The act increases the amounts of the affordable housing tax credit that the Colorado housing and finance authority may allocate to qualified taxpayers by: $20,000,000 for credits allocated in 2024; $16,000,000 for credits allocated in 2025; $12,000,000 for credits allocated in 2026; $12,000,000 for credits allocated in 2027; $16,000,000 for credits allocated in 2028; $20,000,000 for credits allocated in 2029; $20,000,000 for credits allocated in 2030; and $20,000,000 for credits allocated in 2031. The act accelerates the credit by requiring that a qualified taxpayer claim 70% of the total amount of the credit in the first year of the credit period and claim 6% of the total amount of the credit in each of the second through sixth years of the credit period. The act also creates the Colorado affordable housing in transit-oriented communities income tax credit (tax credit). The tax credit is refundable and administered in the same manner as the Colorado affordable housing tax credit; except that the tax credit: Is awarded in connection with qualified low-income housing projects in certified transit-oriented communities; Must be claimed over a 5-year credit period; and Must be claimed in an accelerated manner such that 70% of the total amount of the tax credit is claimed in the first year of the credit period, 8% in both the second and third years, and 7% in both the fourth and final years. The act allows the following tax credit amounts to be awarded: $2,000,000 for the 2025 calendar year; $2,000,000 for the 2026 calendar year; $2,000,000 for the 2027 calendar year; $11,000,000 for the 2028 calendar year; and $13,000,000 for the 2029 calendar year. The act reduces the amount of money transferred to the housing development grant fund by $35 million for state fiscal year 2024-25 through 2031-32. APPROVED by Governor May 30, 2024 EFFECTIVE May 30, 2024(Note: This summary applies to this bill as enacted.)