I wasdisappointed to see that supporters of the affordable housing community broke off their efforts at putting a housing initiative on an already-crowded ballot. Theinitiative would have created a permanent funding source for affordable housing by creating a Real Estate Transfer Tax which would have charged home sellers 4 cents for every $100 of value of their house at closing.
Sellers of a house which closed at $100,000 would have paid $400.
Of all the elements of affordable housing, funding is the most crucial. When I served on Governor Owens' Blue Ribbon Panel on Affordable Housing, we found that again and again, the biggest barrier to affordable housing continues to be lack of funding to increase supply. Withthe initiative, Colorado could have followed 38 other states with successful affordable housing programs that keep pace with the needs of their populations.
The lack of affordable housing results in higher costs to taxpayers in areas such as education, healthcare and transportation. If people can live near work, we decrease the cost and impact of transportation, and if we provide affordable housing, Colorado's workforceis better able tobear more of the financial burden for their own health care.The Housing Investment Fund would have provided for future generations of Coloradans, as well as strengthening families and communities by keeping an affordable roof over their heads.
Thank you to everyone who worked on the initiative.
It's an idea whose time has come.