Proposition 123: What does filing a commitment mean?
As part of Proposition 123, local and tribal governments must first file a commitment to the Department of Local Affairs to increase their affordable housing by 3% per year over three years, for a total of 9%.
Filing a commitment makes a local government or tribe, along with entities operating within their jurisdiction, eligible to apply for funding through the programs implemented by the Colorado Department of Local Affairs (DOLA), the Office of Economic Development & International Trade (OEDIT), and/or the Colorado Housing and Finance Authority (CHFA). Organizations and developers are only eligible for this funding if their project or program takes place in a municipality, county, or tribe that has successfully filed a commitment to increasing their affordable housing stock above a baseline amount.
Filing a commitment does not immediately designate funding to a local government or tribe. Once a jurisdiction becomes eligible for funding through the filing of a commitment, they must submit an application for the respective program to OEDIT/CHFA and/or DOLA.
The commitment filing period for 2023 expired on November 1, 2023. New commitments will be accepted in summer 2024.