SB 25-006: Investment Authority of State Treasurer for Affordable Housing - Colorado

Revised (04/03/2025) → PA1 (01/31/2025) · 5 edits

MODERATE

This bill was amended to clarify that the state treasurer can only invest in bonds if the proceeds create deed-restricted affordable for-sale housing, not just any affordable housing. The bill also changed reporting requirements so recipients must provide detailed annual reports on units constructed, affordability levels, locations, and sale prices. Additionally, the bill was reclassified from a revised version to a preamended version, indicating it has not yet been adopted by the second house.

Scope change

The bill's scope was narrowed to specifically require deed-restricted affordable for-sale housing rather than general affordable housing, and reporting requirements were expanded to include detailed location and pricing data.

ELIGIBILITY

Changed housing eligibility from general 'affordable, income-restricted for-sale housing' to specifically 'deed-restricted, affordable for-sale housing'.

REQUIREMENT

Added requirement that bond proceeds must be used for construction loans or mortgages with below-market interest rates passed to borrowers.

Added new requirement for recipients to provide annual reports including number of units constructed, affordability levels, locations, and average sale prices categorized by region.

Changed reporting responsibility from quasi-governmental authority to bond recipients, requiring more detailed information about housing outcomes.

TECHNICAL

Changed bill status from 'Revised' (adopted amendments) to 'Preamended' (unofficial version with committee amendments not yet adopted).

Rerevised (04/11/2025) → Revised (04/03/2025) · 3 edits

MINOR

The bill was revised to remove several Senate sponsors from the sponsorship list and update the version status from 'Rerevised' to 'Revised'. Substantive changes were added to Section 2, requiring the State Treasurer to reinvest principal proceeds from bond redemptions only after receiving 50% repayment of the invested amount, and mandating an annual report to the General Assembly on the number of units.

Scope change

The bill's scope remains focused on quasi-governmental authority bond issuance, but new financial reinvestment requirements and reporting obligations were added.

ELIGIBILITY

Removed Senate sponsors Jaquez Lewis, Kipp, Kolker, Marchman, Michaelson Jenet, Mullica, Rodriguez, Snyder, and Weissman from the bill's sponsorship list.

REQUIREMENT

Added requirement that the State Treasurer must reinvest principal proceeds from bond redemptions only after receiving 50% repayment of the invested amount.

Added requirement that the quasi-governmental authority issuing bonds must provide an annual report to the Treasurer and General Assembly including the total number of units.

PA2 (03/26/2025) → Rerevised (04/11/2025) · 4 edits

MODERATE

The bill was revised to include all amendments adopted in the Second House, adding several new House sponsors and updating the legislative status to reflect final adoption. The substantive policy content regarding state treasurer investments in affordable housing remains largely intact, though some reporting requirements were removed from the text.

Scope change

No substantive change to the bill's scope or applicability; the revision primarily reflects procedural updates and inclusion of adopted amendments.

TECHNICAL

Added new House sponsors (Bacon, Boesenecker, Clifford, Joseph, Mabrey, McCormick, Smith, Valdez) to the House sponsorship list.

Added a new House sponsor (Jaquez Lewis) to the Senate sponsorship list.

Updated header information to reflect 'Rerevised' status with all amendments adopted in the Second House, replacing the 'Preamended' status.

REQUIREMENT

Removed reporting requirements that mandated reinvestment only after 50% of principal was repaid and certain annual reporting details.

Final Act (04/29/2025) → PA2 (03/26/2025) · 3 edits

MINOR

This bill was amended to remove administrative notes and signatures from the final act version, restoring the bill to its pre-enactment state with committee amendments included. The substantive policy content regarding state treasurer investment authority for affordable housing remains unchanged.

TECHNICAL

Removed final act signatures, legislative officer notes, and status information that were not part of the bill text itself.

Added committee amendment indicators and bill summary information showing the bill passed third reading in the House.

Reformatted the document to show the bill in its amended state with proper legislative session headers and bill summary.

Signed Act (05/15/2025) → Final Act (04/29/2025) · 2 edits

MINOR

The bill text was reformatted with proper indentation and spacing adjustments, and the signature lines were updated to include blank lines for signatures. The substantive legislative content, including funding amounts, eligibility criteria, and requirements, remains unchanged.

TECHNICAL

Text formatting and indentation were adjusted throughout the document for proper alignment and readability.

Signature lines for legislative officers and the Governor were updated to include blank lines for signing.

Reengrossed (02/05/2025) → Signed Act (05/15/2025) · 2 edits · May 15, 2025

MINOR

The bill was reengrossed to add new co-sponsors and correct formatting errors in the sponsor list. The substantive policy language regarding state investment in affordable housing bonds remained unchanged, with no modifications to funding amounts, eligibility criteria, or reporting requirements.

TECHNICAL

Added Representative co-sponsors Bacon, Boesenecker, Clifford, Joseph, Mabrey, McCormick, Smith, and Valdez to the House sponsorship list.

Removed formatting inconsistencies and duplicate sponsor names from the original bill text.

Engrossed (02/04/2025) → Reengrossed (02/05/2025) · 3 edits · Feb 5, 2025

MINOR

The bill was reengrossed to include additional co-sponsors and updated the bill summary to reflect it is now in 3rd Reading Unamended status. The substantive policy content regarding affordable housing remains unchanged, with only formatting and sponsorship information modified.

TECHNICAL

Added five new Senate co-sponsors (Amabile, Ball, Bridges, Coleman, Cutter, Danielson, Daugherty, Exum, Gonzales J., Jaquez Lewis, Jodeh, Kipp, Kolker, Marchman, Michaelson Jenet, Mullica, Rodriguez, Snyder, Weissman) to the Senate sponsorship list.

Updated bill summary header to indicate '3rd Reading Unamended' status dated February 5, 2025, replacing the previous 'ENGROSSED' designation.

Removed the Safety clause section (Section 3) that declared the act necessary for public peace, health, or safety preservation.

Introduced (01/08/2025) → Engrossed (02/04/2025) · 6 edits · Feb 5, 2025

MODERATE

The bill was amended to strengthen requirements for affordable housing investments, expand eligibility criteria, and add reporting obligations. Key changes include clarifying that housing must be income-restricted, adding a 45-year maximum investment term, requiring dual credit ratings, and mandating annual transparency reports on housing units created.

Scope change

The bill's scope was expanded to explicitly include financing new affordable, income-restricted for-sale housing and to allow investments up to 45 years in duration.

ELIGIBILITY

Added requirement that housing must be 'income-restricted' and available to borrowers earning no more than 140% of statewide area median income.

REQUIREMENT

Added requirement that bond purchases must have at least two credit ratings at or above A- or A3 from nationally recognized rating organizations.

Added 45-year maximum term for investments, overriding any contrary laws.

ENFORCEMENT

Added requirement for quasi-governmental authorities to provide annual reports to the Treasurer and General Assembly detailing units constructed, locations, sale prices, and housing market data.

FISCAL

Clarified that initial investments must not exceed $50 million and must create housing that would not otherwise be made available at similar rates and terms.

DEFINITION

Removed language about reinvesting money in accordance with the subsection and replaced with more specific reinvestment requirements.

Investment Authority of State Treasurer for Affordable Housing

What changed between versions

How they voted

Actions timeline

Sponsors