A Colorado Ballot Initiative Could Give Renters a Financial Stake in Their Buildings
Prop. 123 would set aside 0.1% of Colorado’s income taxes to build housing. It would also redirect equity from affordable housing back to renters, a path-breaking model that has never been attempted at this scale.
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This November, Colorado residents will vote on a far-reaching ballot initiative that would set aside 0.1% of the state’s income taxes – estimated to be $290 million in 2023 and beyond – for affordable housing. Proposition 123 would provide grants and low-interest loans for affordable housing and give down payment assistance for first-time homeowners.
The proposition is meant to address affordability as well as housing supply; funds would only go to localities that commit to increasing their affordable housing stock by 3% each year and which fast-track their housing approvals.