SB26-139 • 2026

Local Education Provider Workforce Housing

Section 4 of the bill creates the 'Building Excellent Teacher and Employee Residences Act' (BETER). BETER creates a new school district financing opportunity for the development of housing for teacher

Education Housing Labor

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor: Sen. J. Bridges, Sen. D. Roberts, Rep. M. Lukens, Rep. K. Stewart
Last action: 2026-03-12
Official status: Introduced In Senate - Assigned to Education
Effective date: Not listed

Plain English Breakdown

The bill summary does not provide specific details on how much financial assistance each project will receive or what happens if a school district cannot provide matching funds.

Building Excellent Teacher and Employee Residences Act (BETER)

This act creates a new way for school districts to apply for financial assistance from the state to develop housing that is affordable for teachers and other staff.

What This Bill Does

Creates BETER, which helps school districts develop workforce housing for their employees.
Establishes an application process where school districts can apply for financial assistance to create workforce housing projects.
Requires the board to review applications and prioritize them based on established guidelines before awarding financial help.
Limits financial assistance to projects that meet affordability, tenancy, environmental, and building requirements set by the board.
Allows the state treasurer to enter into lease-purchase agreements for funding these projects.

Who It Names or Affects

School districts applying for financial assistance
Teachers and other school staff who will live in the housing

Terms To Know

Workforce Housing: Housing that is affordable for people with middle-income jobs, like teachers.
Financial Assistance: Money or other resources given to help pay for something.

Limits and Unknowns

The bill does not specify how much financial assistance each project will receive.
It is unclear what happens if a school district cannot provide matching funds as required by the board.

Bill History

2026-03-12 Senate
Introduced In Senate - Assigned to Education

Official Summary Text

Section 4
of the bill creates the 'Building Excellent Teacher and Employee Residences Act' (BETER). BETER creates a new school district financing opportunity for the development of housing for teachers and other school district and public school staff (workforce housing).
The bill creates an application process by which a school district (applicant) may apply to the workforce housing assistance board (board) for financial assistance in connection with developing a workforce housing project. The division of public school capital construction assistance within the department of education (division of public school capital construction assistance) and the division of housing within the department of local affairs (division of housing) shall assist applicants in identifying workforce housing needs and in submitting applications to the board. No later than June 1, the board, with the support of the division of housing and division of public school capital construction assistance, shall review these applications according to guidelines that the board establishes and creates an initial prioritized list of workforce housing projects to award financial assistance. The board shall submit this initial prioritized list to the state board of education and the state housing board for comment. No later than July 15, the board shall determine a final prioritized list of projects for which the board will provide financial assistance.
The board may only award financial assistance to an applicant for a workforce housing project if:
The board determines that the project complies with affordability, tenancy, and environmental and building requirements established by the board; and
Unless the board grants an exemption, the applicant provides matching money in an amount at least equal to the portion of the total development cost of the workforce housing project that can be financed with and supported by net operating income generated from the project.
The board may only provide an amount of financial assistance to an applicant for a workforce housing project that is equal to or less than the portion of the amount of the workforce housing project's total development cost that exceeds the amount that the applicant can finance and support with the workforce housing project's net operating income.
The board may provide financial assistance to an applicant for a workforce housing project by awarding matching grants that are paid out of the workforce housing assistance fund (fund) or by instructing the state treasurer to enter into a financed purchase of an asset or certificate of participation agreement. In this context, the financed purchase of an asset or certificate of participation agreement means a lease-purchase agreement between the state treasurer and a trustee pursuant to which:
The state makes rental payments that include principal and interest components; and
The trustee, pursuant to an indenture of trust, creates certificates of participation evidencing undivided interests in the payments made by the state under the lease-purchase agreement.
Any payment obligation of the state as part of a financed purchase of an asset or certificate of participation agreement is subject to annual appropriation and does not create an indebtedness or multiple fiscal year financial obligation of the state within the meaning of any provision of the state constitution or state statute.
If the state treasurer enters into a financed purchase of an asset or certificate of participation agreement, the board shall enter into a sub-financed purchase of an asset or certificate of participation agreement for the workforce housing project with the applicant that will use the workforce housing. The sub-financed purchase of an asset or certificate of participation agreement must:
Require the applicant to perform for the state all duties of the state to maintain and operate the workforce housing project and to make periodic rental payments to the state or otherwise make a payment to the state in the amount of the matching money required for the award of financial assistance; and
Provide for the transfer of ownership of the workforce housing from the state to the applicant upon the fulfillment of both the state's obligations under the financed purchase of an asset or certificate of participation agreement and the applicant's obligations under the sub-financed purchase of an asset or certificate of participation agreement.
The board is required to present an annual written report to the education and finance committees of the house of representatives and the senate regarding the provision of financial assistance to applicants. The board is also required to post a similar report on the department of education's website.

Sections 5, 6, 7,
and
8
establish the funding mechanism for the fund. The state constitution restricts the use of the principal of the public school fund and only allows for the use of public school fund interest and income.
Sections 6
and
7
clarify that public school fund interest and income includes realized and unrealized gains and directs the transfer of the lesser of an amount of interest and income equal to 2.5% of the total value of the public school fund after making currently required interest and income distributions from the public school fund or $40 million to the state public school fund.
Section 5
creates the public school fund income stabilization account within the public school fund and directs the treasurer to credit the difference between the amount transferred from the public school fund to the state public school fund as described in
section 6
and $40 million to the account. The uses of the account are limited to supplementing payment from or the principal of the public school fund.
Section 8
directs the state treasurer to annually transfer an amount equal to the amount transferred from the public school fund to the state public school fund pursuant to
section 6
from the state education fund to the fund.

Section 1
expands school district powers concerning the development and financing of workforce housing. Specifically,
section 1
allows for school districts to:
Acquire, construct, improve, own, operate, lease, and lease-purchase workforce housing;
Issue bonds to finance workforce housing;
Enter into contracts with public entities and private parties to finance workforce housing; and
Create enterprises for the acquisition, construction, improvement, ownership, operation, leasing, and lease-purchasing of workforce housing.
Section 1
also describes the characteristics of bonds issued by school district-created enterprises for the purpose of financing workforce housing.

Section 2
adds certain school district and school district enterprise lease agreements, lease-purchase agreements, and revenue bonds entered into or issued in connection with financing workforce housing to the state intercept program.

Sections 3, 9,
and
10
grant the division of public school capital construction assistance, the state treasurer, and the division of housing the powers necessary to implement the bill.
(Note: This summary applies to this bill as introduced.)

Current Bill Text

Read the full stored bill text

Second Regular Session
Seventy-fifth General Assembly
STATE OF COLORADO
BILLPAPER
INTRODUCED

LLS NO. 26-0320.02 Pierce Lively x2059 SENATE BILL 26-139
Senate Committees House Committees
Education
A BILL FOR AN ACT
CONCERNING FUNDING FOR THE CREATION OF LOCAL EDUCATION101
PROVIDER WORKFORCE HOUSING BY LOCAL EDUCATION102
PROVIDERS.103
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.)
Section 4 of the bill creates the "Building Excellent Teacher and
Employee Residences Act" (BETER). BETER creates a new school
district financing opportunity for the development of housing for teachers
and other school district and public school staff (workforce housing).
The bill creates an application process by which a school district
SENATE SPONSORSHIP
Bridges and Roberts,
HOUSE SPONSORSHIP
Stewart K. and Lukens,
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.
(applicant) may apply to the workforce housing assistance board (board)
for financial assistance in connection with developing a workforce
housing project. The division of public school capital construction
assistance within the department of education (division of public school
capital construction assistance) and the division of housing within the
department of local affairs (division of housing) shall assist applicants in
identifying workforce housing needs and in submitting applications to the
board. No later than June 1, the board, with the support of the division of
housing and division of public school capital construction assistance,
shall review these applications according to guidelines that the board
establishes and creates an initial prioritized list of workforce housing
projects to award financial assistance. The board shall submit this initial
prioritized list to the state board of education and the state housing board
for comment. No later than July 15, the board shall determine a final
prioritized list of projects for which the board will provide financial
assistance.
The board may only award financial assistance to an applicant for
a workforce housing project if:
! The board determines that the project complies with
affordability, tenancy, and environmental and building
requirements established by the board; and
! Unless the board grants an exemption, the applicant
provides matching money in an amount at least equal to the
portion of the total development cost of the workforce
housing project that can be financed with and supported by
net operating income generated from the project.
The board may only provide an amount of financial assistance to an
applicant for a workforce housing project that is equal to or less than the
portion of the amount of the workforce housing project's total
development cost that exceeds the amount that the applicant can finance
and support with the workforce housing project's net operating income.
The board may provide financial assistance to an applicant for a
workforce housing project by awarding matching grants that are paid out
of the workforce housing assistance fund (fund) or by instructing the state
treasurer to enter into a financed purchase of an asset or certificate of
participation agreement. In this context, the financed purchase of an asset
or certificate of participation agreement means a lease-purchase
agreement between the state treasurer and a trustee pursuant to which:
! The state makes rental payments that include principal and
interest components; and
! The trustee, pursuant to an indenture of trust, creates
certificates of participation evidencing undivided interests
in the payments made by the state under the lease-purchase
agreement.
Any payment obligation of the state as part of a financed purchase of an
SB26-139-2-
asset or certificate of participation agreement is subject to annual
appropriation and does not create an indebtedness or multiple fiscal year
financial obligation of the state within the meaning of any provision of
the state constitution or state statute.
If the state treasurer enters into a financed purchase of an asset or
certificate of participation agreement, the board shall enter into a
sub-financed purchase of an asset or certificate of participation
agreement for the workforce housing project with the applicant that will
use the workforce housing. The sub-financed purchase of an asset or
certificate of participation agreement must:
! Require the applicant to perform for the state all duties of
the state to maintain and operate the workforce housing
project and to make periodic rental payments to the state or
otherwise make a payment to the state in the amount of the
matching money required for the award of financial
assistance; and
! Provide for the transfer of ownership of the workforce
housing from the state to the applicant upon the fulfillment
of both the state's obligations under the financed purchase
of an asset or certificate of participation agreement and the
applicant's obligations under the sub-financed purchase of
an asset or certificate of participation agreement.
The board is required to present an annual written report to the
education and finance committees of the house of representatives and the
senate regarding the provision of financial assistance to applicants. The
board is also required to post a similar report on the department of
education's website.
Sections 5, 6, 7, and 8 establish the funding mechanism for the
fund. The state constitution restricts the use of the principal of the public
school fund and only allows for the use of public school fund interest and
income. Sections 6 and 7 clarify that public school fund interest and
income includes realized and unrealized gains and directs the transfer of
the lesser of an amount of interest and income equal to 2.5% of the total
value of the public school fund after making currently required interest
and income distributions from the public school fund or $40 million to the
state public school fund. Section 5 creates the public school fund income
stabilization account within the public school fund and directs the
treasurer to credit the difference between the amount transferred from the
public school fund to the state public school fund as described in section
6 and $40 million to the account. The uses of the account are limited to
supplementing payment from or the principal of the public school fund.
Section 8 directs the state treasurer to annually transfer an amount equal
to the amount transferred from the public school fund to the state public
school fund pursuant to section 6 from the state education fund to the
fund.
SB26-139-3-
Section 1 expands school district powers concerning the
development and financing of workforce housing. Specifically, section
1 allows for school districts to:
! Acquire, construct, improve, own, operate, lease, and
lease-purchase workforce housing;
! Issue bonds to finance workforce housing;
! Enter into contracts with public entities and private parties
to finance workforce housing; and
! Create enterprises for the acquisition, construction,
improvement, ownership, operation, l easing, and
lease-purchasing of workforce housing.
Section 1 also describes the characteristics of bonds issued by school
district-created enterprises for the purpose of financing workforce
housing.
Section 2 adds certain school district and school district enterprise
lease agreements, lease-purchase agreements, and revenue bonds entered
into or issued in connection with financing workforce housing to the state
intercept program.
Sections 3, 9, and 10 grant the division of public school capital
construction assistance, the state treasurer, and the division of housing the
powers necessary to implement the bill.
Be it enacted by the General Assembly of the State of Colorado:1
SECTION 1. In Colorado Revised Statutes, add 22-32-124.7 as2
follows:3
22-32-124.7. Workforce housing - school district powers and4
duties - definitions.5
(1) IN ADDITION TO ANY OTHER POWERS AND DUTIES, THE BOARD6
OF EDUCATION MAY:7
(a) ACQUIRE, CONSTRUCT, IMPROVE, OWN, OPERATE, LEASE, AND8
LEASE-PURCHASE WORKFORCE HOUSING;9
(b) I SSUE GENERAL OBLIGATION BONDS OR NON -ENTERPRISE10
REVENUE BONDS TO PAY THE COSTS OF ACQUIRING , CONSTRUCTING ,11
IMPROVING, OWNING , OPERATING , LEASING , AND LEASE -PURCHASING12
WORKFORCE HOUSING;13
SB26-139-4-
(c) ENTER INTO CONTRACTS WITH PUBLIC ENTITIES AND PRIVATE1
PARTIES, INCLUDING PUBLIC-PUBLIC AND PUBLIC-PRIVATE PARTNERSHIPS,2
FOR THE ACQUISITION , CONSTRUCTION , IMPROVEMENT , OWNERSHIP ,3
OPERATION, LEASING, AND LEASE-PURCHASING OF WORKFORCE HOUSING;4
AND5
(d) CREATE AN ENTERPRISE FOR THE ACQUISITION, CONSTRUCTION,6
IMPROVEMENT , OWNERSHIP , OPERATION , LEASING , AND7
LEASE-PURCHASING OF WORKFORCE HOUSING.8
(2) (a) A N ENTERPRISE CREATED BY A BOARD OF EDUCATION9
PURSUANT TO THIS SECTION HAS THE POWERS AND DUTIES DESCRIBED IN10
SUBSECTIONS (1)(a) AND (1)(c) OF THIS SECTION.11
(b) (I) (A) A N ENTERPRISE CREATED PURSUANT TO THIS12
SUBSECTION (2) MAY ISSUE BONDS TO ACCOMPLISH OR FURTHER ANY OF13
ITS POWERS OR DUTIES RELATING TO WORKFORCE HOUSING.14
(B) B ONDS ISSUED BY AN ENTERPRISE PURSUANT TO THIS15
SUBSECTION (2)(b) MUST BE ISSUED PURSUANT TO RESOLUTION OF THE16
ENTERPRISE'S BOARD, ARE PAYABLE SOLELY FROM ALL OR A SPECIFIED17
PORTION OF THE REVENUES OR ASSETS OF THE ENTERPRISE OR THE18
REVENUES AND ASSETS OF THE WORKFORCE HOUSING COMPONENT OF A19
PUBLIC-PRIVATE PARTNERSHIP, AND MAY BE SECURED BY A MORTGAGE ,20
DEED OF TRUST, PLEDGE, OTHER SECURITY INTEREST IN OR ENCUMBRANCE21
ON ANY OF THE REVENUE , PROPERTY, OR ASSETS OF THE ENTERPRISE OR22
THE REVENUE , PROPERTY , OR ASSETS OF THE WORKFORCE HOUSING23
COMPONENT OF A PUBLIC-PRIVATE PARTNERSHIP.24
(C) AS PROVIDED IN THE RESOLUTION OF THE ENTERPRISE UNDER25
WHICH BONDS ARE AUTHORIZED TO BE ISSUED OR AS PROVIDED IN A TRUST26
INDENTURE BETWEEN THE ENTERPRISE AND ANY COMMERCIAL BANK OR27
SB26-139-5-
TRUST COMPANY HAVING FULL TRUST POWERS: BONDS MAY BE EXECUTED1
AND DELIVERED BY AN ENTERPRISE CREATED PURS UANT TO THIS2
SUBSECTION (2) AT THE TIMES; MAY BE IN THE FORM AND DENOMINATIONS3
AND INCLUDE THE TERMS AND MATURITIES; MAY BE SUBJECT TO OPTIONAL4
OR MANDATORY REDEMPTION PRIOR TO MATURITY WITH OR WITHOUT A5
PREMIUM; MAY BE IN FULLY REGISTERED FORM OR BEARER FORM6
REGISTRABLE AS TO PRINCIPAL OR INTEREST OR BOTH; MAY BE PAYABLE7
IN SUCH INSTALLMENTS AND AT THE TIMES NOT EXCEEDING FORTY -FIVE8
YEARS FROM THE DATE THEREOF ; MAY BE PAYABLE AT THE PLACE9
WHETHER WITHIN OR WITHOUT THE STATE OR ELECTRONICALLY ; MAY10
BEAR FIXED OR VARIABLE INTEREST ; MAY BE SUBJECT TO PURCHASE AT11
THE OPTION OF THE HOLDER OR THE ENTERPRISE ; MAY BE EVIDENCED IN12
SUCH MANNER; MAY BE EXECUTED BY THE OFFICERS OF THE ENTERPRISE,13
INCLUDING THE USE OF ONE OR MORE FACSIMILE SIGNATURES, WHICH MAY14
BE EITHER OF AN OFFICER OF THE ENTERPRISE OR OF AN AGENT15
AUTHENTICATING THE SAME ; MAY BE IN THE FORM OF COUPON BONDS16
THAT HAVE ATTACHED INTEREST COUPONS BEARING A MANUAL OR17
FACSIMILE SIGNATURE OF AN OFFICER OF THE ENTERPRISE ; AND MAY18
CONTAIN THE PROVISIONS NOT INCONSISTENT WITH THIS SUBSECTION19
(2)(b).20
(D) B ONDS ISSUED BY AN ENTERPRISE PURSUANT TO THIS21
SUBSECTION (2)(b) MAY BE SOLD AT PUBLIC OR PRIVATE SALE AT THE22
PRICE OR PRICES, IN THE MANNER, AND AT THE TIMES DETERMINED BY THE23
BOARD, AND THE ENTERPRISE SHALL PAY FEES , EXPENSES , AND24
COMMISSIONS THAT IT DEEMS NECESSARY OR ADVANTAGEOUS IN25
CONNECTION WITH THE SALE OF THE BONDS. THE POWER TO FIX THE DATE26
OF SALE OF THE BONDS, TO RECEIVE BIDS OR PROPOSALS, TO AWARD AND27
SB26-139-6-
SELL BONDS, TO FIX INTEREST RATES , AND TO TAKE ALL OTHER ACTION1
NECESSARY TO SELL AND DELIVER THE BONDS MAY BE DELEGATED TO AN2
OFFICER OR AGENT OF THE ENTERPRISE.3
(E) A NY OUTSTANDING BONDS ISSUED BY AN ENTERPRISE4
PURSUANT TO THIS SUBSECTION (2)(b) MAY BE REFUNDED BY THE5
ENTERPRISE PURSUANT TO ARTICLE 56 OF TITLE 11.6
(F) A LL BONDS ISSUED BY AN ENTERPRISE PURSUANT TO THIS7
SUBSECTION (2)(b) AND ANY INTEREST COUPONS APPLICABLE TO THE8
BONDS ARE DECLARED TO BE NEGOTIABLE INSTRUMENTS.9
(G) T HE RESOLUTION OR TRUST INDENTURE AUTHORIZING THE10
ISSUANCE OF B ONDS ISSUED BY AN ENTERPRISE PURS UANT TO THIS11
SUBSECTION (2)(b) MAY PLEDGE ALL OR A PORTION OF THE REVENUES AND12
ASSETS OF THE ENTERPRISE; MAY GRANT OR PROVIDE FOR A MORTGAGE,13
DEED OF TRUST, PLEDGE, OTHER SECURITY INTEREST IN OR ENCUMBRANCE14
ON ANY OF THE REVENUES , PROPERTY, OR ASSETS OF THE ENTERPRISE ;15
MAY PLEDGE ALL OR A PORTION OF THE RIGHTS OF THE ENTERPRISE TO16
IMPOSE AND RECEIVE RENT OR OTHER CHARGES IN ACCORDANCE WITH THE17
PROVISIONS OF THIS PART 1; MAY CONTAIN THE PROVISIONS FOR18
PROTECTING AND ENFORCING THE RIGHTS AND REMEDIES OF HOLDERS OF19
ANY OF THE BONDS THAT THE ENTERPRISE DEEMS APPROPRIATE; MAY SET20
FORTH THE RIGHTS AND REMEDIES OF THE HOLDERS OF ANY OF THE BONDS;21
AND MAY CONTAIN PROVISIONS THAT THE ENTERPRISE DEEMS22
APPROPRIATE FOR THE SECURITY OF THE HOLDERS OF THE BONDS ,23
INCLUDING PROVISIONS FOR LETTERS OF CREDIT , INSURANCE, STANDBY24
CREDIT AGREEMENTS , OR OTHER FORMS OF CREDIT ENSURING TIMELY25
PAYMENT OF THE BONDS , INCLUDING THE REDEMPTION PRICE OR THE26
PURCHASE PRICE.27
SB26-139-7-
(H) ANY PLEDGE OF REVENUE, ASSETS, OR OTHER PROPERTY MADE1
BY AN ENTERPRISE CREATED PURSUANT TO THIS SUBSECTION (2) OR BY2
ANY PERSON OR GOVERNMENTAL UNIT WITH WHICH SUCH AN ENTERPRISE3
CONTRACTS IS VALID AND BINDING FROM THE TIME THE PLEDGE IS MADE.4
THE PLEDGED REVENUES , ASSETS , OR PROPERTY ARE IMMEDIATELY5
SUBJECT TO THE LIEN OF THE PLEDGE WITHOUT ANY PHYSICAL DELIVERY6
OR FURTHER ACT , AND THE LIEN OF THE PLEDGE IS VALID AND BINDING7
AGAINST ALL PARTIES HAVING CLAIMS OF ANY KIND IN TORT, CONTRACT,8
OR OTHERWISE AGAINST THE PLEDGING PARTY. THE LIEN OF THE PLEDGE9
IS SUPERIOR TO ANY OTHER LIEN ON THE SAME REVENUE , ASSETS , OR10
PROPERTY THAT IS FILED LATER IN TIME OTHER THAN A LIEN FOR11
PROPERTY TAXES.12
(I) N EITHER THE MEMBERS OF THE BOARD OF AN ENTERPRISE13
CREATED PURSUANT TO THIS SUBSECTION (2), EMPLOYEES OF THE14
ENTERPRISE, IF ANY, NOR ANY PERSON EXECUTING BONDS PURSUANT TO15
THIS SUBSECTION (2)(b) ARE LIABLE PERSONALLY ON THE BONDS OR16
SUBJECT TO ANY PERSONAL LIABILITY BY REASON OF THE ISSUANCE OF THE17
BONDS.18
(J) AN ENTERPRISE CREATED PURSUANT TO THIS SUBSECTION (2)19
MAY PURCHASE BONDS THAT IT ISSUES PURSUANT TO THIS SUBSECTION20
(2)(b) OUT OF ANY AVAILABLE MONEY AND MAY HOLD, PLEDGE, CANCEL,21
OR RESELL THE BONDS SUBJECT TO AND IN ACCORDANCE WITH22
AGREEMENTS WITH THE HOLDERS OF THE BONDS.23
(II) AN ENTERPRISE CREATED PURSUANT TO THIS SUBSECTION (2)24
MAY INVEST OR DEPOSIT ANY PROCEEDS AND ANY INTEREST FROM THE25
SALE OF BONDS PURSUANT TO THIS SUBSECTION (2)(b) IN THE MANNER26
PROVIDED BY PART 6 OF ARTICLE 75 OF TITLE 24. IN ADDITION , AN27
SB26-139-8-
ENTERPRISE MAY DIRECT A CORPORATE TRUSTEE THAT HOLDS THE1
PROCEEDS AND ANY INTEREST TO INVEST OR DEPOSIT THE PROCEEDS AND2
ANY INTEREST IN INVESTMENTS OR DEPOSITS OTHER THAN THOSE3
SPECIFIED BY SAID PART 6 IF THE ENTERPRISE DETERMINES , BY4
RESOLUTION, THAT THE INVESTMENT OR DEPOSIT MEETS THE STANDARD5
ESTABLISHED IN SECTION 15-1-304, THE INCOME IS AT LEAST COMPARABLE6
TO INCOME AVAILABLE ON INVESTMENTS OR DEPOSITS SPECIFIED BY PART7
6 OF ARTICLE 75 OF TITLE 24, AND THE INVESTMENT WILL ASSIST THE8
ENTERPRISE IN THE COMPLETION OF WORKFORCE HOUSING OR ACTIVITIES9
TO BE FINANCED FROM PROCEEDS OF THE BONDS.10
(III) A LL BANKS , TRUST COMPANIES , SAVINGS AND LOAN11
ASSOCIATIONS, INSURANCE COMPANIES , EXECUTORS, ADMINISTRATORS,12
GUARDIANS, TRUSTEES, AND OTHER FIDUCIARIES MAY LEGALLY INVEST13
ANY MONEY WITHIN THEIR CONTROL IN BONDS ISSUED BY AN ENTERPRISE14
PURSUANT TO THIS SUBSECTION (2)(b). PUBLIC ENTITIES, AS DEFINED IN15
SECTION 24-75-601 (1), MAY INVEST PUBLIC MONEY IN SUCH BONDS ONLY16
IF THE BONDS SATISFY THE INVESTMENT REQUIREMENTS ESTABLISHED IN17
PART 6 OF ARTICLE 75 OF TITLE 24.18
(IV) B ONDS ISSUED BY AN ENTERPRISE PURSUANT TO THIS19
SUBSECTION (2)(b) ARE EXEMPT FROM THE PROVISIONS OF ARTICLE 51 OF20
TITLE 11.21
(V) B ONDS ISSUED BY AN ENTERPRISE PURSUANT TO THIS22
SUBSECTION (2)(b) ARE EXEMPT FROM TAXATION BY THE STATE AND ANY23
COUNTY, CITY AND COUNTY , MUNICIPALITY , OR OTHER POLITICAL24
SUBDIVISION OF THE STATE.25
(VI) THE ISSUANCE OF BONDS BY AN ENTERPRISE PURSUANT TO26
THIS SUBSECTION (2)(b) NEED ONLY COMPLY WITH THE REQUIREMENTS OF27
SB26-139-9-
THIS SUBSECTION (2)(b).1
(3) (a) A SCHOOL DISTRICT MAY ISSUE NON-ENTERPRISE REVENUE2
BONDS TO ACCOMPLISH OR FURTHER ANY OF ITS POWERS OR DUTIES3
RELATING TO WORKFORCE HOUSING.4
(b) AS USED IN THIS SUBSECTION (3), "NON-ENTERPRISE REVENUE5
BONDS" MEANS BONDS THAT ARE ISSUED BY A SCHOOL DISTRICT FOR THE6
PURPOSE OF FINANCING WORKFORCE HOUSING. NON-ENTERPRISE REVENUE7
BONDS:8
(I) M UST BE PAYABLE FROM REVENUES DERIVED FROM THE9
OWNERSHIP AND OPERATION OF WORKFORCE HOUSING AND MAY BE10
SECURED BY A PLEDGE OF OR LIEN ON THOSE REVENUES AND A MORTGAGE11
OF SUCH WORKFORCE HOUSING FACILITIES;12
(II) M UST BE AUTHORIZED BY THE VOTERS OF THE SCHOOL13
DISTRICT, IF REQUIRED BY SECTION 20 OF ARTICLE X OF THE STATE14
CONSTITUTION OR ANY OTHER PROVISION OF THE STATE CONSTITUTION;15
(III) ARE NOT SUBJECT TO THE LIMITATIONS ON SCHOOL DISTRICT16
BONDS ESTABLISHED IN SECTION 22-42-104; AND17
(IV) MUST BE ISSUED IN THE SAME MANNER, ARE ENTITLED TO THE18
SAME EXEMPTIONS FROM STATE TAXES AND OTHER STATE LAWS19
APPLICABLE TO THE ISSUANCE OF SCHOOL DISTRICT GENERAL OBLIGATION20
BONDS, AND, EXCEPT AS OTHERWISE PROVIDED IN THIS SUBSECTION (3),21
SHALL BE TREATED THE SAME , AS THE SCHOOL DISTRICT 'S GENERAL22
OBLIGATION BONDS.23
(4) A SCHOOL DISTRICT SHALL NOT ISSUE EXEMPT FACILITY BONDS,24
AS DEFINED IN SECTION 142 (a) OF THE INTERNAL REVENUE CODE ; USE25
PRIVATE ACTIVITY BONDS VOLUME CAP ALLOCATION IN THE ISSUANCE OF26
BONDS; OR RECEIVE A DIRECT ALLOCATION, STATEWIDE BALANCE AWARD,27
SB26-139-10-
OR ASSIGNMENT OF ALLOCATION OF STATE CEILING PURSUANT TO PART 171
OF ARTICLE 32 OF TITLE 24.2
(5) A S USED IN THIS SECTION , UNLESS CONTEXT OTHERWISE3
REQUIRES:4
(a) "E NTERPRISE" HAS THE SAME MEANING AS IN SECTION5
24-77-102 (3).6
(b) "W ORKFORCE HOUSING " HAS THE SAME MEANING AS IN7
SECTION 22-43.8-103 (15).8
SECTION 2. In Colorado Revised Statutes, 22-41-110, amend9
(1)(b)(II) and (1)(b)(III); and add (1)(b)(II.5) as follows:10
22-41-110. Timely payment of school district obligations.11
(1) (b) This section applies to:12
(II) Obligations of a school district in connection with a lease13
agreement or installment purchase agreement entered into by a school14
district under section 22-32-127 or 22-45-103 (1)(c) on or after July 1,15
1991, OR A LEASE OR LEASE -PURCHASE AGREEMENT BETWEEN THE16
SCHOOL DISTRICT AND THE STATE ENTERED INTO IN CONNECTION WITH A17
FINANCED PURCHASE OF AN ASSET AGREEMENT ENTERED INTO BY THE18
STATE PURSUANT TO SECTION 22-43.8-108; and19
(II.5) REVENUE BONDS ISSUED BY A SCHOOL DISTRICT ENTERPRISE20
PURSUANT TO SECTION 22-32-124.7 (2) OR NON -ENTERPRISE REVENUE21
BONDS ISSUED BY A SCHOOL DISTRICT PURSUANT TO SECTION 22-32-124.722
(3) FOR THE PURPOSE OF FINANCING WORKFORCE HOUSING; AND23
(III) Ref unding bonds issued by a school district pursuant to24
article 56 of title 11 OR BY A SCHOOL DISTRICT ENTERPRISE PURSUANT TO25
SECTION 22-32-124.7 (2).26
SECTION 3. In Colorado Revised Statutes, 22-43.7-105, add (4)27
SB26-139-11-
as follows:1
22-43.7-105. Division of public school capital construction2
assistance - creation - director - function - powers and duties.3
(4) IN ADDITION TO THE FUNCTIONS OF THE DIVISION SPECIFIED IN4
SUBSECTIONS (2) AND (3) OF THIS SECTION, THE DIVISION SHALL PROVIDE5
PROFESSIONAL AND TECHNICAL SUPPORT AS DESCRIBED IN ARTICLE 43.86
OF THIS TITLE 22 OR AS OTHERWISE REQUIRED TO THE WORKFORCE7
HOUSING ASSISTANCE BOARD CREATED IN SECTION 22-43.8-105, IN8
PARTNERSHIP WITH THE DIVISION OF HOUSING WITHIN THE DEPARTMENT9
OF LOCAL AFFAIRS.10
SECTION 4. In Colorado Revised Statutes, add article 43.8 to11
title 22 as follows:12
ARTICLE 43.8 13
Building Excellent Teacher and Employee Residences14
22-43.8-101. Short title.15
THE SHORT TITLE OF THIS ARTICLE 43.8 IS THE "BUILDING16
EXCELLENT TEACHER AND EMPLOYEE RESIDENCES ACT".17
22-43.8-102. Legislative findings and declarations.18
(1) THE GENERAL ASSEMBLY HEREBY FINDS AND DECLARES THAT:19
(a) C OLORADO IS EXPERIENCING A SEVERE AND PERVASIVE20
HOUSING AFFORDABILITY CRISIS, WITH RENTS AND HOME PRICES IN MANY21
COMMUNITIES RISING FAR FASTER THAN EDUCATOR SALARIES . IN22
NUMEROUS COMMUNITIES, THE SHORTAGE OF AFFORDABLE HOUSING HAS23
MADE IT DIFFICULT OR IMPOSSIBLE FOR TEACHERS AND OTHER SC HOOL24
DISTRICT AND PUBLIC SCHOOL STAFF TO LIVE IN THE COMMUNITIES THEY25
SERVE. THIS HOUSING SHORTAGE DIRECTLY CONTRIBUTES TO CHRONIC26
STAFFING VACANCIES, HIGH TURNOVER , AND DISRUPTIONS TO STUDENT27
SB26-139-12-
LEARNING.1
(b) SCHOOL DISTRICTS POSSESS VARYING LEVELS OF FINANCIAL2
CAPACITY TO DEVELOP WORKFORCE HOUSING FOR TEACHERS AND OTHER3
SCHOOL DISTRICT AND PUBLIC SCHOOL STAFF, AND MANY ARE UNABLE TO4
FINANCE SUCH PROJECTS BECAUSE RENTAL INCOME CANNOT SUPPORT THE5
FULL COSTS OF DEVELOPMENT IN THE CURRENT INTEREST RATE AND6
CONSTRUCTION COST ENVIRONMENT;7
(c) T HE ESTABLISHMENT OF A PROGRAM TO PROVIDE STATE8
FINANCIAL ASSISTANCE FOR WORKFORCE HOUSING IS NECESSARY TO9
ENSURE THAT TEACHERS AND OTHER SCHOOL DISTRICT AND PUBLIC10
SCHOOL STAFF HAVE ACCESS TO SAFE AND ATTAINABLE HOUSING THAT11
ALLOWS THEM TO LIVE IN THE COMMUNITIES THEY SERVE , THEREBY12
SUPPORTING THE EDUCATIONAL SUCCESS AND WELL -BEING OF13
COLORADO'S CHILDREN AND FAMILIES AND THE EFFECTIVE OPERATION OF14
PUBLIC SCHOOLS; AND15
(d) T HE PROVISION OF FINANCIAL ASSISTANCE FOR THE16
DEVELOPMENT OF WORKFORCE HOUSING FOR TEACHERS AND OTHER17
SCHOOL DISTRICT AND PUBLIC SCHOOL STAFF PURSUANT TO THIS ARTICLE18
43.8 SUPPLEMENTS, AND DOES NOT SUPPLANT, OTHER STATE FUNDING FOR19
EDUCATION, AND DOES NOT REDUCE ANY STATE OBLIGATIONS UNDER20
EXISTING STATUTORY OR COURT -ORDERED EDUCATION FUNDING21
REQUIREMENTS.22
(2) THE GENERAL ASSEMBLY FURTHER FINDS AND DECLARES THAT:23
(a) T HE PROVISION OF FINANCIAL ASSISTANCE FOR THE24
DEVELOPMENT OF WORKFORCE HOUSING FOR TEACHERS AND OTHER25
SCHOOL DISTRICT AND PUBLIC SCHOOL STAFF PURSUANT TO THIS ARTICLE26
43.8 SUPPLEMENTS, AND DOES NOT SUPPLANT, OTHER STATE FUNDING FOR27
SB26-139-13-
EDUCATION, AND DOES NOT REDUCE ANY STATE OBLIGATIONS UNDER1
EXISTING STATUTORY OR COURT -ORDERED EDUCATION FUNDING2
REQUIREMENTS; AND3
(b) HOUSING PROJECTS THAT SELECT TENANTS USING A TENANT4
SELECTION PROCESS THAT CREATES PREFERENCES FOR TEACHERS AND5
OTHER SCHOOL DISTRICT AND PUBLIC SCHOOL STAFF AND OTHER PERSONS6
IN ACCORDANCE WITH SECTION 22-47.8-107 (3)(a):7
(I) P ROMOTE A SUBSTANTIAL , LEGITIMATE , AND8
NONDISCRIMINATORY STATE INTEREST THAT CANNOT BE SERVED BY9
ANOTHER PRACTICE WITH A LESS DISCRIMINATORY EFFECT;10
(II) COMPLY WITH THE FEDERAL "FAIR HOUSING ACT", 42 U.S.C.11
SEC. 3601 ET SEQ., PART 5 OF ARTICLE 34 OF TITLE 24, AND OTHER STATE12
AND LOCAL LAWS, ORDINANCES, AND RESOLUTIONS.13
(3) THE GENERAL ASSEMBLY FURTHER FINDS AND DECLARES THAT:14
(a) IN ACCORDANCE WITH THE DECISION OF THE COLORADO COURT15
OF APPEALS IN THE CASE DENOMINATED COLORADO CRIMINAL JUSTICE16
REFORM COALITION V. ORTIZ, CASE NO. 04 CA 0879 (APRIL 7, 2005), THE17
FINANCED PURCHASE OF AN ASSET OR CERTIFICATE OF PARTICIPATION18
AGREEMENTS ENTERED INTO PURSUANT TO THIS ARTICLE 43.8 DO NOT19
CONSTITUTE A MULTIPLE-FISCAL YEAR DIRECT OR INDIRECT DISTRICT DEBT20
OR OTHER FINANCIAL OBLIGATION WHATSOEVER FOR PURPOSES OF21
SECTION 20 (4)(a) OF ARTICLE X OF THE STATE CONSTITUTION;22
(b) A PUBLIC-PRIVATE PARTNERSHIP ENTERED INTO BY A SCHOOL23
DISTRICT, THE STATE, OR OTHER GOVERNMENTAL ENTITY IN CONNECTION24
WITH WORKFORCE HOUSING FOR TEACHERS AND OTHER SCHOOL DISTRICT25
AND PUBLIC SCHOOL STAFF SERVES A PUBLIC PURPOSE AND DOES NOT ,26
THEREFORE, VIOLATE SECTION 2 OF ARTICLE XI OF THE STATE27
SB26-139-14-
CONSTITUTION; AND1
(c) THE PROVISION OF FINANCIAL ASSISTANCE FOR WORKFORCE2
HOUSING FOR TEACHERS AND OTHER SCHOOL DISTRICT AND PUBLIC3
SCHOOL STAFF PURS UANT TO THIS ARTICLE 43.8 MEETS THE4
REQUIREMENTS OF SECTION 3 OF ARTICLE IX OF THE STATE CONSTITUTION.5
22-43.8-103. Definitions.6
AS USED IN THIS ARTICLE 43.8, UNLESS THE CONTEXT OTHERWISE7
REQUIRES:8
(1) "APPLICANT" MEANS A SCHOOL DISTRICT THAT DIRECTLY OR9
INDIRECTLY SUBMITS AN APPLICATION FOR FINANCIAL ASSISTANCE TO THE10
BOARD.11
(2) "B OARD" MEANS THE WORKFORCE HOUSING ASSISTANCE12
BOARD CREATED IN SECTION 22-43.8-105.13
(3) "D EPARTMENT" MEANS THE DEPARTMENT OF EDUCATION14
CREATED IN SECTION 24-1-115.15
(4) "D IVISION OF HOUSING " MEANS THE DIVISION OF HOUSING16
WITHIN THE DEPARTMENT OF LOCAL AFFAIRS CREATED IN SECTION17
24-32-704.18
(5) "D IVISION OF PUBLIC SCHOOL CAPITAL CONSTRUCTION19
ASSISTANCE" MEANS THE DIVISION OF PUBLIC SCHOOL CAPITAL20
CONSTRUCTION ASSISTANCE WITHIN THE DEPARTMENT CREATED IN21
SECTION 22-43.7-105.22
(6) "F INANCED PURCHASE OF AN ASSET OR CERTIFICATE OF23
PARTICIPATION AGREEMENT " MEANS A LEASE -PURCHASE AGREEMENT24
BETWEEN THE STATE TREASURER AND A TRUSTEE ENTERED INTO25
PURSUANT TO SECTION 22-43.8-108 PURSUANT TO WHICH:26
(a) T HE STATE MAKES RENTAL PAYMENTS THAT INCLUDE27
SB26-139-15-
PRINCIPAL AND INTEREST COMPONENTS; AND1
(b) T HE TRUSTEE , PURSUANT TO AN INDENTURE OF TRUST ,2
CREATES CERTIFICATES OF PARTICIPATION EVIDENCING UNDIVIDED3
INTERESTS IN THE PAYMENTS MADE BY THE STATE UNDER THE4
LEASE-PURCHASE AGREEMENT.5
(7) "FINANCIAL ASSISTANCE" MEANS MATCHING GRANTS MADE BY6
THE BOARD FROM THE ASSISTANCE FUND TO APPLICANTS OR ANY OTHER7
EXPENDITURES MADE FROM THE ASSISTANCE FUND FOR THE PURPOSE OF8
FINANCING WORKFORCE HOUSING AS AUTHORIZED BY THIS ARTICLE 43.8.9
(8) "FUND" MEANS THE WORKFORCE HOUSING ASSISTANCE FUND10
CREATED IN SECTION 22-43.8-104.11
(9) "MATCHING MONEY" MEANS ANY INSTRUMENT OR MONEY AN12
APPLICANT IS REQUIRED TO PAY TO THE STATE OR USE DIRECTLY TO PAY13
A PORTION OF THE COSTS OF AN APPLICANT 'S WORKFORCE HOUSING14
PROJECT AS A CONDITION OF AN AWARD OF FINANCIAL ASSISTANCE TO THE15
APPLICANT PURSUANT TO SECTION 24-43.8-107 (12). MATCHING MONEY16
MAY INCLUDE REVENUE OR PROCEEDS GENERATED FROM A LEASE , A17
LEASE-PURCHASE AGREEMENT , A PRIVATE FINANCING , A GENERAL18
OBLIGATION BOND , A REVENUE BOND ISSUED BY A SCHOOL DISTRICT19
ENTERPRISE PURSUANT TO SECTION 22-32-124.7 (2), OR A20
NON-ENTERPRISE BOND ISSUED BY A SCHOOL DISTRICT PURSUANT TO21
SECTION 22-32-124.7 (3) FOR THE PURPOSE OF FINANCING WORKFORCE22
HOUSING, OR ANY OTHER MONEY OBTAINED BY AN APPLICANT.23
(10) "SCHOOL DISTRICT" MEANS A SCHOOL DISTRICT, OTHER THAN24
A JUNIOR OR COMMUNITY COLLEGE DISTRICT, ORGANIZED AND EXISTING25
PURSUANT TO LAW AND INCLUDES ANY WORKFORCE HOUSING ENTERPRISE26
CREATED BY A SCHOOL DISTRICT.27
SB26-139-16-
(11) "SUB-FINANCED PURCHASE OF AN ASSET OR CERTIFICATE OF1
PARTICIPATION AGREEMENT " MEANS A LEASE -PURCHASE AGREEMENT2
BETWEEN THE STATE TREASURER AND A SCHOOL DISTRICT PURSUANT TO3
WHICH A SCHOOL DISTRICT SUB -LEASE PURCHASES FROM THE STATE A4
WORKFORCE HOUSING PROJECT THAT IS THE SUBJECT OF A FINANCED5
PURCHASE OF AN ASSET OR CERTIFICATE OF PARTICIPATION AGREEMENT.6
(12) "S TATE BOARD " MEANS THE STATE BOARD OF EDUCATION7
CREATED AND EXISTING PURSUANT TO SECTION 1 OF ARTICLE IX OF THE8
STATE CONSTITUTION.9
(13) "STATE HOUSING BOARD" MEANS THE STATE HOUSING BOARD10
CREATED IN SECTION 24-32-706 (1).11
(14) "T EACHERS AND OTHER SCHOOL DISTRICT AND PUBLIC12
SCHOOL STAFF " MEANS TEACHERS AND OTHER STAFF EMPLOYED BY A13
SCHOOL DISTRICT OR BY A CHARTER SCHOOL THAT SERVES STUDENTS14
WITHIN A SCHOOL DISTRICT'S BOUNDARIES.15
(15) "WORKFORCE HOUSING" MEANS HOUSING OR RESIDENTIAL16
FACILITIES INTENDED TO PRIMARILY HOUSE TEACHERS AND OTHER SCHOOL17
DISTRICT AND PUBLIC SCHOOL STAFF.18
(16) "WORKFORCE HOUSING GUIDELINES" MEANS THE WORKFORCE19
HOUSING GUIDELINES ESTABLISHED BY THE BOARD PURSUANT TO SECTION20
22-43.8-106.21
(17) "WORKFORCE HOUSING PROJECT" OR "PROJECT" MEANS AN22
UNDERTAKING TO PROVIDE WORKFORCE HOUSING THROUGH THE23
"BUILDING EXCELLENT TEACHER AND EMPLOYEE RESIDENCES ACT".24
22-43.8-104. Workforce housing assistance fund - creation -25
crediting of money to fund - use of fund.26
(1) THE WORKFORCE HOUSING ASSISTANCE F UND IS CREATED IN27
SB26-139-17-
THE STATE TREASURY . THE FUND CONSISTS OF MONEY CREDITED OR1
TRANSFERRED TO THE FUND PURSUANT TO THIS SECTION , MONEY2
TRANSFERRED BY THE STATE TREASURER FROM THE STATE EDUCATION3
FUND PURSUANT TO SECTION 22-55-103 (7), AND ANY OTHER MONEY THAT4
THE GENERAL ASSEMBLY MAY APPROPRIATE OR TRANSFER TO THE FUND.5
THE STATE TREASURER SHALL CREDIT ALL INTEREST AND INCOME EARNED6
ON THE DEPOSIT AND INVESTMENT OF MONEY IN THE WORKFORCE HOUSING7
ASSISTANCE FUND TO THE FUND.8
(2) O N JULY 1, 2026, AND EACH JULY 1 THEREAFTER , THE9
TREASURER SHALL CREDIT THE FOLLOWING MONEY TO THE FUND:10
(a) THE NET PROCEEDS MADE AVAILABLE TO THE STATE FROM THE11
SALE OF INSTRUMENTS EVIDENCING RIGHTS TO RECEIVE PAYMENTS MADE12
AND TO BE MADE UNDER THE TERMS OF A FINANCED PURCHASE OF AN13
ASSET OR CERTIFICATE OF PARTICIPATION AGREEMENT , UNLESS14
OTHERWISE REQUIRED BY THE DOCUMENTS PURSUANT TO WHICH THE15
INSTRUMENTS ARE ISSUED; AND16
(b) MATCHING MONEY THAT AN APPLICANT PAYS TO THE STATE17
FOR USE BY THE STATE IN MAKING SCHEDULED PAYMENTS UNDER THE18
TERMS OF A FINANCED PURCHASE OF AN ASSET OR CERTIFICATE OF19
PARTICIPATION AGREEMENT.20
(3) IF THE AMOUNT OF MONEY IN THE FUND THAT IS AVAILABLE TO21
MAKE PAYMENTS UNDER A FINANCED PURCHASE OF AN ASSET OR22
CERTIFICATE OF PARTICIPATION AGREEMENT WILL BE INSUFFICIENT TO23
COVER THE FULL AMOUNT OF THE PAYMENTS REQUIRED BY THE FINANCED24
PURCHASE OF AN ASSET OR CERTIFICATE OF PARTICIPATION AGREEMENT,25
THE GENERAL ASSEMBLY MAY APPROPRIATE OR DIRECT THE STATE26
TREASURER TO TRANSFER FROM ANY LEGALLY AVAILABLE SOURCE TO THE27
SB26-139-18-
FUND SUFFICIENT MONEY TO MAKE THE PAYMENTS.1
(4) MONEY IN THE FUND IS CONTINUOUSLY APPROPRIATED TO THE2
DEPARTMENT AND THE DEPARTMENT OF LOCAL AFFAIRS, AS APPLICABLE,3
FOR THE PURPOSES OF PAYING THE DIRECT AND INDIRECT ADMINISTRATIVE4
COSTS INCURRED BY THE DIVISION OF HOUSING AND DIVISION OF PUBLIC5
SCHOOL CAPITAL CONSTRUCTION ASSISTANCE , THE BOARD , AND THE6
DEPARTMENTS IN EXERCISING THEIR POWERS AND DUTIES PURSUANT TO7
THIS ARTICLE 43.8; PROVIDING FINANCIAL ASSISTANCE DIRECTLY TO8
SCHOOL DISTRICTS IN THE FORM OF GRANTS THAT MAY EITHER BE FUNDED9
FROM CASH OR FROM THE PROCEEDS OF THE MULTIPLE FINANCED10
PURCHASE OF AN ASSET OR CERTIFICATE OF PARTICIPATION AGREEMENTS11
ENTERED INTO PURSUANT TO THIS ARTICLE 43.8 AND PAYING ANY12
TRANSACTION COSTS NECESSARILY INCURRED IN CONNECTION WITH THE13
PROVISION OF FINANCIAL ASSISTANCE ; ENTERING INTO A FINANCED14
PURCHASE OF AN ASSET OR CERTIFICATE PURCHASE AGREEMENT , A15
SUB-FINANCED PURCHASE OF AN ASSET OR CERTIFICATE PURCHASE16
AGREEMENT, AND AGREEMENTS REGARDING MATCHING MONEY; ISSUING17
CERTIFICATES OF PARTICIPATION,AND OTHER ACTIVITIES, AS AUTHORIZED18
BY THIS ARTICLE 43.8.19
(5) IN DETERMINING THE AMOUNT OF FINANCIAL ASSISTANCE THAT20
IT PROVIDES , AND AS A CONDITION OF ENTERING INTO A FINANCED21
PURCHASE OF AN ASSET OR CERTIFICATE OF PARTICIPATION AGREEMENT22
PURSUANT TO THIS ARTICLE 43.8, THE BOARD SHALL ENSURE THAT THE23
BALANCE OF THE FUND IS AT LEAST EQUAL TO TWICE THE AMOUNT OF24
PAYMENTS MADE BY THE STATE DURING THE NEXT STATE FISCAL YEAR25
UNDER THE TERMS OF SUCH AN AGREEMENT , LESS THE AMOUNT OF ANY26
SCHOOL DISTRICT MATCHING MONEY AND ANY FEDERAL MONEY TO BE27
SB26-139-19-
RECEIVED FOR THE PURPOSE OF MAKING THE PAYMENTS . UPON1
IDENTIFYING THE BALANCE OF THE FUND PURSUANT TO THIS SUBSECTION2
(5), THE BOARD SHALL DESIGNATE AN AMOUNT IN THE FUND E QUAL TO3
THAT BALANCE THAT SHALL SERVE AS A RESTRICTED RESERVE THAT MAY4
ONLY BE USED TO MAKE PAYMENTS REQUIRED OF THE STATE BY THE5
TERMS OF THE RELEVANT FINANCED PURCHASE OF AN ASSET OR6
CERTIFICATE OF PARTICIPATION AGREEMENT.7
22-43.8-105. Workforce housing assistance board - creation -8
general powers and duties - rules.9
(1) (a) THERE IS CREATED IN THE DEPARTMENT THE WORKFORCE10
HOUSING ASSISTANCE BOARD. THE BOARD IS A TYPE 1 ENTITY, AS DEFINED11
IN SECTION 24-1-105, AND EXERCISES ITS POWERS AND PERFORMS ITS12
DUTIES AND FUNCTIONS UNDER THE DEPARTMENT. THE BOARD CONSISTS13
OF NINE APPOINTED MEMBERS , NONE OF WHOM SHALL HOLD ANY STATE14
ELECTIVE OFFICE. FIVE VOTING MEMBERS OF THE BOARD CONSTITUTE A15
QUORUM. BOARD MEMBERS ARE APPOINTED AS FOLLOWS:16
(I) T HE STATE BOARD SHALL APPOINT THREE MEMBERS FROM17
DIFFERENT AREAS OF THE STATE AND FROM URBAN , SUBURBAN , AND18
RURAL SCHOOL DISTRICTS . THE MEMBERS APPOINTED BY THE STATE19
BOARD SHALL INCLUDE:20
(A) ONE MEMBER WHO IS A SCHOOL DISTRICT BOARD MEMBER AT21
THE TIME OF APPOINTMENT;22
(B) ONE MEMBER WHO IS A PUBLIC SCHOOL SUPERINTENDENT OR23
ADMINISTRATOR IN CHARGE OF OPERATIONS AT THE TIME OF24
APPOINTMENT; AND25
(C) ONE MEMBER WHO IS A PUBLIC SCHOOL TEACHER OR TENANT26
OF SCHOOL DISTRICT -OWNED RENTAL HOUSING AT THE TIME OF27
SB26-139-20-
APPOINTMENT.1
(II) T HE GOVERNOR SHALL APPOINT THREE MEMBERS . THE2
MEMBERS APPOINTED BY THE GOVERNOR MUST HAVE SUBSTANTIAL3
EXPERIENCE IN AFFORDABLE OR WORKFORCE HOUSING , INCLUDING4
EXPERIENCE IN ONE OR MORE OF THE FOLLOWING : HOUSING5
DEVELOPMENT, CONSTRUCTION, ASSET MANAGEMENT, OR MULTIFAMILY6
FINANCE.7
(III) THE GENERAL ASSEMBLY SHALL APPOINT TWO MEMBERS, ONE8
OF WHOM SHALL BE APPOINTED BY THE SPEAKER OF THE HOUSE OF9
REPRESENTATIVES AND ONE OF WHOM SHALL BE APPOINTED BY THE10
PRESIDENT OF THE SENATE. THE MEMBERS APPOINTED BY THE SPEAKER OF11
THE HOUSE OF REPRESENTATIVES AND THE PRESIDENT OF THE SENATE12
MUST HAVE SUBSTANTIAL EXPERIENCE IN AFFORDABLE OR WORKFORCE13
HOUSING, INCLUDING EXPERIENCE IN ONE OR MORE OF THE FOLLOWING :14
HOUSING DEVELOPMENT , CONSTRUCTION , ASSET MANAGEMENT , OR15
MULTIFAMILY FINANCE.16
(IV) THE STATE TREASURER SHALL APPOINT ONE MEMBER WITH17
EXPERIENCE IN PUBLIC FINANCE INCLUDING THE ISSUANCE OF STATE18
CERTIFICATES OF PARTICIPATION, SCHOOL DISTRICT BONDS, AND HOUSING19
PUBLIC FINANCE.20
(b) (I) MEMBERS OF THE BOARD SHALL SERVE FOR TERMS OF TWO21
YEARS AND MAY SERVE UP TO THREE CONSECUTIVE TERMS; EXCEPT THAT22
THE TERM OF EACH MEMBER INITIALLY APPOINTED UNDER SUBSECTIONS23
(1)(a)(I) AND (1)(a)(III) OF THIS SECTION IS ONE YEAR.24
(II) THE APPOINTING AUTHORITY FOR A MEMBER MAY REMOVE THE25
MEMBER FOR ANY CAUSE THAT RENDERS THE MEMBER INCAPABLE OF26
DISCHARGING OR UNFIT TO DISCHARGE THE MEMBER'S DUTIES.27
SB26-139-21-
(III) THE APPROPRIATE APPOINTING AUTHORITY SHALL FILL ANY1
VACANCY IN THE MEMBERSHIP OF THE BOARD BY APPOINTMENT , AND A2
MEMBER APPOINTED TO FILL A VACANCY SHALL SERVE UNTIL THE3
EXPIRATION OF THE TERM FOR WHICH THE VACANCY WAS FILLED.4
(IV) MEMBERS OF THE BOARD SERVE WITHOUT COMPENSATION5
BUT ARE ENTITLED TO REIMBURSEMENT FOR TRAVEL AND OTHER6
NECESSARY EXPENSES ACTUALLY INCURRED IN THE PERFORMANCE OF7
THEIR DUTIES.8
(V) THE BOARD SHALL ELECT A CHAIR FROM AMONG ITS MEMBERS.9
(2) THE FUNCTION OF THE BOARD IS TO ASSIST IN THE PROVISION10
OF WORKFORCE HOUSING ASSISTANCE FOR TEACHERS AND OTHER SCHOOL11
DISTRICT AND PUBLIC SCHOOL STAFF BY ENSURING THAT APPLICANTS CAN12
LEVERAGE FUNDS TO PROVIDE AFFORDABLE WORKFORCE HOUSING13
ASSISTANCE. IN PERFORMING ITS FUNCTION , THE BOARD SHALL ENSURE14
THE MOST EQUITABLE, EFFICIENT, AND EFFECTIVE USE OF STATE REVENUES15
DEDICATED TO PROVIDE FINANCIAL ASSISTANCE FOR WORKFORCE HOUSING16
PURSUANT TO THE PROVISIONS OF THIS ARTICLE 43.8 AND BASED ON17
OBJECTIVE CRITERIA REGARDING THE APPROPRIATE PRIORITIZATION AND18
ALLOCATION OF FINANCIAL ASSISTANCE FOR WORKFORCE HOUSING . TO19
FURTHER THE PERFORMANCE OF ITS FUNCTION, THE BOARD, IN ADDITION20
TO ANY OTHER POWERS AND DUTIES SPECIFIED IN THIS ARTICLE 43.8, HAS21
THE FOLLOWING POWERS AND DUTIES:22
(a) TO ESTABLISH WORKFORCE HOUSING GUIDELINES;23
(b) T O REVIEW FINANCIAL ASSISTANCE APPLICATIONS AND24
DETERMINE A PRIORITIZED LIST OF PROJECTS TO RECEIVE FI NANCIAL25
ASSISTANCE AND THE AMOUNT AND TYPE OF FINANCIAL ASSISTANCE THAT26
SHOULD BE PROVIDED FOR EACH PROJECT;27
SB26-139-22-
(c) TO ESTABLISH GUIDELINES FOR THE DIVISION OF HOUSING AND1
DIVISION OF PUBLIC SCHOOL CAPITAL CONSTRUCTION ASSISTANCE TO2
FOLLOW WHEN ASSISTING POTENTIAL APPLICANTS IN IDENTIFYING3
WORKFORCE HOUSING NEEDS AND PREPARING FINANCIAL ASSISTANCE4
APPLICATIONS;5
(d) WITH THE SUPPORT OF THE DIVISION OF HOUSING AND DIVISION6
OF PUBLIC SCHOOL CAPITAL CONSTRUCTION ASSISTANCE , TO ASSIST7
APPLICANTS THAT CANNOT FEASIBLY MAINTAIN THEIR OWN8
CONSTRUCTION MANAGEMENT STAFF IN IMPLEMENTING THE PROJECTS FOR9
WHICH FINANCIAL ASSISTANCE IS PROVIDED , INCLUDING PROVIDING10
ASSISTANCE WITH THE PREPARATION OF REQUESTS FOR BIDS OR11
PROPOSALS, CONTRACT NEGOTIATIONS, CONTRACT IMPLEMENTATION, AND12
PROJECT AND CONSTRUCTION MANAGEMENT;13
(e) WITH THE SUPPORT OF THE DIVISION OF HOUSING AND DIVISION14
OF PUBLIC SCHOOL CAPITAL CONSTRUCTION ASSISTANCE , TO ASSIST15
APPLICANTS IN IMPLEMENTING ENERGY -EFFICIENT HOUSING OR16
RESIDENTIAL FACILITY DESIGN AND CONSTRUCTION PRACTICES;17
(f) T O AUTHORIZE THE STATE TREASURER TO ENTER INTO18
FINANCED PURCHASE OF AN ASSET OR CERTIFICATE OF PARTICIPATION19
AGREEMENTS PURSUANT TO SECTION 22-43.8-108 IN ORDER TO FINANCE20
WORKFORCE HOUSING CONSTRUCTION;21
(g) T O ENTER INTO SUB -FINANCED PURCHASE OF AN ASSET OR22
CERTIFICATE OF PARTICIPATION AGREEMENTS BETWEEN THE STATE AND23
APPLICANTS;24
(h) ENTER INTO CONTRACTS WITH PUBLIC ENTITIES AND PRIVATE25
PARTIES, INCLUDING PUBLIC-PUBLIC AND PUBLIC-PRIVATE PARTNERSHIPS,26
FOR THE ACQUISITION , CONSTRUCTION , IMPROVEMENT , OWNERSHIP ,27
SB26-139-23-
OPERATION, LEASING, AND LEASE-PURCHASING OF WORKFORCE HOUSING;1
AND2
(i) (I) TO ESTABLISH RULES, IN ACCORDANCE WITH ARTICLE 4 OF3
TITLE 24, AS ARE NECESSARY AND PROPER FOR THE ADMINISTRATION OF4
THIS ARTICLE 43.8, INCLUDING:5
(A) CONFLICT OF INTEREST RULES FOR BOARD MEMBERS;6
(B) RULES ESTABLISHING EVALUATION CRITERIA FOR MATCHING7
MONEY REQUIREMENT REDUCTION APPLICATIONS SUBMITTED TO THE8
BOARD PURSUANT TO SECTION 22-43.8-107; AND9
(C) R ULES ESTABLISHING THE MEANS BY WHICH WORKFORCE10
HOUSING FINANCED IN WHOLE OR IN PART WITH FINANCIAL ASSISTANCE11
PROVIDED PURSUANT THIS ARTICLE 43.8 IS TO BE PUBLICLY IDENTIFIED AS12
HAVING BEEN SO FINANCED.13
(II) THE BOARD SHALL PROVIDE A COPY OF ANY PROPOSED BOARD14
RULE TO THE STATE BOARD ON OR BEFORE THE DATE ON WHICH THE15
BOARD ISSUES A NOTICE OF PROPOSED RULE -MAKING FOR THE RULE16
PURSUANT TO SECTION 24-4-103 (3).17
22-43.8-106. Workforce housing guidelines - establishment by18
board - use - definition.19
(1) (a) T HE BOARD SHALL ESTABLISH WORKFORCE HOUSING20
GUIDELINES FOR USE BY THE BOARD IN REVIEWING APPLICATIONS FOR21
FINANCIAL ASSISTANCE, AND MAKING RECOMMENDATIONS TO THE STATE22
BOARD REGARDING APPROPRIATE ALLOCATION OF AWARDS OF FINANCIAL23
ASSISTANCE FROM THE FUND ONLY TO APPLICANTS. IN ESTABLISHING THE24
GUIDELINES, THE BOARD SHALL CONSULT WITH THE DIVISION OF HOUSING25
REGARDING HOUSING DEVELOPMENT , INCLUDING UNDERWRITING26
STANDARDS, FINANCIAL FEASIBILITY CRITERIA , AND COMPLIANCE27
SB26-139-24-
REQUIREMENTS, AND SHALL CONSIDER STANDARDS AND PRACTICES USED1
BY THE DIVISION OF HOUSING IN ADMINISTERING STATE HOUSING2
PROGRAMS. THE BOARD SHALL ESTABLISH THE GUIDELINES IN RULES3
PROMULGATED IN ACCORDANCE WITH ARTICLE 4 OF TITLE 24.4
(b) I T IS THE INTENT OF THE GENERAL ASSEMBLY THAT THE5
WORKFORCE HOUSING GUIDELINES BE USED ONLY FOR THE PURPOSES6
SPECIFIED IN SUBSECTION (1)(a) OF THIS SECTION.7
(2) (a) THE WORKFORCE HOUSING GUIDELINES MUST IDENTIFY AND8
DESCRIBE HOUSING NEEDS FOR TEACHERS AND OTHER SCHOOL DISTRICT9
AND PUBLIC SCHOOL STAFF AND THE MEANS OF ADDRESSING THOSE NEEDS10
AT A REASONABLE COST AND IN A MANNER THAT WILL RESULT IN11
AFFORDABLE HOUSING. THE BOARD SHALL ENSURE THAT THE WORKFORCE12
HOUSING GUIDELINES INCLUDE GUIDELINES THAT ADDRESS THE13
FOLLOWING:14
(I) B UILDING PERFORMANCE STANDARDS AND GUIDELINES , FOR15
THE PURPOSES OF UTILITY COST REDUCTION, INCLUDING GREEN BUILDING16
AND ENERGY EFFICIENCY CRITERIA AS SPECIFIED IN EXECUTIVE ORDER17
D0012 07, "GREENING OF STATE GOVERNMENT : DETAILED18
IMPLEMENTATION", ISSUED BY THE GOVERNOR ON APRIL 16, 2007, OR ANY19
SUBSEQUENT EXECUTIVE ORDERS OR OTHER POLICY DIRECTIVES20
CONCERNING GREEN BUILDING AND ENERGY EFFICIENCY CRITERIA ISSUED21
BY THE GOVERNOR OR THE COLORADO ENERGY OFFICE;22
(II) REQUIRING A REVIEW WITH THE INCUMBENT ELECTRIC UTILITY23
REGARDING ENERGY EFFICIENCY ; BENEFICIAL ELECTRIFICATION , AS24
DEFINED IN SECTION 40-1-102 (1.2); AND RENEWABLE DISTRIBUTED25
GENERATION OPPORTUNITIES;26
(III) T HE CURRENT CAPACITY OF EXISTING AND PLANNED27
SB26-139-25-
WORKFORCE HOUSING AND DIFFERENT METHODS OF EVALUATING THAT1
CAPACITY, TAKING INTO CONSIDERATION POTENTIAL EXPANSION OF2
STUDENT POPULATIONS AND SERVICES FOR THE BENEFIT OF STUDENTS3
SUCH AS FULL-DAY KINDERGARTEN AND PRESCHOOL- AND SCHOOL-BASED4
HEALTH SERVICES;5
(IV) WORKFORCE HOUSING ACCESSIBILITY;6
(V) THE ABILITY OF AN APPLICANT TO PARTNER WITH LOCAL OR7
STATE GOVERNMENT, LOCAL OR STATE HOUSING AUTHORITIES, OR OTHER8
EMPLOYERS, SPECIFICALLY FOR THE PURPOSE OF LEVERAGING LAND AND9
IMPROVING PROJECT ECONOMICS;10
(VI) LONG-TERM FINANCIAL SUSTAINABILITY STANDARDS THAT11
REQUIRE AN APPLICANT TO DEMONSTRATE:12
(A) POSITIVE CASH FLOW AFTER PAYING MATCHING MONEY TO THE13
FUND;14
(B) AN OPERATIONS EXPENSE ESCALATION RATE THAT IS NO LESS15
THAN THE INCOME ESCALATION RATE; AND16
(C) CAPITAL REPLACEMENT RESERVES FUNDED ANNUALLY AT A17
LEVEL SUFFICIENT TO COVER THE PROJECTED COST OF MAJOR SYSTEM18
REPLACEMENTS OVER THE THIRTY -YEAR OPERATING PLAN REQUIRED19
PURSUANT TO SECTION 22-43.8-107 (7)(g) IN CONSULTATION WITH THE20
STATE TREASURER;21
(VII) R EQUIRING APPLICANTS TO IMPLEMENT SAFEGUARDS TO22
PROTECT TEACHERS AND OTHER SCHOOL DISTRICT AND PUBLIC SCHOOL23
STAFF RESIDING IN WORKFORCE HOUSING FROM UNDUE INFLUENCE OR24
COERCION ARISING FROM THE DISTRICT 'S ROLE AS BOTH EMPLOYER AND25
HOUSING PROVIDER. AT A MINIMUM, SUCH GUIDELINES MUST INCLUDE A26
REQUIREMENT THAT THE APPLICANT RETAIN A QUALIFIED THIRD -PARTY27
SB26-139-26-
PROPERTY MANAGER TO EXERCISE INDEPENDENT AUTHORITY OVER1
DAY-TO-DAY LANDLORD FUNCTIONS , INCLUDING LEASING , RENT2
COLLECTION, MAINTENANCE, AND ENFORCEMENT OF LEASE TERMS, WITH3
A PREFERENCE FOR NONPROFIT HOUSING ORGANIZATIONS OR PUBLIC4
HOUSING AUTHORITIES WHERE AVAILABLE AND A REQUIREMENT THAT5
GOVERNANCE AND ADMINISTRATION OF WORKFORCE HOUSING BE6
STRUCTURALLY AND OPERATIONALLY SEPARATE FROM THE APPLICANT'S7
HUMAN RESOURCES FUNCTIONS.8
(VIII) D EFINING "NONPROFIT HOUSING ORGANIZATION " AND9
"PUBLIC HOUSING AUTHORITY " FOR PURPOSES OF THE GUIDELINES10
DESCRIBED IN SUBSECTION (2)(a)(VII) OF THIS SECTION , IN A MANNER11
THAT REQUIRES SUCH AN ORGANIZATION OR AUTHORITY TO:12
(A) H AVE A PRIMARY MISSION OF PROVIDING AFFORDABLE OR13
WORKFORCE HOUSING;14
(B) H AVE EXPERIENCE IN MANAGING MULTIFAMILY RENTAL15
HOUSING; AND16
(C) OPERATE INDEPENDENTLY FROM THE SCHOOL DISTRICT.17
(IX) REQUIRING THAT TENANT ELIGIBILITY AND PRIORITIZATION18
POLICIES FOR WORKFORCE HOUSING DEVELOPED WITH FINANCIAL19
ASSISTANCE UNDER THIS ARTICLE 43.8 DO NOT EXCLUDE OR20
DISADVANTAGE OTHERWISE ELIGIBLE APPLICANTS SOLELY ON THE BASIS21
THAT THE APPLICANT IS EMPLOYED BY A CHARTER SCHOOL AUTHORIZED22
BY OR OPERATING WITHIN THE GEOGRAPHIC BOUNDARIES OF THE23
APPLICANT'S SCHOOL DISTRICT; AND24
(X) A STRUCTURE OF BONUS FUNDS TO INCENTIVIZE DEVELOPMENT25
IN RURAL DISTRICTS AND TO INCENTIVIZE MULTIJURISDICITIONAL26
PROJECTS, ESPECIALLY IN RURAL DISTRICTS.27
SB26-139-27-
(b) T HE BOARD MAY WAIVE ONE OR MORE OF THE GUIDELINES1
REQUIRED BY SUBSECTIONS (2)(a)(I), (2)(a)(II), AND (2)(a)(VII) OF THIS2
SECTION.3
22-43.8-107. Financial assistance for workforce housing -4
application requirements - evaluation criteria - local match5
requirements - affordability requirements - use requirements - rules.6
(1) THE BOARD, WITH THE SUPPORT OF THE DIVISION OF HOUSING7
AND THE DIVISION OF PUBLIC SCHOOL CAPITAL CONSTRUCTION ASSISTANCE8
SHALL PROVIDE FINANCIAL ASSISTANCE TO AN APPLICANT FOR A9
WORKFORCE HOUSING PROJECT AS SPECIFIED IN THIS SECTION ONLY SO10
LONG AS:11
(a) THE APPLICANT OWNS OR WILL HAVE THE RIGHT TO OWN THE12
WORKFORCE HOUSING PROJECT OR A LEASEHOLD INTEREST IN THE13
WORKFORCE HOUSING PROJECT;14
(b) T HE WORKFORCE HOUSING PROJECT WILL SATISFY THE15
AFFORDABILITY REQUIREMENTS ESTABLISHED BY THE BOARD IN16
SUBSECTION (2) OF THIS SECTION;17
(c) THE APPLICANT HAS SAFEGUARDS TO PROHIBIT CONSIDERING18
WORKFORCE HOUSING OCCUPANCY , TENANCY , STATUS , OR LEASE19
COMPLIANCE AS A FACTOR IN HIRING , TERMINATION , PROMOTION ,20
PERFORMANCE EVALUATION , DISCIPLINARY ACTION , OR ANY OTHER21
EMPLOYMENT-RELATED DECISION;22
(d) T HE WORKFORCE HOUSING PROJECT WILL SATISFY THE23
TENANCY REQUIREMENTS ESTABLISHED BY THE BOARD PURSUANT TO24
SUBSECTION (3) OF THIS SECTION; AND25
(e) T HE WORKFORCE HOUSING PROJECT WILL SATISFY THE26
ENVIRONMENTAL AND BUILDING REQUIREMENTS ESTABLISHED BY THE27
SB26-139-28-
BOARD PURSUANT TO SUBSECTION (4) OF THIS SECTION.1
(2) (a) T HE BOARD SHALL ESTABLISH AFFORDABILITY2
REQUIREMENTS FOR ANY WORKFORCE HOUSING PROJECT TO ENSURE THAT3
THE APPLICANTS COMPLY WITH AFFORDABILITY PROTECTIONS IN RELATION4
TO THE PROJECT INCLUDING:5
(I) A FFORDABILITY STANDARDS CONSISTENT WITH THE UNITED6
STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT7
GUIDELINES, SPECIFICALLY ENSURING THAT TOTAL MONTHLY HOUSING8
COSTS, INCLUDING RENT AND A REASONABLE UTILITY ALLOWANCE , DO9
NOT EXCEED THIRTY PERCENT OF THE GROSS MONTHLY HOUSEHOLD10
INCOME FOR THE TARGETED WORKFORCE UTILIZING THE HOUSING OR11
RESIDENTIAL FACILITIES IN THE PROJECT; AND12
(II) R EQUIRING THAT THE PROJECT IS SUBJECT TO A RECORDED13
RESTRICTED COVENANT WITH AFFORDABILITY REQUIREMENTS FOR THE14
DURATION OF ANY FINANCIAL ASSISTANCE PROVIDED PURSUANT TO THIS15
ARTICLE 43.8 FOR THE WORKFORCE HOUSING PROJECT.16
(b) R EQUIREMENTS ESTABLISHED BY THE BOARD PURSUANT TO17
THIS SUBSECTION (2) SHALL NOT PRECLUDE APPLICANTS FROM INCLUDING18
COMPONENTS OF TENANT EQUITY OR OTHER INSTRUMENTS THAT19
ALLOCATE A PORTION OF RENTAL PAYMENTS TO FUTURE HOUSING NEEDS20
OF THE TENANT.21
(c) UPON THE EXPIRATION OF A RECORDED RESTRICTED COVENANT22
WITH AFFORDABILITY REQUIREMENTS FOR A WORKFORCE HOUSING23
PROJECT, THE WORKFORCE HOUSING PROJECT SHALL EITHER:24
(I) BE MAINTAINED FOR ITS ORIGINAL PURPOSE WITH EQUAL OR25
GREATER LEVELS OF AFFORDABILITY FOR THIRTY YEARS OR MORE; OR26
(II) B E SUBJECT TO THE LOCAL GOVERNMENT 'S RIGHT OF FIRST27
SB26-139-29-
REFUSAL TO PURCHASE MULTIFAMILY HOUSING ESTABLISHED PURSUANT1
TO PART 12 OF ARTICLE 4 OF TITLE 29.2
(3) (a) T HE BOARD SHALL ESTABLISH TENANCY REQUIREMENTS3
FOR ANY WORKFORCE HOUSING PROJECT TO ENSURE THAT:4
(I) N O LESS THAN EIGHTY PERCENT OF THE HOUSING OR5
RESIDENTIAL FACILITIES IN THE PROJECT MUST BE RENTED USING A6
TENANT SELECTION PROCESS THAT PRIORITIZES TEACHERS AND OTHER7
SCHOOL DISTRICT AND PUBLIC SCHOOL STAFF THAT ARE EMPLOYED BY THE8
APPLICANT OR PUBLIC SCHOOLS WITHIN THE APPLICANT 'S BOUNDARIES;9
AND10
(II) AFTER ACCOUNTING FOR THE REQUIREMENTS OF SUBSECTION11
(3)(a)(I) OF THIS SECTION , THE REMAINING HOUSING OR RESIDENTIAL12
FACILITIES MUST BE RENTED USING A TENANT SELECTION PROCESS THAT13
PRIORITIZES EMPLOYEES OF LOCAL GOVERNMENTS OR NONPROFIT14
CHILDCARE PROVIDERS;15
(b) A SCHOOL DISTRICT CAN APPLY TO THE BOARD FOR A WAIVER16
FROM THE TENANT SELECTION PROCESS DESCRIBED IN SUBSECTION (3)(a)17
OF THIS SECTION, TO MAINTAIN THE SOLVENCY OF A WORKFORCE HOUSING18
PROJECT.19
(c) THE PREFERENCE FOR TEACHERS AND OTHER SCHOOL DISTRICT20
AND PUBLIC SCHOOL STAFF DESCRIBED IN SUBSECTION (3)(a) OF THIS21
SECTION DOES NOT CONSTITUTE SOURCE OF INCOME DISCRIMINATION FOR22
PURPOSES OF SECTION 24-34-502.23
(d) T HE BOARD SHALL ESTABLISH LEASE TERMINATION AND24
TRANSITION GUIDELINES THAT INCLUDE:25
(I) R EQUIREMENTS RELATED TO MAINTAINING QUALIFIED26
EMPLOYMENT;27
SB26-139-30-
(II) NOTICE PERIODS TO VACATE THE UNIT, UNLESS EVICTION FOR1
CAUSE IS WARRANTED UNRELATED TO EMPLOYMENT STATUS; AND2
(III) CIRCUMSTANCES WHEN A TENANT CANNOT BE REQUIRED TO3
VACATE A UNIT, SUCH AS QUALIFYING TENANT LIFE EVENTS , INCLUDING4
RETIREMENT AFTER A SPECIFIED SERVICE PERIOD, DISABILITY, OR DEATH5
OF THE PRIMARY LEASEHOLDER.6
(4) (a) T HE BOARD SHALL ESTABLISH ENVIRONMENTAL AND7
BUILDING REQUIREMENTS INCLUDING REQUIRING:8
(I) WATERWISE LANDSCAPING;9
(II) APPLICANTS TO DESIGN WORKFORCE HOUSING PROJECTS FOR10
FULL ELECTRIFICATION OR , IF FULL ELECTRIFICATION IS NOT FEASIBLE ,11
APPLICANTS TO DEMONSTRATE WHY FULL ELECTRIFICATION IS NOT12
FEASIBLE AND TO PROVIDE ADEQUATE PANEL CAPACITY , DEDICATED13
ELECTRIC PANEL SPACE , ELECTRICAL WIRE , ELECTRICAL RECEPTACLES ,14
AND ADEQUATE PHYSICAL SPACE AS NECESSARY TO ACCOMMODATE15
FUTURE INSTALLATION OF HIGH -EFFICIENCY ELECTRIC APPLIANCES16
INCLUDING HEATING, WATER HEATING, COOKING, DRYING, AND ELECTRIC17
VEHICLES;18
(III) C OMPLIANCE WITH THE REQUIREMENTS OF THE LATEST19
INTERNATIONAL ENERGY CONSERVATION CODE; AND20
(IV) C OMPLETION OF AN ENERGY LIFE CYCLE COST ANALYSIS21
ALIGNED WITH STATE METHODOLOGIES.22
(b) A SCHOOL DISTRICT MAY APPLY TO THE BOARD FOR A WAIVER23
FROM THE ENVIRONMENTAL AND BUILDING REQUIREMENTS DESCRIBED IN24
SUBSECTION (4)(a) OF THIS SECTION TO MAINTAIN THE SOLVENCY OF A25
WORKFORCE HOUSING PROJECT.26
(5) T HE BOARD SHALL REQUIRE THAT APPLICANTS OBTAIN27
SB26-139-31-
NECESSARY PROJECT BUILDING PERMITS WITHIN ONE YEAR OF NOTICE OF1
AWARD AND THAT CONSTRUCTION SHALL COMMENCE ON THE RELEVANT2
WORKFORCE HOUSING PROJECT WITHIN TWO YEARS OF NOTICE OF AWARD;3
EXCEPT THAT THE BOARD MAY EXTEND THE DEADLINES DESCRIBED IN THIS4
SUBSECTION (5) IF THE BOARD DETERMINES THAT THE PROJECT HAS BEEN5
UNREASONABLY DELAYED DUE TO CIRCUMSTANCES OUTSIDE OF THE6
APPLICANT'S CONTROL.7
(6) (a) T HE BOARD SHALL ESTABLISH AN ANNUAL FINANCIAL8
ASSISTANCE TIMELINE FOR USE BY APPLICANTS IN APPLYING FOR9
FINANCIAL ASSISTANCE AND OTHERWISE MEETING FINANCIAL ASSISTANCE10
REQUIREMENTS AND FOR USE BY THE BOARD IN REVIEWING FINANCIAL11
ASSISTANCE APPLICATIONS AND MAKING FINANCIAL ASSISTANCE AWARDS.12
THE TIMELINE MUST SPECIFY:13
(I) A DEADLINE FOR APPLICANTS TO SUBMIT FINANCIAL14
ASSISTANCE APPLICATIONS TO THE BOARD THAT ALLOWS SUFFICIENT TIME15
FOR SUBMISSION OF THE APPLICATIONS;16
(II) THE PERIOD IN WHICH THE BOARD, WITH THE SUPPORT OF THE17
DIVISION OF HOUSING AND DIVISION OF PUBLIC SCHOOL CAPITAL18
CONSTRUCTION ASSISTANCE , SHALL REVIEW FINANCIAL ASSISTANCE19
APPLICATIONS AT LEAST BIANNUALLY;20
(III) A DEADLINE, NO LATER THAN JUNE 1, 2027, AND NO LATER21
THAN JUNE 1 OF EACH YEAR THEREAFTER, FOR THE BOARD TO CREATE AN22
INITIAL PRIORITIZED LIST OF PROJECTS FOR THE PROVISION OF FINANCIAL23
ASSISTANCE IN THE NEXT STATE FISCAL YEAR; AND24
(IV) A NY ADDITIONAL DEADLINES OR DEADLINE EXTENSION25
PERIODS NEEDED TO ENSURE THAT APPLICANTS SEEKING VOTER APPROVAL26
TO OBTAIN MATCHING MONEY REQUIRED PURSUANT TO SUBSECTION (12)27
SB26-139-32-
OF THIS SECTION HAVE SUFFICIENT OPPORTUNITY TO OBTAIN SUCH VOTER1
APPROVAL OR OTHERWISE NEEDED TO ENSURE THE EFFICIENT AND2
EFFECTIVE ADMINISTRATION OF THIS ARTICLE 43.8.3
(7) AN APPLICANT MUST SUBMIT AN APPLICATION FOR FINANCIAL4
ASSISTANCE TO THE BOARD IN A FORM AND MANNER PRESCRIBED BY THE5
BOARD AND MUST INCLUDE THE FOLLOWING IN THE APPLICATION:6
(a) A DESCRIPTION OF THE SCOPE AND NATURE OF THE WORKFORCE7
HOUSING PROJECT FOR WHICH THE APPLICANT IS SEEKING FINANCIAL8
ASSISTANCE;9
(b) A DESCRIPTION OF THE ARCHITECTURAL , FUNCTIONAL, AND10
CONSTRUCTION STANDARDS THAT THE APPLICANT WILL APPLY TO THE11
WORKFORCE HOUSING PROJECT , WHETHER THOSE STANDARDS ARE12
CONSISTENT WITH THE WORKFORCE HOUSING GUIDELINES , AND AN13
EXPLANATION FOR THE USE OF ANY STANDARD THAT THE APPLICANT WILL14
APPLY TO THE WORKFORCE HOUSING PROJECT THAT IS NOT CONSISTENT15
WITH THE WORKFORCE HOUSING GUIDELINES;16
(c) THE ESTIMATED AMOUNT OF FINANCIAL ASSISTANCE THAT THE17
APPLICANT NEEDS FOR THE WORKFORCE HOUSING PROJECT AND THE FORM18
AND AMOUNT OF MATCHING MONEY THAT THE APPLICANT WILL PROVIDE19
FOR THE PROJECT;20
(d) A PLAN BY THE APPLICANT TO MAINTAIN THE PROJECT OVER21
TIME THAT INCLUDES, AT A MINIMUM, THE ESTABLISHMENT OF A CAPITAL22
RENEWAL BUDGET AND A COMMITMENT TO MAKE ANNUAL CONTRIBUTIONS23
TO A CAPITAL RENEWAL RESERVE WITHIN A SCHOOL DISTRICT 'S CAPITAL24
RESERVE FUND OR ANY FUNCTIONALLY SIMILAR RESERVE FUND25
SEPARATELY MAINTAINED BY AN APPLICANT THAT IS NOT A SCHOOL26
DISTRICT;27
SB26-139-33-
(e) A STATEMENT REGARDING THE MEANS BY WHICH THE1
APPLICANT INTENDS TO PROVIDE MATCHING MONEY REQUIRED FOR THE2
PROJECTS, INCLUDING MEANS SUCH AS VOTER -APPROVED GENERAL3
OBLIGATION BONDS OR OTHER MULTIPLE -FISCAL YEAR DEBT OR OTHER4
FINANCIAL OBLIGATIONS; SCHOOL DISTRICT ENTERPRISE REVENUE BONDS5
AS DESCRIBED IN SECTION 22-32-124.7 (2); REVENUE BONDS AS DESCRIBED6
IN SECTION 22-32-124.7 (3); LEASE OR LEASE -PURCHASE FINANCING ,7
GIFTS, GRANTS , DONATIONS ; OR ANY OTHER MEANS OF FINANCING8
PERMITTED BY LAW ; OR THE INTENT OF THE APPLICANT TO SEEK A9
REDUCTION OF THE MATCHING MONEY REQUIREMENT PURSUANT TO10
SUBSECTION (13) OF THIS SECTION . IF AN APPLICANT INTENDS TO RAISE11
MATCHING MONEY BY OBTAINING VOTER APPROVAL TO ISSUE BONDS OR12
TO ENTER INTO A SUB-FINANCED PURCHASE OF AN ASSET OR CERTIFICATE13
OF PARTICIPATION AGREEMENT THAT CONSTITUTES AN INDEBTEDNESS OR14
MULTIPLE FISCAL YEAR FINANCIAL OBLIGATION OF THE DISTRICT AS15
AUTHORIZED BY SECTION 22-32-127, IT SHALL INDICATE WHETHER IT HAS16
RECEIVED THE REQUIRED VOTER APPROVAL OR, IF THE ELECTION HAS NOT17
ALREADY BEEN HELD, THE ANTICIPATED DATE OF THE ELECTION.18
(f) A DESCRIPTION OF ANY EFFORTS BY THE APPLICANT TO19
COORDINATE WORKFORCE HOUSING PROJECTS WITH LOCAL20
GOVERNMENTAL ENTITIES OR COMMUNITY -BASED OR OTHER21
ORGANIZATIONS THAT PROVIDE AFFORDABLE HOUSING IN ORDER TO MORE22
EFFICIENTLY OR EFFECTIVELY PROVIDE SUCH FACILITIES OR SERVICES ,23
INCLUDING A DESCRIPTION OF ANY FINANCIAL COMMITMENT RECEIVED24
FROM ANY SUCH ENTITY OR OR GANIZATION THAT WILL ALLOW BETTER25
LEVERAGING OF ANY FINANCIAL ASSISTANCE AWARDED;26
(g) A THIRTY-YEAR OPERATING PLAN THAT DEMONSTRATES THE27
SB26-139-34-
PROJECT'S FINANCIAL VIABILITY, INCLUDING PROJECTED RENTAL INCOME,1
VACANCY RATES, OPERATING EXPENSES, DEBT SERVICE COVERAGE RATIO,2
AND CAPITAL REPLACEMENT RESERVES;3
(h) A MARKET STUDY VERIFYING THE DEMAND FOR THE4
WORKFORCE HOUSING INCLUDING THE PROPOSED DWELLING UNIT MIX AND5
RENT LEVELS , THROUGH METHODS INCLUDING A SURVEY OF CURRENT6
TEACHERS AND OTHER SCHOOL DISTRICT AND PUBLIC SCHOOL STAFF AND7
AN ANALYSIS OF THE LOCAL RENTAL MARKET;8
(i) A CERTIFICATION BY THE APPLICANT THAT ITS TENANT9
ELIGIBILITY AND PRIORITIZATION POLICIES FOR A WORKFORCE HOUSING10
PROJECT FINANCED UNDER THIS ARTICLE 43.8, WHILE ESTABLISHED IN THE11
APPLICANT'S DISCRETION , DO NOT EXCLUDE OR DISADVANTAGE12
OTHERWISE ELIGIBLE APPLICANTS SOLELY ON THE BASIS THAT THE13
APPLICANT IS EMPLOYED BY A CHARTER SCHOOL AUTHORIZED BY OR14
OPERATING WITHIN THE APPLICANT'S SCHOOL DISTRICT. NOTHING IN THIS15
SUBSECTION (7)(i) REQUIRES AN APPLICANT TO GUARANTEE PLACEMENT,16
ESTABLISH QUOTAS , OR LIMIT THE APPLICANT 'S AUTHORITY TO ADOPT17
NEUTRAL , OBJECTIVE ELIGIBILITY OR PRIORITIZATION CRITERIA18
CONSISTENT WITH STATE AND FEDERAL LAW.19
(j) ANY OTHER INFORMATION THAT THE BOARD MAY REQUIRE FOR20
THE EVALUATION OF THE PROJECT.21
(8) T HE BOARD SHALL PRIORITIZE , IN DESCENDING ORDER OF22
IMPORTANCE, APPLICATIONS THAT DESCRIBE WORKFORCE HOUSING23
PROJECTS DEEMED ELIGIBLE FOR FINANCIAL ASSISTANCE THAT:24
(a) ARE LOCATED IN JURISDICTIONS WITH DOCUMENTED HOUSING25
SHORTAGES RESULTING IN CHALLENGES RETAINING AND ATTRACTING26
SUFFICIENT TEACHERS AND OTHER SCHOOL DISTRICT AND PUBLIC SCHOOL27
SB26-139-35-
STAFF TO PROVIDE CURRENT AND PLANNED SERVICES;1
(b) W ILL REDUCE THE HOUSING COST BURDEN ON CURRENT2
TEACHERS AND OTHER SCHOOL DISTRICT AND PUBLIC SCHOOL STAFF;3
(c) H AVE HIGH FINANCIAL FEASIBILITY AND THE ABILITY TO4
MAINTAIN POSITIVE CASH FLOW WITHOUT ONGOING SUBSIDIES OR5
SUPPORT;6
(d) A RE PROPOSED BY APPLICANTS THAT DEMONSTRATE7
SIGNIFICANT APPLICANT EFFORTS TO ADDRESS PROJECT COSTS BEYOND8
OPERATING INCOME, SUCH AS LAND OR PARTNERSHIP CONTRIBUTIONS AND9
MULTIJURISTICTIONAL PARTICIPATION;10
(e) H AVE A PROPERTY MANAGEMENT PLAN SUPPORTING THE11
ASSUMPTIONS IN THE THIRTY-YEAR OPERATION PLAN REQUIRED PURSUANT12
TO SUBSECTION (7)(g) OF THIS SECTION; AND13
(f) ARE THE MOST ADVANCED IN THE DEVELOPMENT PROCESS.14
(9) THE BOARD MAY REQUEST THAT THE DIVISION OF HOUSING AND15
DIVISION OF PUBLIC SCHOOL CAPITAL CONSTRUCTION ASSISTANCE16
UNDERTAKE A PRELIMINARY REVIEW OF ANY OR ALL APPLICATIONS FOR17
FINANCIAL ASSISTANCE, AND THE BOARD MAY ALSO REQUEST THAT ANY18
DEPARTMENT, AGENCY , OR INSTITUTION OF STATE GOVERNMENT WITH19
EXPERTISE OR EXPERIENCE IN HOUSING AFFORDABILITY OR CONSTRUCTION20
PROVIDE ASSISTANCE TO THE BOARD WITH REGARD TO THE EVALUATION21
OF THE APPLICATIONS FOR FINANCIAL ASSISTANCE.22
(10) (a) A FTER COMPLETING THE INITIAL PRIORITIZED LIST OF23
PROJECTS FOR THE PROVISION OF FINANCIAL ASSISTANCE PURSUANT TO24
SUBSECTION (6) OF THIS SECTION, THE BOARD SHALL SUBMIT THAT LIST TO25
THE STATE BOARD AND THE STATE HOUSING BOARD. THE PRIORITIZED LIST26
MUST INCLUDE:27
SB26-139-36-
(I) T HE BOARD 'S DECISION AS TO THE AMOUNT AND TYPE OF1
FINANCIAL ASSISTANCE TO BE PROVIDED; AND2
(II) A STATEMENT OF THE SOURCE AND AM OUNT OF APPLICANT3
MATCHING MONEY FOR EACH RECOMMENDED PROJECT BASED UPON4
INFORMATION PROVIDED BY THE APPLICANT.5
(b) U PON RECEIVING THE BOARD 'S INITIAL PRIORITIZED LIST OF6
PROJECTS FOR THE PROVISION OF FINANCIAL ASSISTANCE PURSUANT TO7
SUBSECTION (10)(a) OF THIS SECTION , AND BEFORE THE BOARD8
DETERMINES A FINAL PRIORITIZED LIST OF PROJECTS FOR WHICH THE9
BOARD WILL PROVIDE FINANCIAL ASSISTANCE PURSUANT TO SUBSECTION10
(11)(a) OF THIS SECTION , THE STATE BOARD AND THE STATE HOUSING11
BOARD MAY PROVIDE COMMENTS TO THE BOARD ON THE LIST OF PROJECTS.12
(11) (a) N O LATER THAN JULY 15, 2027, AND EACH JULY 1513
THEREAFTER, THE BOARD SHALL DETERMINE A FINAL PRIORITIZED LIST OF14
PROJECTS FOR WHICH THE BOARD WILL PROVIDE FINANCIAL ASSISTANCE.15
(b) (I) I N DETERMINING THE AMOUNT OF EACH RECOMMENDED16
AWARD OF FINANCIAL ASSISTANCE , THE BOARD SHALL SEEK TO BE AS17
EQUITABLE AS PRACTICABLE BY CONSIDERING THE TOTAL FINANCIAL18
CAPACITY OF EACH APPLICANT.19
(II) IN DETERMINING THE AMOUNT OF EACH AWARD OF FINANCIAL20
ASSISTANCE, THE BOARD SHALL SEEK TO ADDRESS THE MOST CRITICAL21
EDUCATION WORKFORCE HOUSING NEEDS, OPTIMIZE THE USE OF LIMITED22
STATE GRANT FUNDING , AND PROVIDE THE MAXIMUM NUMBER OF NEW23
HOUSING UNITS.24
(c) THE BOARD MAY DECIDE THAT A SPECIFIC PROJECT SHALL ONLY25
RECEIVE FINANCIAL ASSISTANCE IF A HIGHER PRIORITY PROJECT OR GROUP26
OF PROJECTS BECOMES INELIGIBLE FOR FINANCIAL ASSISTANCE DUE TO THE27
SB26-139-37-
INABILITY OF AN APPLICANT TO RAISE THE REQUIRED MATCHING MONEY1
BY A DEADLINE PRESCRIBED BY THE BOARD AS A CONDITION OF A2
FINANCIAL ASSISTANCE AWARD FOR THE HIGHER PRIORITY PROJECT OR3
GROUP OF PROJECTS.4
(12) (a) EXCEPT AS OTHERWISE PROVIDED IN SUBSECTION (13) OF5
THIS SECTION, THE BOARD MAY APPROVE OF FINANCIAL ASSISTANCE FOR6
A WORKFORCE HOUSING PROJECT ONLY IF THE APPLICANT PROVIDES7
MATCHING MONEY IN AN AMOUNT AT LEAST EQUAL TO THE PORTION OF8
THE TOTAL DEVELOPMENT COST OF THE WORKFORCE HOUSING PROJECT9
THAT CAN BE FINANCED WITH AND SUPPORTED BY NET OPERATING INCOME10
GENERATED FROM THE PROJECT.11
(b) S TATE FINANCIAL ASSISTANCE FOR A WORKFORCE HOUSING12
PROJECT SHALL NOT EXCEED , BUT MAY BE LESS THAN , THE PORTION OF13
THE AMOUNT OF THE WORKFORCE HOUSING PROJECT 'S TOTAL14
DEVELOPMENT COST THAT EXCEEDS THE AMOUNT THAT THE APPLICANT15
CAN FINANCE AND SUPPORT WITH THE WORKFORCE HOUSING PROJECT 'S16
NET OPERATING INCOME.17
(c) A S USED IN THIS SUBSECTION (12), UNLESS THE CONTEXT18
OTHERWISE REQUIRES:19
(I) "NET OPERATING INCOME" MEANS GROSS RENTAL REVENUES20
LESS ALL NECESSARY AND CUSTOMARY OPERATING EXPENSES, INCLUDING21
PROPERTY MANAGEMENT , MAINTENANCE , INSURANCE , AND REQUIRED22
OPERATING AND REPLACEMENT RESERVES , AND MUST BE CALCULATED23
AFTER APPLICATION OF ANY REQUIRED DEBT SERVICE COVERAGE RATIO24
AND THE FUNDING OF ALL REQUIRED BOND OR LEASE -PURCHASE DEBT25
SERVICE RESERVES.26
(II) "T OTAL DEVELOPMENT COSTS " MEANS THE COSTS27
SB26-139-38-
DETERMINED BY THE BOARD TO BE NECESSARY FOR AN APPLICANT TO1
PLAN, FINANCE , ACQUIRE , CONSTRUCT , AND PLACE INTO OPERATION A2
WORKFORCE HOUSING PROJECT.3
(13) (a) A N APPLICANT MAY APPLY TO THE BOARD FOR A4
REDUCTION OF THE MATCHING MONEY REQUIREMENT SPECIFIED IN5
SUBSECTION (12) OF THIS SECTION.6
(b) THE BOARD MAY GRANT A REDUCTION IF IT DETERMINES THAT7
COMPLYING WITH THE MATCHING MONEY REQUIREMENT WOULD8
SIGNIFICANTLY IMPAIR THE FINANCIAL FEASIBILITY OF THE PROJECT OR9
IMPOSE AN UNDUE BURDEN ON THE APPLICANT , CONSIDERING LOCAL10
HOUSING CONDITIONS , FINANCIAL CAPACITY , AND DEMONSTRATED11
WORKFORCE HOUSING NEED.12
(14) NOTWITHSTANDING ANY OTHER PROVISION OF THIS ARTICLE13
43.8, IF A FINANCED PURCHASE OF AN ASSET OR CERTIFICATE OF14
PARTICIPATION AGREEMENT TERMINATES BEFORE ALL CERTIFICATES OF15
PARTICIPATION EVIDENCING UNDIVIDED INTERESTS IN PAYMENTS UNDER16
THAT AGREEMENT ARE PAID IN FULL AND TITLE TO A WORKFORCE HOUSING17
PROJECT IS TRANSFERRED TO THE STATE, ANY AFFORDABILITY COVENANT,18
ANY OTHER COVENANT , AND ANY OTHER RESTRICTION ON THE USE OF19
THAT WORKFORCE HOUSING PROJECT THAT IS IMPOSED BY OR IS ENTERED20
INTO OR IMPOSED IN ORDER TO COMPLY WITH THIS ARTICLE 43.8,21
AUTOMATICALLY TERMINATES UPON TERMINATION OF THAT FINANCED22
PURCHASE OF AN ASSET OR CERTIFICATE OF PARTICIPATION AGREEMENT.23
22-43.8-108. Financial assistance - grants - financed purchase24
of an asset agreements.25
(1) THE BOARD MAY PROVIDE FINANCIAL ASSISTANCE FOR THOSE26
WORKFORCE HOUSING PROJECTS FOR WHICH THE BOARD HAS AUTHORIZED27
SB26-139-39-
THE PROVISION OF FINANCIAL ASSISTANCE PURSUANT TO SECTION1
22-43.8-107 BY PROVIDING MATCHING GRANTS FROM THE FUND.2
(2) SUBJECT TO THE FOLLOWING REQUIREMENTS AND LIMITATIONS,3
THE BOARD MAY ALSO INSTRUCT THE STATE TREASURER TO ENTER INTO A4
FINANCED PURCHASE OF AN ASSET OR CERTIFICATE OF PARTICIPATION5
AGREEMENT TO PROVIDE FINANCIAL ASSISTANCE TO APPLICANTS BY6
FINANCING WORKFORCE HOUSING PROJECTS:7
(a) T HE MAXIMUM TOTAL AMOUNT OF ANNUAL PAYMENTS8
PAYABLE BY THE STATE MINUS ANY MATCHING MONEY DURING ANY9
FISCAL YEAR UNDER THE TERMS OF ALL OUTSTANDING FINANCED10
PURCHASE OF AN ASSET OR CERTIFICATE OF PARTICIPATION AGREEMENTS11
AS INSTRUCTED BY THE BOARD PURSUANT TO THIS SUBSECTION (2) IS:12
(I) T WELVE MILLION DOLLARS FOR THE 2027-28 STATE FISCAL13
YEAR;14
(II) T WENTY-FOUR MILLION DOLLARS FOR THE 2028-29 STATE15
FISCAL YEAR; AND16
(III) THIRTY-SIX MILLION DOLLARS FOR THE 2029-30 STATE FISCAL17
YEAR AND EACH STATE FISCAL YEAR THEREAFTER.18
(b) WHENEVER THE STATE TREASURER ENTERS INTO A FINANCED19
PURCHASE OF AN ASSET OR CERTIFICATE OF PARTICIPATION AGREEMENT20
PURSUANT TO THIS SUBSECTION (2) TO FINANCE WORKFORCE HOUSING,21
THE BOARD SHALL, UPON RECEIVING APPROVAL OF THE STATE TREASURER22
PURSUANT TO SUBSECTION (2)(e) OF THIS SECTION , ENTER INTO A23
SUB-FINANCED PURCHASE OF AN ASSET OR CERTIFICATE OF PARTICIPATION24
AGREEMENT FOR THE WORKFORCE HOUSING PROJECT WITH THE APPLICANT25
THAT WILL USE THE WORKFORCE HOUSING. THE SUB-FINANCED PURCHASE26
OF AN ASSET OR CERTIFICATE OF PARTICIPATION AGREEMENT:27
SB26-139-40-
(I) MUST REQUIRE THE APPLICANT TO PERFORM FOR THE STATE1
ALL DUTIES OF THE STATE TO MAINTAIN AND OPERATE THE WORKFORCE2
HOUSING PROJECT THAT ARE REQUIRED BY THE FINANCED PURCHASE OF AN3
ASSET OR CERTIFICATE OF PARTICIPATION AGREEMENT AND TO MAKE4
PERIODIC RENTAL PAYMENTS TO THE STATE , UNLESS THE APPLICANT5
MAKES A PAYMENT IN AN AMOUNT EQUAL TO THE AMOUNT OF REQUIRED6
MATCHING MONEY IN ANOTHER FASHION , WHICH PAYMENTS SHALL BE7
CREDITED TO THE FUND AS MATCHING MONEY OF THE APPLICANT;8
(II) M UST PROVIDE FOR THE TRANSFER OF OWNERSHIP OF THE9
WORKFORCE HOUSING FROM THE STATE TO THE APPLICANT UPON THE10
FULFILLMENT OF BOTH THE STATE'S OBLIGATIONS UNDER THE FINANCED11
PURCHASE OF AN ASSET OR CERTIFICATE OF PARTICIPATION AGREEMENT12
AND THE APPLICANT'S OBLIGATIONS UNDER THE SUB-FINANCED PURCHASE13
OF AN ASSET OR CERTIFICATE OF PARTICIPATION AGREEMENT; AND14
(III) MAY PROVIDE THAT THE LEGAL OBLIGATION OF AN APPLICANT15
TO MAKE PERIODIC RENTAL PAYMENTS IS SUBJECT TO THE ANNUAL16
APPROPRIATION OF MONEY FOR THAT PURPOSE BY THE APPLICANT IF THE17
ABSENCE OF SUCH A PROVISION WOULD CREATE A DISTRICT18
MULTIPLE-YEAR FISCAL OBLIGATION WITHOUT VOTER APPROVAL IN19
ADVANCE IN VIOLATION OF SECTION 20 (4)(b) OF ARTICLE X OF THE STATE20
CONSTITUTION.21
(c) A FINANCED PURCHASE OF AN ASSET OR CERTIFICATE OF22
PARTICIPATION AGREEMENT ENTERED INTO PURSUANT TO THIS23
SUBSECTION (2) MUST PROVIDE THAT ALL PAYMENT OBLIGATIONS OF THE24
STATE UNDER THE AGREEMENT ARE SUBJECT TO ANNUAL APPROPRIATION25
BY THE GENERAL ASSEMBLY AND THAT OBLIGATIONS SHALL NOT BE26
DEEMED OR CONSTRUED AS CREATING AN INDEBTEDNESS OR MULTIPLE27
SB26-139-41-
FISCAL YEAR FINANCIAL OBLIGATION OF THE STATE WITHIN THE MEANING1
OF ANY PROVISION OF THE STATE CONSTITUTION OR THE LAWS OF THE2
STATE CONCERNING OR LIMITING THE CREATION OF INDEBTEDNESS OR3
MULTIPLE FISCAL YEAR FINANCIAL OBLIGATION BY THE STATE.4
(d) (I) (A) A FINANCED PURCHASE OF AN ASSET OR CERTIFICATE5
OF PARTICIPATION AGREEMENT ENTERED INTO BY THE STATE TREASURER6
ON BEHALF OF THE STATE PURSUANT TO THIS SUBSECTION (2) MAY7
CONTAIN TERMS, PROVISIONS , AND CONDITIONS THE STATE TREASURER8
DEEMS APPROPRIATE AND MAY FURTHER PROVIDE FOR THE ISSUANCE ,9
DISTRIBUTION, AND SALE OF INSTRUMENTS EVIDENCING RIGHTS TO10
RECEIVE RENTALS AND OTHER PAYMENTS MADE AND TO BE MADE UNDER11
THE AGREEMENT.12
(B) THIS SUBSECTION (2)(d) ALLOWS THE STATE TO RECEIVE TITLE13
TO THE REAL AND PERSONAL PROPERTY THAT IS THE SUBJECT OF A14
FINANCIAL PURCHASE OF AN ASSET OR CERTIFICATION OF PARTICIPATION15
AGREEMENT ON OR PRIOR TO THE EXPIRATION OF THE ENTIRE TERM OF THE16
AGREEMENT, INCLUDING ALL OPTIONAL RENEWAL TERMS.17
(II) A FINANCED PURCHASE OF AN ASSET OR CERTIFICATE OF18
PARTICIPATION AGREEMENT ENTERED INTO PURSUANT TO THIS19
SUBSECTION (2) SHALL NOT BE NOTES, BONDS, OR ANY OTHER EVIDENCE20
OF INDEBTEDNESS OR MULTIPLE FISCAL YEAR FINANCIAL OBLIGATION OF21
THE STATE WITHIN THE MEANING OF ANY PROVISION OF THE STATE22
CONSTITUTION OR THE LAWS OF THE STATE CONCERNING OR LIMITING THE23
CREATION OF INDEBTEDNESS OR MULTIPLE FISCAL YEAR OBLIGATION BY24
THE STATE.25
(III) INTEREST PAID UNDER A FINANCED PURCHASE OF AN ASSET OR26
CERTIFICATE OF PARTICIPATION AGREEMENT ON BEHALF OF THE STATE27
SB26-139-42-
PURSUANT TO THIS SUBSECTION (2), INCLUDING INTEREST REPRESENTED1
BY SUCH INSTRUMENTS, SHALL BE EXEMPT FROM COLORADO INCOME TAX2
AND ALL OTHER TAXATION AND ASSESSMENTS BY THE STATE OR ANY3
POLITICAL SUBDIVISION OF THE STATE.4
(e) THE BOARD MAY ONLY ENTER INTO A SUB-FINANCED PURCHASE5
OF AN ASSET OR CERTIFICATE OF PARTICIPATION AGREEMENT ON BEHALF6
OF THE STATE PURSUANT TO THIS SUBSECTION (2) IF THE STATE7
TREASURER HAS REVIEWED THE AGREEMENT AND PROVIDED WRITTEN8
AUTHORIZATION TO THE BOARD TO ENTER INTO THE AGREEMENT.9
(f) IF THE STATE TREASURER DEEMS IT NECESSARY OR ADVISABLE,10
THE STATE TREASURER MAY ENTER INTO A FINANCED PURCHASE OF AN11
ASSET OR CERTIFICATE OF PARTICIPATION AGREEMENT PURSUANT TO THIS12
SUBSECTION (2) FOR ONLY A PORTION OF A WORKFORCE HOUSING PROJECT13
FOR ALL OR A PORTION OF A DIFFERENT WORKFORCE HOUSING PROJECT OR14
FOR OTHER PROPERTY OF A SCHOOL DISTRICT.15
(g) N OTWITHSTANDING THE AUTHORITY OF THE BOARD TO16
INSTRUCT THE STATE TREASURER TO ENTER INTO A FINANCED PURCHASE17
OF AN ASSET OR CERTIFICATE OF PARTICIPATION AGREEMENT PURSUANT18
TO THIS SUBSECTION (2), IN ORDER TO ENSURE THAT THE FINANCED19
PURCHASE OF AN ASSET OR CERTIFICATE OF PARTICIPATION AGREEMENT20
IS ENTERED INTO UNDER FAVORABLE FINANCIAL MARKET CONDITIONS, THE21
STATE TREASURER SHALL HAVE SOLE DISCRETION TO DETERMINE THE22
TIMING OF THE STATE TREASURER'S ENTRY INTO ANY FINANCED PURCHASE23
OF AN ASSET OR CERTIFICATE OF PARTICIPATION AGREEMENT PURSUANT24
TO THIS SUBSECTION (2).25
(3) A N APPLICANT SHALL NOT USE ANY MONEY RECEIVED26
THROUGH FINANCIAL ASSISTANCE PROVIDED PURSUANT TO THIS ARTICLE27
SB26-139-43-
43.8 FOR A WORKFORCE HOUSING PROJECT THAT RECEIVES PUBLIC1
SUBSIDIES THROUGH A LOCAL , STATE , OR FEDERAL GOVERNMENT2
PROGRAM THAT IS PRIMARILY INTENDED TO SUPPORT THE DEVELOPMENT3
OF INCOME -RESTRICTED RENTAL HOUSING FOR HOUSEHOLDS WITH4
INCOMES AT OR BELOW SIXTY PERCENT OF THE AREA MEDIAN INCOME.5
(4) (a) A S SOON AS PRACTICABLE , UPON DETERMINING THAT IT6
WILL TERMINATE A FINANCED PURCHASE OF AN ASSET OR CERTIFICATE OF7
PARTICIPATION AGREEMENT ENTERED INTO PURSUANT TO SUBSECTION (2)8
OF THIS SECTION, THE STATE TREASURER SHALL PROVIDE WRITTEN NOTICE9
OF THAT DETERMINATION TO:10
(I) THE BOARD;11
(II) THE COLORADO HOUSING AND FINANCE AUTHORITY CREATED12
IN PART 7 OF ARTICLE 4 OF TITLE 29;13
(III) T HE COLORADO OFFICE OF ECONOMIC DEVELOPMENT14
CREATED IN SECTION 24-48.5-101;15
(IV) T HE DEPARTMENT OF EDUCATION CREATED IN SECTION16
24-1-115;17
(V) THE DIVISION OF HOUSING; AND18
(VI) ANY PARTIES TO A SUBLEASE AGREEMENT RELATED TO THE19
LEASE.20
(b) N OTWITHSTANDING SUBSECTION (4)(a) OF THIS SECTION ,21
FAILURE OF THE STATE TREASURER TO PROVIDE NOTICE PURSUANT TO22
SUBSECTION (4)(a) OF THIS SECTION DOES NOT PREVENT THE STATE23
TREASURER FROM TERMINATING A FINANCED PURCHASE OF AN ASSET OR24
CERTIFICATE OF PARTICIPATION AGREEMENT ENTERED INTO PURSUANT TO25
SUBSECTION (2) OF THIS SECTION AND DOES NOT CREATE STATE LIABILITY26
OR OBLIGATION.27
SB26-139-44-
22-43.8-109. Reporting requirements - auditing by state1
auditor.2
(1) NOTWITHSTANDING SECTION 24-1-136 (11)(a)(I), NO LATER3
THAN FEBRUARY 15, 2028, AND NO LATER THAN EACH FEBRUARY 154
THEREAFTER, THE BOARD SHALL PRESENT A WRITTEN REPORT TO THE5
EDUCATION AND FINANCE COMMITTEES OF THE HOUSE OF6
REPRESENTATIVES AND THE SENATE , OR ANY SUCCESSOR COMMITTEES ,7
REGARDING THE PROVISION OF FINANCIAL ASSISTANCE TO APPLICANTS8
PURSUANT TO THIS ARTICLE 43.8. THE REPORT MUST INCLUDE , AT A9
MINIMUM:10
(a) A N ACCOUNTING OF THE FINANCIAL ASSISTANCE PROVIDED11
THROUGH THE PRIOR FISCAL YEAR THAT INCLUDES:12
(I) A STATEMENT OF THE AGGREGATE AMOUNT OF FINANCIAL13
ASSISTANCE AWARDED THROUGH THE PRIOR FISCAL YEAR , INCLUDING14
STATEMENTS OF THE AMOUNT OF GRANTS PROVIDED, AND THE AMOUNT OF15
PAYMENTS MADE AND PAYMENTS COMMITTED TO BE MADE BUT NOT YET16
MADE IN CONNECTION WITH A FINANCED PURCHASE OF AN ASSET OR17
CERTIFICATE OF PARTICIPATION AGREEMENT;18
(II) A STATEMENT OF THE AGGREGATE AMOUNT OF FINANCIAL19
ASSISTANCE PROVIDED AS GRANTS AND THE AGGREGATE AMOUNT OF20
PAYMENTS MADE IN CONNECTION WITH A FINANCED PURCHASE OF AN21
ASSET OR CERTIFICATE OF PARTICIPATION AGREEMENT DURING THE PRIOR22
FISCAL YEAR;23
(III) A LIST OF THE WORKFORCE HOUSING PROJECTS FOR WHICH24
FINANCIAL ASSISTANCE HAS BEEN PROVIDED IN ANY FISCAL YEAR, WHICH25
MUST INCLUDE:26
(A) A BRIEF DESCRIPTION OF EACH PROJECT;27
SB26-139-45-
(B) A STATEMENT OF THE AMOUNT AND TYPE OF FINANCIAL1
ASSISTANCE PROVIDED FOR EACH PROJECT AND, WHERE APPLICABLE, THE2
AMOUNT OF FINANCIAL ASSISTANCE COMMITTED TO BE PROVIDED FOR BUT3
NOT YET PROVIDED FOR EACH PROJECT;4
(C) A STATEMENT OF THE AMOUNT OF MATCHING MONEY5
PROVIDED BY THE APPLICANT FOR EACH PROJECT AND , WHERE6
APPLICABLE, THE AMOUNT OF MATCHING MONEY COMMITTED TO BE7
PROVIDED BY THE APPLICANT BUT NOT YET PROVIDED FOR EACH PROJECT;8
AND9
(D) A SUMMARY OF THE REASONS OF THE BOARD FOR PROVIDING10
FINANCIAL ASSISTANCE FOR THE PROJECT; AND11
(IV) A LIST OF THE WORKFORCE HOUSING PROJECTS FOR WHICH12
FINANCIAL ASSISTANCE HAS BEEN PR OVIDED DURING THE PRIOR FISCAL13
YEAR, WHICH MUST INCLUDE:14
(A) A BRIEF DESCRIPTION OF EACH PROJECT;15
(B) A STATEMENT OF THE AMOUNT AND TYPE OF FINANCIAL16
ASSISTANCE PROVIDED FOR EACH PROJECT; AND17
(C) A STATEMENT OF THE AMOUNT OF MATCHING MONEY18
PROVIDED BY THE APPLICANT FOR EACH PROJECT.19
(b) A LIST OF THE FINANCIAL ASSISTANCE APPLICATIONS FOR20
WORKFORCE HOUSING PROJECTS THAT WERE DENIED FINANCIAL21
ASSISTANCE DURING THE PRIOR FISCAL YEAR AND THAT INCLUDES FOR22
EACH PROJECT:23
(I) A BRIEF PROJECT DESCRIPTION;24
(II) A STATEMENT OF THE AMOUNT AND TYPE OF FINANCIAL25
ASSISTANCE REQUESTED FOR THE PROJECT; AND26
(III) A SUMMARY OF THE REASONS WHY THE BOARD DENIED27
SB26-139-46-
FINANCIAL ASSISTANCE FOR THE PROJECT; AND1
(c) A N ESTIMATE , TO THE EXTENT FEASIBLE , OF THE TOTAL2
AMOUNTS OF REVENUES TO BE CREDITED TO THE FUND DURING THE3
CURRENT FISCAL YEAR AND THE NEXT FISCAL YEAR AND FINANCIAL4
ASSISTANCE TO BE AWARDED DURING THE NEXT FISCAL YEAR, INCLUDING5
SEPARATE ESTIMATES OF THE TOTAL AMOUNTS OF FINANCIAL ASSISTANCE6
TO BE AWARDED AS CASH GRANTS AND UNDER THE TERMS OF A FINANCED7
PURCHASE OF AN ASSET OR CERTIFICATE OF PARTICIPATION AGREEMENT8
ENTERED INTO PURSUANT TO SECTION 22-43.8-108 (2).9
(2) T HE BOARD SHALL PREPARE AND MAKE AVAILABLE10
ELECTRONICALLY ON THE WEBSITE OF THE DEPARTMENT A REPORT TO THE11
TAXPAYERS OF THE STATE REGARDING THE PROVISION OF FINANCIAL12
ASSISTANCE TO APPLICANTS PURSUANT TO THIS ARTICLE 43.8 DURING THE13
FIVE PRIOR FISCAL YEARS. THE REPORT SHALL INCLUDE, AT A MINIMUM,14
THE INFORMATION SPECIFIED IN SUBSECTION (1) OF THIS SECTION FOR15
EACH OF THE FIVE PRIOR FISCAL YEARS AND AN AGGREGATION OF ANY OF16
SUCH INFORMATION THAT CAN FEASIBLY BE AGGREGATED FOR THE FULL17
FIVE-YEAR PERIOD.18
22-43.8-110. Attorney general as legal advisor.19
THE ATTORNEY GENERAL SHALL ACT AS LEGAL ADVISOR FOR THE20
BOARD, AND WITH THE CONSENT OF THE ATTORNEY GENERAL, THE BOARD21
MAY EMPLOY ADDITIONAL LEGAL COUNSEL.22
22-43.8-111. Tax increases not required.23
NOTHING IN THIS ARTICLE 43.8 SHALL BE DEEMED TO REQUIRE A24
SCHOOL DISTRICT TO INCREASE TAXES.25
22-43.8-112. Open records and open meetings.26
IN EXERCISING THEIR POWERS AND DUTIES PURSUANT TO THIS27
SB26-139-47-
ARTICLE 43.8, THE BOARD AND THE DIVISION OF HOUSING AND DIVISION OF1
PUBLIC SCHOOL CAPITAL CONSTRUCTION ASSISTANCE ARE SUBJECT TO THE2
OPEN MEETINGS PROVISIONS OF THE "COLORADO SUNSHINE ACT OF 1972",3
PART 4 OF ARTICLE 6 OF TITLE 24, AND THE "COLORADO OPEN RECORDS4
ACT", PART 2 OF ARTICLE 72 OF TITLE 24.5
22-43.8-113. Prioritization and selections of tenants.6
APPLICANTS SHALL ESTABLISH THEIR OWN POLICIES CONCERNING7
THE PRIORITIZATION AND SELECTION OF TENANTS IN WORKFORCE8
HOUSING, THE FINANCING OF WHICH IS APPROVED PURSUANT TO THIS9
ARTICLE 43.8 AND SHALL ENSURE THAT THOSE POLICIES COMPLY WITH10
COLORADO AND FEDERAL FAIR HOUSING LAWS.11
22-43.8-114. Workforce housing rental income.12
AN APPLICANT THAT OBTAINS FINANCING FOR WORKFORCE13
HOUSING PURSUANT TO THIS ARTICLE 43.8 IS ENTITLED TO ALL RENTAL14
INCOME GENERATED BY THE WORKFORCE HOUSING.15
22-43.8-115. Relationship of applicants and other16
jurisdictions.17
(1) THE PROVISION OF WORKFORCE HOUSING BY AN APPLICANT IS18
A MATTER OF STATEWIDE CONCERN AND THEREFORE EACH COUNTY ,19
MUNICIPALITY, OR SPECIAL DISTRICT IN WHICH A WORKFORCE HOUSING20
PROJECT IS LOCATED, IN CONNECTION WITH THE PROJECT, SHALL PROVIDE21
GOVERNMENTAL SERVICES OF THE SAME CHARACTER AND TO THE SAME22
EXTENT AS SERVICES PROVIDED FOR OTHER RESIDENTS OF THE COUNTY ,23
MUNICIPALITY, OR SPECIAL DISTRICT.24
(2) NOTWITHSTANDING THE PROVISIONS SET FORTH IN SUBSECTION25
(1) OF THIS SECTION, AN APPLICANT MAY ENTER INTO CONTRACTUAL OR26
INTERGOVERNMENTAL AGREEMENTS WITH ANY COUNTY, MUNICIPALITY,27
SB26-139-48-
OR SPECIAL DISTRICT FOR THE PROVISION OF ANY ADDITIONAL1
COMMUNITY, MUNICIPAL, OR PUBLIC FACILITIES OR SERVICES NECESSARY2
OR DESIRABLE FOR ANY WORKFORCE HOUSING PROJECT.3
(3) N OTWITHSTANDING ANY OTHER PROVISION OF LAW , THE4
STATE, ANY STATE AGENCY , ANY COUNTY , AND ANY MUNICIPALITY IN5
WHICH A WORKFORCE HOUSING PROJECT IS OR IS TO BE LOCATED, AND ANY6
BOARD, AUTHORITY , AGENCY , DEPARTMENT , COMMISSION , PUBLIC7
CORPORATION, OR INSTRUMENTALITY OF SUCH COUNTY OR MUNICIPALITY,8
HAS THE POWER TO LEND OR GRANT MONEY OR ANY OTHER FORM OF9
PROPERTY, REAL, PERSONAL, OR MIXED, TO THE APPLICANT AND TO ENTER10
INTO CONTRACTS TO MAKE SUCH LOANS AND GRANTS , ALL UPON WHICH11
SUCH TERMS AND CONDITIONS AS THE APPLICANT AND THE STATE, STATE12
AGENCY, COUNTY, OR MUNICIPALITY MAY AGREE.13
22-43.8-116. Agreement of the state not to limit or alter rights14
of obligees.15
THE STATE PLEDGES AND AGREES WITH THE HOLDERS OF ANY16
CERTIFICATES OF PARTICIPATION, BOND, OR OTHER FINANCIAL OBLIGATION17
ISSUED OR ENTERED INTO BY THE STATE TREASURER , THE BOARD , A18
TRUSTEE, AN APPLICANT, OR AN ENTERPRISE OF AN APPLICANT AND ANY19
PERSON WHO ENTERS INTO A CONTRACT WITH ANY OF THOSE PERSONS OR20
ENTITIES IN RELATION TO WORKFORCE HOUSING THAT THE STATE WILL NOT21
IMPAIR THE RIGHTS OF ANY SUCH PERSON WITH RESPECT TO ANY SUCH22
CERTIFICATES OF PARTICIPATION, BOND, OTHER FINANCIAL OBLIGATION,23
OR CONTRACT. THE STATE FURTHER PLEDGES AND AGREES THAT IT WILL24
NOT IMPAIR THE RIGHTS OR REMEDIES OF THE HOLDERS OF ANY25
CERTIFICATE OF PARTICIPATION, BOND, OR OTHER FINANCIAL OBLIGATION26
ENTERED INTO BY THE STATE TREASURER , THE BOARD , A TRUSTEE , AN27
SB26-139-49-
APPLICANT, OR AN ENTERPRISE OF AN APPLICANT IN CONNECTION WITH1
WORKFORCE HOUSING OR IMPAIR THE RIGHTS AND REMEDIES OF ANY2
PERSON WHO ENTERS INTO A CONTRACT WITH ANY OF THOSE PERSONS OR3
ENTITIES IN RELATION TO WORKFORCE HOUSING UNLESS AND UNTIL THE4
CERTIFICATES OF PARTICIPATION, BONDS, OTHER FINANCIAL OBLIGATIONS,5
AND OBLIGATIONS UNDER SUCH CONTRACTS HAVE BEEN PAID OR UNTIL6
ADEQUATE PROVISIONS FOR PAYMENT HAVE BEEN MADE . THE STATE7
TREASURER, A TRUSTEE , AN APPLICANT , AND AN ENTERPRISE OF AN8
APPLICANT MAY INCLUDE THIS PROVISION AND UNDERTAKING FOR THE9
STATE IN ALL SUCH CERTIFICATES OF PARTICIPATION, BONDS, FINANCIAL10
OBLIGATIONS, OR CONTRACTS ISSUED OR ENTERED INTO IN RELATION TO11
WORKFORCE HOUSING.12
22-43.8-117. Authority of applicants and other local13
governments.14
(1) NOTHING IN THIS ARTICLE 43.8 SHALL BE CONSTRUED TO ALTER15
THE AUTHORITY OF A LOCAL GOVERNMENT IN APPLYING AND ENFORCING16
APPLICABLE INCLUSIONARY ZONING ORDINANCES , DEED RESTRICTIONS ,17
COMMUNITY BENEFIT AGREEMENTS , DEVELOPMENT AGREEMENTS , OR18
OTHER AFFORDABLE HOUSING POLICIES AND STANDARDS.19
(2) NOTHING IN THIS ARTICLE 43.8 LIMITS THE AUTHORITY OF AN20
APPLICANT TO PARTICIPATE IN AFFORDABLE HOUSING PROGRAMS OR21
FINANCING MECHANISMS , INCLUDING THE LOW -INCOME HOUSING TAX22
CREDIT PROGRAM OR PRIVATE ACTIVITY BOND FINANCING, IN CONNECTION23
WITH WORKFORCE HOUSING PROJECTS THAT DO NOT RECEIVE FINANCIAL24
ASSISTANCE PURSUANT TO THIS ARTICLE 43.8.25
22-43.8-118. No action maintainable.26
ANY LEGAL OR ADMINISTRATIVE PROCEEDING TO REVIEW ANY ACTS27
SB26-139-50-
OR PROCEEDINGS BY THE STATE TREASURER, THE BOARD, A TRUSTEE, AN1
APPLICANT, AN ENTERPRISE OF AN APPLICANT, OR ANY OTHER PERSON IN2
RELATION TO WORKFORCE HOUSING , WHETHER BASED UPON3
IRREGULARITIES OR JURISDICTIONAL DEFECTS, SHALL NOT BE MAINTAINED4
UNLESS COMMENCED WITHIN THIRTY DAYS AFTER THE PERFORMANCE OF5
THE ACT OR PROCEEDINGS OR THE EFFECTIVE DATE OF THE ACTS OR6
PROCEEDINGS, WHICHEVER OCCURS FIRST , AND IS THEREAFTER7
PERPETUALLY BARRED.8
22-43.8-119. Judicial examination of powers, acts,9
proceedings, or contracts of an applicant.10
IN ITS DISCRETION, THE STATE TREASURER, THE BOARD, A TRUSTEE,11
AN APPLICANT OR AN ENTERPRISE OF AN APPLICANT MAY FILE A PETITION12
AT ANY TIME IN A DISTRICT COURT IN THE STATE SEEKING A JUDICIAL13
EXAMINATION AND DETERMINATION OF ANY POWER CONFERRED TO ANY14
OF THOSE PERSONS OR ENTITIES BY THIS SENATE BILL , ANY POWER15
EXERCISED OR THAT MAY BE EXERCISED BY ANY OF THOSE PERSONS OR16
ENTITIES, OR ANY ACT, PROCEEDING OBLIGATION, OR CONTRACT OF ANY17
OF THOSE PERSONS OR ENTITIES , WHETHER OR NOT THE ACT OR18
PROCEEDING HAS OCCURRED OR THE CONTRACT HAS BEEN EXECUTED. THE19
JUDICIAL EXAMINATION AND DETERMINATION MUST BE CONDUCTED IN20
SUBSTANTIALLY THE MANNER SET FORTH IN SECTION 32-4-540; EXCEPT21
THAT THE NOTICE REQUIRED MUST BE PUBLISHED ONCE A WEEK FOR THREE22
CONSECUTIVE WEEKS AND THE HEARING MUST BE HELD NOT LESS THAN23
THIRTY DAYS NOR MORE THAN FORTY DAYS AFTER THE FILING OF THE24
PETITION.25
SECTION 5. In Colorado Revised Statutes, add 22-41-101.5 as26
follows:27
SB26-139-51-
22-41-101.5. Public school fund income stabilization account1
- definitions.2
(1) T HERE IS CREATED WITHIN THE PUBLIC SCHOOL FUND THE3
PUBLIC SCHOOL FUND INCOME STABILIZATION ACCOUNT . THE ACCOUNT4
CONSISTS OF MONEY CREDITED TO THE ACCOUNT PURSUANT TO5
SUBSECTION (3) OF THIS SECTION AND ANY OTHER MONEY THAT THE6
GENERAL ASSEMBLY MAY APPROPRIATE OR TRANSFER TO THE ACCOUNT.7
(2) T HE STATE TREASURER SHALL CREDIT ALL INTEREST AND8
INCOME DERIVED FROM THE DEPOSIT AND INVESTMENT OF MONEY IN THE9
ACCOUNT TO THE PORTION OF THE PUBLIC SCHOOL FUND THAT IS NOT THE10
ACCOUNT.11
(3) F OR ANY STATE FISCAL YEAR IN WHICH , AFTER CREDITING12
MONEY FROM THE PUBLIC SCHOOL FUND PURSUANT TO SECTION 22-41-10213
(3) FOR THAT STATE FISCAL YEAR, THE AMOUNT OF INTEREST AND INCOME14
REMAINING IN THE FUND, CALCULATED PURSUANT TO SECTION 22-41-10215
(3)(l)(II), EXCEEDS FORTY MILLION DOLLARS , THE STATE TREASURER16
SHALL CREDIT FROM THE PORTION OF THE PUBLIC SCHOOL FUND THAT IS17
NOT THE ACCOUNT TO THE ACCOUNT AN AMOUNT EQUAL TO THAT EXCESS.18
(4) MONEY IN THE ACCOUNT SHALL ONLY BE APPROPRIATED OR19
TRANSFERRED:20
(a) IN THE MANNER AND FOR THE PURPOSES DESCRIBED IN SECTION21
22-41-102 (3)(k), IN A FISCAL YEAR IN WHICH THERE IS NOT OTHERWISE22
SUFFICIENT MONEY IN THE PORTION OF THE PUBLIC SCHOOL FUND THAT IS23
NOT THE ACCOUNT TO APPROPRIATE OR CREDIT THE AMOUNT REQUIRED24
PURSUANT TO SECTION 22-41-102 (3)(k)(I) AND AT LEAST FORTY -ONE25
MILLION DOLLARS PURSUANT TO SECTION 22-41-102 (3)(k)(II), AND IN AN26
AMOUNT NECESSARY TO APPROPRIATE OR CREDIT THE AMOUNT REQUIRED27
SB26-139-52-
PURSUANT TO SECTION 22-41-102 (3)(k)(I) AND AT LEAST FORTY -ONE1
MILLION DOLLARS PURSUANT TO SECTION 22-41-102 (3)(k)(II);2
(b) IN THE MANNER AND FOR THE PURPOSE DESCRIBED IN SECTION3
22-41-102 (3)(l), IN A FISCAL YEAR IN WHICH THERE IS NOT OTHERWISE4
SUFFICIENT MONEY IN THE PORTION OF THE PUBLIC SCHOOL FUND THAT IS5
NOT THE ACCOUNT TO CREDIT FORTY MILLION DOLLARS TO THE STATE6
PUBLIC SCHOOL FUND CREATED IN SECTION 22-54-114 PURSUANT TO7
SECTION 22-41-102 (3)(l), AND IN AN AM OUNT NECESSARY TO ENSURE8
THAT FORTY MILLIONS DOLLARS IS CREDITED TO THE STATE PUBLIC9
SCHOOL FUND CREATED IN SECTION 22-54-114 PURSUANT TO SECTION10
22-41-102 (3)(l) FROM THE PUBLIC SCHOOL FUND; OR11
(c) TO RESTORE ANY LOSS TO THE PRINCIPAL OF THE PORTION OF12
THE PUBLIC SCHOOL FUND THAT IS NOT THE ACCOUNT RESULTING FROM AN13
AGGREGATE LOSS OF PRINCIPAL AS DEFINED IN SECTION 22-41-104 (2).14
(5) (a) M ONEY IN THE ACCOUNT IS NOT THE PRINCIPAL OF THE15
PORTION OF THE PUBLIC SCHOOL FUND THAT IS NOT THE ACCOUNT AND16
THE USE OF THE MONEY IN THE ACCOUNT NEED NOT COMPLY WITH THE17
REQUIREMENTS OF SECTION 22-41-102, BUT IS OTHERWISE CONSIDERED TO18
BE A PART OF THE PORTION OF THE PUBLIC SCHOOL FUND THAT IS NOT THE19
ACCOUNT FOR PURPOSES OF THE REQUIREMENTS OF THIS ARTICLE 41.20
(b) M ONEY IN THE ACCOUNT MUST BE INVESTED IN THE SAME21
MANNER AS THE PORTION OF THE PUBLIC SCHOOL FUND THAT IS NOT THE22
ACCOUNT.23
(c) MONEY IN THE ACCOUNT IS CONSIDERED TO BE IN THE PORTION24
OF THE PUBLIC SCHOOL FUND THAT IS NOT THE ACCOUNT FOR PURPOSES OF25
DETERMINING THE AMOUNTS TO BE CREDITED OR APPROPRIATED FROM THE26
PUBLIC SCHOOL FUND PURSUANT TO SECTION 22-41-102 (3).27
SB26-139-53-
(6) AS USED IN THIS SECTION, UNLESS THE CONTEXT OTHERWISE1
REQUIRES, "ACCOUNT" MEANS THE PUBLIC SCHOOL FUND INCOME2
STABILIZATION ACCOUNT CREATED IN SUBSECTION (1) OF THIS SECTION.3
SECTION 6. In Colorado Revised Statutes, 22-41-102, add (3)(l)4
as follows:5
22-41-102. Fund inviolate - definition.6
(3) (l) (I) O N NOVEMBER 1, 2026, AND EACH NOVEMBER 17
THEREAFTER, AFTER MONEY IN THE PUBLIC SCHOOL FUND HAS BEEN8
APPROPRIATED AND CREDITED PURSUANT TO SUBSECTION (3)(k) OF THIS9
SECTION FOR THE IMMEDIATELY PRECEDING STATE FISCAL YEAR , THE10
LESSER OF INTEREST AND INCOME REMAINING IN THE FUND UP TO A TOTAL11
OF TWO AND ONE -HALF PERCENT OF TOTAL FUND VALUE AS MEASURED12
BEFORE ANY MONEY WAS CREDITED OR APPROPRIATED PURSUANT TO THIS13
SUBSECTION (3) FOR THE IMMEDIATELY PRECEDING STATE FISCAL YEAR OR14
FORTY MILLION DOLLARS IS CREDITED TO THE STATE PUBLIC SCHOOL FUND15
CREATED IN SECTION 22-54-114; AND16
(II) AS USED IN THIS SUBSECTION (3)(l), THE AMOUNT OF INTEREST17
AND INCOME REMAINING IN THE FUND IS THE DIFFERENCE BETWEEN:18
(A) INTEREST AND INCOME THAT INCLUDES REVENUE EARNED, IN19
ACCORDANCE WITH THE ACCOUNTING AND FINANCIAL REPORTING20
STANDARDS OF THE GOVERNMENTAL ACCOUNTING STANDARDS BOARD21
FOR INVESTMENTS HELD BY GOVERNMENTAL ENTITIES, FROM EXTERNAL22
INVESTMENT POOLS, INTEREST, DIVIDENDS, AND NET CHANGES IN THE FAIR23
MARKET VALUE OF INVESTMENTS ATTRIBUTABLE TO THE INVESTMENT OF24
THE PUBLIC SCHOOL FUND PRINCIPAL, WHETHER THOSE NET CHANGES ARE25
RECEIVED IN CASH; AND26
(B) I NTEREST AND INCOME THAT DOES NOT INCLUDE REVENUE27
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EARNED FROM EXTERNAL INVESTMENT POOLS, INTEREST, DIVIDENDS, AND1
NET CHANGES IN THE FAIR MARKET VALUE OF INVESTMENTS2
ATTRIBUTABLE TO THE INVESTMENT OF THE PUBLIC SCHOOL FUND3
PRINCIPAL, WHETHER THOSE NET CHANGES ARE RECEIVED IN CASH.4
SECTION 7. In Colorado Revised Statutes, 22-41-105, add (3)5
as follows:6
22-41-105. Income distinguished from principal.7
(3) I N ACCORDANCE WITH THE ACCOUNTING AND FINANCIAL8
REPORTING STANDARDS OF THE GOVERNMENTAL ACCOUNTING STANDARDS9
BOARD FOR INVESTMENTS HELD BY GOVERNMENTAL EXTERNAL10
INVESTMENT POOLS, INTEREST, DIVIDENDS, AND NET CHANGES IN THE FAIR11
MARKET VALUE OF INVESTMENTS ATTRIBUTABLE TO THE INVESTMENT OF12
THE PUBLIC SCHOOL FUND PRINCIPAL , WHETHER OR NOT THOSE NET13
CHANGES ARE RECEIVED IN CASH ARE INCOME AND ARE NOT PART OF THE14
PRINCIPAL OF THE PUBLIC SCHOOL FUND.15
SECTION 8. In Colorado Revised Statutes, 22-55-103, amend16
with relocated provisions (7) as follows:17
22-55-103. State education fund - creation - transfers to fund18
- use of money in fund - permitted investments - exempt from19
spending limitations - kids matter account - definition - legislative20
declaration - repeal.21
(7) (a) THE GENERAL ASSEMBLY FINDS AND DECLARES THAT, FOR22
THE PURPOSES OF SECTION 17 OF ARTICLE IX OF THE STATE CONSTITUTION,23
THE FUNDING AND PROVIDING OF WORKFORCE HOUSING IS A PROGRAM FOR24
ACCOUNTABLE PROGRAMS TO MEET STATE ACADEMIC STANDARDS , FOR25
CLASS SIZE REDUCTION , AND FOR EXPANDING THE AVAILABILITY OF26
PRESCHOOL AND KINDE RGARTEN PROGRAMS AND MAY THEREFORE27
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RECEIVE MONEY FROM THE STATE EDUCATION FUND CREATED IN SECTION1
17 (4) OF ARTICLE IX OF THE STATE CONSTITUTION.2
(b) ON NOVEMBER 1, 2026, AND EACH NOVEMBER 1 THEREAFTER,3
THE STATE TREASURER SHALL TRANSFER FROM THE STATE EDUCATION4
FUND TO THE WORKFORCE HOUSING ASSISTANCE FUND CREATED IN5
SECTION 22-43.8-104 AN AMOUNT EQUAL TO THE AMOUNT CREDITED6
PURSUANT TO SECTION 22-41-102 (3)(l) FOR THE IMMEDIATELY7
PRECEDING STATE FISCAL YEAR.8
SECTION 9. In Colorado Revised Statutes, 24-22-107, add (8)9
as follows:10
24-22-107. Duties and powers of state treasurer.11
(8) THE STATE TREASURER SHALL HAVE THE POWER TO ENTER INTO12
CONTRACTS WITH PUBLIC ENTITIES AND PRIVATE PARTIES , INCLUDING13
PUBLIC-PUBLIC AND PUBLIC -PRIVATE PARTNERSHIPS , FOR THE14
ACQUISITION, CONSTRUCTION, IMPROVEMENT, OWNERSHIP, OPERATION,15
LEASING, AND LEASE-PURCHASING OF WORKFORCE HOUSING, AS DEFINED16
SECTION 22-43.8-103 (15).17
SECTION 10. In Colorado Revised Statutes, 24-32-705, add18
(1)(y) as follows:19
24-32-705. Functions of division.20
(1) The division has the following functions:21
(y) T O PROVIDE PROFESSIONAL AND TECHNICAL SUPPORT AS22
DESCRIBED IN ARTICLE 43.8 OF TITLE 22 OR AS OTHERWISE REQUIRED TO23
THE WORKFORCE HOUSING ASSISTANCE BOARD CREATED IN SECTION24
22-43.8-105, IN PARTNERSHIP WITH THE DIVISION OF PUBLIC SCHOOL25
CAPITAL CONSTRUCTION ASSISTANCE WITHIN THE DEPARTMENT OF26
EDUCATION.27
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SECTION 11. Safety clause. The general assembly finds,1
determines, and declares that this act is necessary for the immediate2
preservation of the public peace, health, or safety or for appropriations for3
the support and maintenance of the departments of the state and state4
institutions.5
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