1. (1) For any state fiscal year in which money is appropriated from the financing fund or the support fund in accordance with the requirements of this article 32, any such money appropriated must supplement and shall not supplant the level of state funding support for affordable housing programs for the state fiscal year 2022-23.
2. (2) Repealed.

3. (3)

   1. (a) The general assembly violates subsection (1) of this section only if, for a state fiscal year for which the legislative council staff forecast for the March immediately preceding the state fiscal year projected that state revenue in the state fiscal year would exceed the state fiscal year spending limit imposed by section 20 of article X of the state constitution, the general assembly appropriates money from the financing fund or the support fund in accordance with the requirements of this article 32 for affordable housing programs and the total amount of state funding support for affordable housing programs is less in that state fiscal year than the total amount of state funding support for affordable housing programs during the 2022-23 state fiscal year.

   2. (b) As used in this subsection (3), unless the context otherwise requires, state funding support means, for a state fiscal year, the total of:

      1. (I) The amount of state money appropriated for affordable housing programs by the general assembly in that state fiscal year that are not appropriations of money:

         1. (A) From the support fund or the financing fund;
         2. (B) That originated from the coronavirus state fiscal recovery fund;
         3. (C) From the general fund that were refinanced in House Bill 24-1466;
         4. (D) That the state treasurer transferred to the housing development grant fund pursuant to section 24-22-118 (2);
         5. (E) That the state treasurer transferred from the affordable housing and home ownership cash fund to the transformational affordable housing revolving fund pursuant to section 24-32-731 (9)(d); or
         6. (F) That the general assembly appropriated from the affordable housing and home ownership cash fund pursuant to section 24-32-721.3.
      2. (II) The reduction in state revenue for the state fiscal year that is attributable to tax expenditures concerning affordable housing programs that the office of state planning and budgeting projects during the March revenue forecast that immediately precedes the state fiscal year will be claimed in the state fiscal year; and
      3. (III) The reduction in state revenue for the state fiscal year that is attributable to tax expenditures concerning affordable housing programs, is not included in the projection described in subsection (3)(b)(II) of this section, and is described in fiscal notes provided by the legislative council of the general assembly pursuant to section 2-2-322.

Source: Initiated 2022: Entire article added, Proposition 123, effective upon proclamation of the Governor, December 27, 2022. L. 2023: Entire section amended, (HB 23-1304), ch. 381, p. 2293, § 6, effective June 5. L. 2025: (1) amended, (2) repealed, and (3) added, (SB 25-313), ch. 302, p. 1581, § 3, effective May 30.