Last week, Colorado Gov. Jared Polis signed an executive order for state agencies to cut red tape and expedite and streamline state resources to advance the development of more affordable housing in Colorado.

In the Aug. 21 press conference, Polis directed multiple state departments to evaluate their policies, plans, procedures, and rules to prioritize housing development, transportation, economic development, water infrastructure, conservation, and other growth-related issues. Those departments include the Colorado Energy office, the Office of Economic Development and International Trade, the Department of Transportation, the Department of Natural Resources, the Colorado Department of Public Health and Environment and others.

Specifically, the order directs the state's Division of Housing to draft and execute contracts for grants and loans within 120 days by Jan. 1, 2024, and within 90 days by July 2024. The current turnaround time is 240 days.

The governor also directed the division to make all reasonable efforts to reduce the period for producing a first draft of preliminary contracts within 30 days. Funding for many housing development projects could be made possible by Proposition 123. Approved by voters in the 2022 election, the measure dedicates $300 million in state revenue a year towards affordable housing.

During the press conference Polis said we need to take action to reduce red tape and align the resources we have with our overall housing goals and stressed the importance of the state leading by example — especially as more is being asked of local governments and many others.

The order establishes several strategic growth directives, to prepare for an estimated 1.72 million new residents expected in the state by 2050. The order directs all agencies to review their own grant and loan programs and additional funding to support local government partners, regional councils of governments and nonprofit organizations to improve housing affordability.

Affordability has long plagued the Denver metro area, so it will be interesting to see how this new order impacts this important issue. If you’re looking to become a homeowner in 2023, there is still time and good values to be found. Contact Metrowest today and let’s go over your options!