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Affordable‑housing backers urge preservation of Prop 1/2/3 funding, warn budget uncertainty stalls private capital
Summary
Developers, nonprofit investors and the Prop 123 author told the committee the financing fund leverages many times the state's investment, that projects are underway, and that budget moves would jeopardize private capital and pipeline projects.
Supporters of Proposition 1/2/3 (sometimes referenced in testimony as Prop 123 or Prop 1 2 3) urged the Joint Budget Committee to keep the affordable‑housing financing fund intact.
Abby Murray, cofounder and CEO of the Colorado Housing Accelerator Initiative (CHI) (SEG 008), said CHI piloted a tenant‑equity vehicle that has recycled private capital and that the state program produces high‑quality affordable homes at a modest per‑unit state cost. She said CHI has invested close to $10,000,000 in private capital in Prop 123‑enabled deals and is raising a $75,000,000 fund contingent on stable state participation.
Aaron Maripol of Urban Land Conservancy (SEG 226) and Luke Teeter, an author of the financing fund (SEG 039), provided additional figures: Teeter cited an early leverage ratio — roughly 8:1 in one study — and estimated the financing fund's first two years helped unlock billions in total investment and thousands of affordable units. Witnesses warned that budget uncertainty and potential sweeps of Prop 123 funds would chill bank and investor commitments and delay projects already underway.
Committee members asked where reports or fact sheets could be left; witnesses said they would provide supporting documents to staff. Supporters asked the committee to retain funding as a voter‑approved, catalytic mechanism that multiplies state dollars with private and philanthropic capital.
