Proposition 123: What you need to know about the affordable housing measure on Colorado’s ballot
COLORADO SPRINGS, Colo. (KKTV) -Supporters of Colorado Proposition 123 met in Colorado Springs Thursday morning to discuss their hopes and goals for the ballot item, which will appear statewide on Election Day.
If passed, Proposition 123 would dedicate 0.1% of the state budget to help fund affordable housing programs.
That comes out to almost $300 million, and that money would be going to programs designed to create rental units with a cap of 30% of a renter’s income, provide down payment assistance for qualifying individuals, and give grants to local governments for affordable housing development, among other things. Click here to visit Colorado’s “Blue Book” guide with an in-depth look at Proposition 123 on page 30.
Supporters said the proposition will allow people in lower-paying crucial careers, like education and nursing, to be able to afford to live in the communities they work in.
The group of supporters that met was made up of city officials, non-profit leaders and business professionals from the area. Each had their own reasons for supporting the measure, including the creation of affordable housing for low-income families and reassurance that living in the state will remain affordable for all in the years to come.
11 News also spoke with the TABOR Foundation/Committee, an organization whose goal is to inform taxpayers about Colorado’s Taxpayer’s Bill of Rights (TABOR) and that has spoken against the proposition.
Natalie Menten, a Board Director with the organization, said that local communities might not be able to or want to meet benchmarks required for the funding, which she said is an increase in multifamily dense housing of 3% every year. Manten also said that the money that would be going to the fund created by Proposition 123 is money that would normally be refunded to taxpayers through TABOR.
The measure will be on the ballot statewide on Election Day this November.
What a YES vote means, according to Colorado’s Blue Book:
A “yes” vote on Proposition 123 sets aside money for new affordable housing programs and exempts this money from the state’s revenue limit.
What a NO vote means, according to Colorado’s Blue Book:
A “no” vote on Proposition 123 means that state revenue will continue to be spent on priorities as determined by the state legislature or returned to taxpayers, as under current law.
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