Colorado Initiative 86 (2008)

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The Housing Investment Fund Initiative or Initiative 86 would have established a four-cent real estate transfer tax, with revenue dedicated to affordable housing projects for low-income households.

This measure was a citizen-initiated constitutional amendment that would add a new section toe state constitution.

Details of the amendment

According to the Review and Comment Hearing report, the major purposes of the proposed amendment were:

  • To create the Colorado housing investment fund in the state treasury
  • To specify the sources of this fund, permitted uses of the fund, the method for allocating the funds, and eligible recipients
  • To impose a real estate transfer tax on certain real estate transactions, to generate revenue for the fund, at the rate of four cents for each $100 or major fraction thereof paid for real property

Supporters

The measure was submitted by the Colorado Housing Investment Fund Coalition.

"Colorado will continue to have the lowest fee or tax of any state which assesses one on the value of real estate transactions," according to the group's web site.

"Colorado lags behind other states in housing funding while having one of the best records for efficiently and effectively managing those limited funds. Housing is a good investment for Colorado. Now is the time to tell the story of how the voters of Colorado can make this investment and see results in community sustainability, family stability, economic development, and individual lives improved through the simple power of having a safe, decent and affordable place to call home."[1]

Opponents

The Colorado Association of Realtors was opposed to the idea, according to CAR President Greg Zadel. He said that CAR believes another tax on housing is a barrier to home ownership.[2]

To support safe, decent, and affordable housing, Zadel said that CAR established its Housing and Opportunity Foundation in 1990. A percentage of transactions is put toward helping on local projects. Donations to the foundation have totaled more than $5.8 million, he said. In addition, more than $700 million ($439.8 million from government and nonprofit sources, and $62.38 million from local housing authorities) is already spent annually to support affordable housing in Colorado, Zadel said.[2]

Zadel added that with the disproportionately high cost of real estate in some places, a statewide tax might not distribute the funds fairly.[2]

Status

The initiative had its ballot title denied by the Title Board. It did not make the ballot.

See also

External links

References