Colorado § 29-32-101 - Definitions.

§ 29-32-101. Definitions.

As used in this article, unless the context otherwise requires:

(1) "Administrator" means a political subdivision of the State of Colorado established for the purposes, among others, of increasing the supply of decent, safe, and sanitary housing for low- and moderate-income families, or other third party established for such purposes, selected by the office to administer certain affordable housing programs created in section 29-32-104.

(2) "Affordable housing" means rental housing affordable to a household with an annual income of at or below sixty percent of the area median income, and that costs the household less than thirty percent of its monthly income. "Affordable housing" also means for-sale housing that could be purchased by a household with an annual income of at or below one hundred percent of the area median income, for which the mortgage payment costs the household thirty percent or less of its monthly income. Targets set for the local governments and tribal governments under section 29-32-105 for affordable housing shall be based on the area median income. If a local government or tribal government determines that application of this definition of affordable housing would cause implementation of this article in a manner inconsistent with demonstrated housing and workforce needs within the jurisdiction, it may petition the division for leave to use the calculation applicable to an adjacent jurisdiction or the state median income that better reflects the local government's or tribal government's demonstrated needs.

(3) "Area median income" means the median household income of households of a given size in the municipality, or metropolitan statistical area encompassing a municipality, or county in which the housing is located, as calculated and published for a given year by the United States Department of Housing and Urban Development.

(4) "Division" means the division of housing in the department of local affairs created in section 24-32-704 (1).

(5) "Support fund" means the affordable housing support fund created in section 29-32-103 (1).

(6) "Fund" means the state affordable housing fund created in section 29-32-102 (1).

(7) "Local government" means a municipality, whether home rule or statutory; a county, whether home rule or statutory; a city and county; or a local housing authority.

(8) "Office" means the office of economic development created in section 24-48.5-101.

(9) "Financing fund" means the affordable housing financing fund created in section 29-32-103 (2).

(10) "Rural resort community" means any county classified as a "rural resort" by the division in accordance with section 29-4-1107 (1)(d), or a municipality, whether home rule or statutory, or a local housing authority located within the county so classified.

(11) "Tribal government" means a federally recognized tribal nation that has land within Colorado.

Source: Initiated 2022: Entire article added, Proposition 123, effective upon proclamation of the Governor, December 27, 2022. L. 2023: (2) amended and (10) and (11) added, (HB 23-1304), ch. 381, p. 2282, § 1, effective June 5.