create an affordable home ownership program providing down-payment assistance for homebuyers meeting certain income requirements.create a concessionary debt program to provide debt financing for low- and middle-income multi-family rental developments and existing affordable housing projects.create an affordable housing equity program to make equity investments in multi-family rental units to ensure that rent is no more than 30% of a household's income. ![]() provide grants to local governments and loans to nonprofit organizations to acquire and maintain land for the development of affordable housing.Under Proposition 123, affordable housing was defined as rental housing that is "affordable to a household with an annual income of at or below 60% of the area median income, and that costs the household less than 30% of its monthly income," and "for-sale housing that could be purchased by a household with an annual income of at or below 100% of the area median income, for which the mortgage payment costs the household less than 30% of its monthly income." ![]() The initiative created the Affordable Housing Support Fund to receive 40% of funds in the SAHF and the Affordable Housing Financing Fund to receive 60% of funds in the SAHF. The initiative created the State Affordable Housing Fund (SAHF) and dedicated one-tenth of one percent (0.1%) of state income tax revenue to fund affordable housing programs and projects. Overview What did Proposition 123 do? See also: Measure design 10.4 Colorado statewide ballot measures during even-numbered election years, 2000-2020.10.3 Colorado Taxpayer's Bill of Rights (TABOR).10.2 Colorado individual income tax revenue.2.3 Who was behind the campaigns surrounding Proposition 123?.2.2 How was Proposition 123 expected impact the state's TABOR limits?.creating a program to provide rental assistance, housing vouchers, and other case management for persons experiencing homelessness.Ī " no" vote opposed creating the State Affordable Housing Fund and dedicating one-tenth of one percent (0.1%) of revenue collected from the federal income tax to fund housing programs.creating a grant program for local governments to increase capacity to process land use, permitting, and zoning applications for housing projects and.creating an affordable home ownership program providing down-payment assistance for homebuyers meeting certain income requirements.creating a concessionary debt program to provide debt financing for low- and middle-income multi-family rental developments and existing affordable housing projects. ![]()
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