Colorado, Prop 123, 2023 Case Study
Housing Ballot Measures
Colorado’s Proposition 123, a $300 million statewide initiative which passed in 2022, created the state’s first dedicated funding stream for affordable housing. Annually, 1/10th of 1% of federal taxable income from the State’s General Fund, or approximately $300 million in the first year, will be allotted to myriad affordable housing initiatives to include the development of multi-family rental units, down payment assistance for first-time homeowners, homelessness prevention programs such as legal assistance, emergency rental assistance funding, and supportive services for those experiencing homelessness. Supporters attributed the measure’s success to messaging that focused on the ability of the funding to support a diverse array of housing needs across the state, including workforce housing, middle-income homeownership, and homeless services, as well as its flexibility in supporting solutions in both urban and rural areas.