program - up to 5% of the Support Fund and administered by the Division of Local Government (DLG)
  • $3.2 million in Year 1 and estimated to be $6.36 million in Year 2