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Second Regular Session
Seventy-fifth General Assembly
STATE OF COLORADO
INTRODUCED
LLS NO. 26-0508.01 Alison Killen x4350 HOUSE BILL 26-1204
House Committees Senate Committees
Transportation, Housing & Local Government
A BILL FOR AN ACT
CONCERNING SENIOR COOPERATIVE HOUSING PROJECTS.101
Bill Summary
(Note: This summary applies to this bill as introduced and does
not reflect any amendments that may be subsequently adopted. If this bill
passes third reading in the house of introduction, a bill summary that
applies to the reengrossed version of this bill will be available at
http://leg.colorado.gov.)
Real property or buildings used to provide dwelling
accommodations that substantially benefit persons with low income
(project property) that is owned, leased, or under construction by a local
housing authority, or an entity that is partially or wholly owned by a local
housing authority, is exempt from property taxation. Section 1 of the bill
clarifies that a "senior cooperative housing project" may qualify for such
property tax exemption as a "project" of a local housing authority. A
"senior cooperative housing project" is defined as a multi-unit residential
HOUSE SPONSORSHIP
Garcia Sander and Boesenecker,
SENATE SPONSORSHIP
Kirkmeyer,
Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
Capital letters or bold & italic numbers indicate new material to be added to existing law.
Dashes through the words or numbers indicate deletions from existing law.
building or complex occupied by qualifying seniors that is owned by a
cooperative or cooperative housing corporation. A "qualifying senior" is
an individual who is at least 65 years old and of low income.
The affordable rental housing component of property in a
public-private partnership between the middle-income housing authority
and one or more public or private entities or persons is exempt from
property taxation. Section 2 clarifies that a "senior cooperative housing
project" that otherwise meets the qualifications and is selected by the
authority may qualify for such property tax exemption as an "affordable
rental housing project". "Senior cooperative housing project" has the
same meaning as in section 1. A "qualifying senior" also has the same
meaning as in section 1 and includes an individual who is of middle
income.
Be it enacted by the General Assembly of the State of Colorado:1
SECTION 1. In Colorado Revised Statutes, 29-4-203, amend2
(12); and add (6.5), (6.7), (13.5), and (16) as follows:3
29-4-203. Definitions.4
As used in this part 2, unless the context otherwise requires:5
(6.5) "COOPERATIVE" HAS THE MEANING SET FORTH IN SECTION6
38-33.3-103 (10).7
(6.7) "C OOPERATIVE HOUSING CORPORATION " MEANS A8
COOPERATIVE HOUSING CORPORATION AS DESCRIBED IN SECTION9
38-33.5-101.10
(12) "Project" means all real and personal property, buildings and11
improvements, stores, offices, lands for farming and gardening,12
commercial facilities, and community facilities acquired or constructed13
or to be acquired or constructed pursuant to a single plan or undertaking14
to demolish, clear, remove, alter, or repair unsanitary or unsafe housing15
or to provide dwelling accommodations on financial terms within the16
means of persons of low income. The term "project" also applies to the17
planning of the buildings and improvements, the acquisition of property,18
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the demolition of existing structures, the construction, reconstruction,1
alteration, and repair of the improvements and all other work in2
connection therewith. The term "project" also applies to the provision of3
dwelling accommodations to persons, without regard to income, as long4
as the project substantially benefits persons of low income as determined5
by an authority. THE TERM "PROJECT" INCLUDES A SENIOR COOPERATIVE6
HOUSING PROJECT.7
(13.5) "S ENIOR COOPERATIVE HOUSING PROJECT " MEANS A8
MULTI-UNIT RESIDENTIAL BUILDING OR COMPLEX OCCUPIED BY9
QUALIFYING SENIORS THAT IS OWNED , IN PART OR IN WHOLE , BY A10
COOPERATIVE OR COOPERATIVE HOUSING CORPORATION.11
(16) "Q UALIFYING SENIOR " MEANS AN INDIVIDUAL WHO IS AT12
LEAST SIXTY-FIVE YEARS OLD AND OF LOW INCOME.13
SECTION 2. In Colorado Revised Statutes, 29-4-1103, add14
(1.5)(c) and (9) as follows:15
29-4-1103. Definitions.16
As used in this part 11, unless the context otherwise requires:17
(1.5) (c) A N "AFFORDABLE RENTAL HOUSING PROJECT " MAY18
INCLUDE A SENIOR COOPERATIVE HOUSING PROJECT IN ACCORDANCE WITH19
THE REQUIREMENTS OF SUBSECTION (1.5)(a) OF THIS SECTION.20
(9) "SENIOR COOPERATIVE HOUSING PROJECT" HAS THE MEANING21
SET FORTH IN SECTION 29-4-203 (13.5); EXCEPT THAT FOR THE PURPOSES22
OF THIS PART 11, A QUALIFYING SENIOR INCLUDES AN INDIVIDUAL WHO IS23
AT LEAST SIXTY-FIVE YEARS OLD AND OF LOW OR MIDDLE INCOME.24
SECTION 3. Act subject to petition - effective date. This act25
takes effect at 12:01 a.m. on the day following the expiration of the26
ninety-day period after final adjournment of the general assembly (August27
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12, 2026, if adj ournment sine die is on May 13, 2026); except that, if a1
referendum petition is filed pursuant to section 1 (3) of article V of the2
state constitution against this act or an item, section, or part of this act3
within such period, then the act, item, section, or part will not take effect4
unless approved by the people at the general election to be held in5
November 2026 a nd, in such case, will take effect on the date of the6
official declaration of the vote thereon by the governor.7
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