1. (1)

   1. (a) The affordable housing support fund is hereby created in the state treasury. The support fund consists of money deposited into it under subsections (1)(b)(II) and (3) of this section. The division of housing shall administer the support fund and expend the money in the support fund only for the purposes set forth in section 29-32-104 (3)(a) and (3)(b). The division of local government in the department of local affairs created in section 24-32-103 shall expend the money in the support fund only for the purposes set forth in section 29-32-104 (3)(c). Except as otherwise provided in subsection (1)(b) of this section, all money not expended or encumbered, and all interest earned on the investment or deposit of money in the support fund, remains in the support fund and does not revert to the general fund or any other fund at the end of any fiscal year. Except as otherwise provided in subsections (1)(b) and (1)(c) of this section and section 29-32-104 (3)(b)(II), all money transferred to the support fund pursuant to subsection (3) of this section is continuously appropriated to the division of housing for the purposes set forth in section 29-32-104 (3)(a) and (3)(b) and, to the extent allocated by the division of housing, to the division of local government for the purposes set forth in section 29-32-104 (3)(c).

   2. (b)

      1. (I) Subject to annual appropriation by the general assembly, the department of health care policy and financing may spend money from the affordable housing support fund for services that are:

         1. (A) For health-related social needs, as described in the federal authorization the department of health care policy and financing received from the federal centers for medicare and medicaid services to provide coverage for health-related social needs through the state medical assistance program; and
         2. (B) An allowable use of money in the fund as described in section 29-32-104 (3)(b).
      2. (II) The money appropriated to the department of health care policy and financing pursuant to this subsection (1)(b) is an allocation from the fund for the purposes of determining the amount of money allowed for administrative costs pursuant to section 29-32-104 (3)(b).
   3. (c) Subject to annual appropriation by the general assembly, beginning in state fiscal year 2026-27, and subject to the limitations set forth in section 29-32-104 (3)(a), (3)(b), and (3)(c), the division of housing or the division of local government may expend money from the fund for direct and indirect costs of administering the programs set forth in section 29-32-104 (3)(a), (3)(b), and (3)(c).
2. (2) The affordable housing financing fund is hereby created in the state treasury. The financing fund shall consist of money deposited into it under subsection (3) of this section. The office shall administer the financing fund and expend the money in the financing fund only for the purposes set forth in section 29-32-104 (1) and for the office's administrative expenses related to the programs created in that section. All money not expended or encumbered, and all interest earned on the investment or deposit of money in the financing fund, shall remain in the financing fund and shall not revert to the general fund or any other fund at the end of any fiscal year. All money transferred to the financing fund pursuant to subsection (3) of this section is continuously appropriated to the office for the purposes set forth in section 29-32-104 (1) and this section.
3. (3) On July 1, 2023, or as soon as practicable thereafter, and on July 1 of each state fiscal year thereafter, the state treasurer shall transfer forty percent of the balance of the fund on the date of the transfer to the support fund and sixty percent of the balance of the fund on the date of the transfer to the financing fund.

Source: Initiated 2022: Entire article added, Proposition 123, effective upon proclamation of the Governor, December 27, 2022. L. 2023: (1) and (2) amended, (HB 23-1304), ch. 381, p. 2283, § 2, effective June 5. L. 2025: (1) amended, (SB 25-308), ch. 299, p. 1525, § 5, effective May 30; (1) amended, (SB 25-313), ch. 302, p. 1578, § 1, effective May 30.

Editor's note: Amendments to subsection (1) by SB 25-308 and SB 25-313 were harmonized.