What is Proposition 123?

COLORADO SPRINGS, Colo. (KRDO) – Tax revenue will be increased for affordable housing programs. 

One-tenth of 1% of the federal taxable income of every individual, estate, trust, and corporation, as defined in law will go to affordable housing. 

60% of the dedicated revenues to affordable housing financing programs will be used to reduce rents, purchase land for affordable housing development, and build assets for renters.

40% of the dedicated revenues to programs will support affordable home ownership, serve persons experiencing homelessness, and support local planning capacity. 

Local governments will be required to seek additional affordable housing funding to expedite development approvals for affordable housing projects and commit to increasing the number of affordable housing units by 3% annually. 

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