(1) There is hereby created in the state treasury the Colorado heritage communities fund, which fund is administered by the director and which consists of all money appropriated to the fund by the general assembly, money transferred from the general fund and the affordable housing and home ownership cash fund created in section 24-75-229 (3)(a), that originates from money the state received from the federal coronavirus state fiscal recovery fund, to the fund pursuant to subsection (6) of this section, and all other money collected by the office for the fund from federal grants or other contributions, grants, gifts, bequests, or donations received from other agencies of state government, individuals, private organizations, or foundations. Such money shall be transmitted to the state treasurer to be credited to the fund. (2) Repealed. (3) Any moneys in the fund not expended or encumbered from any appropriation at the end of any fiscal year shall remain available for expenditure in the next fiscal year without further appropriation. (4) Except as otherwise provided in section 24-75-226 (4)(c)(II), all money, including interest and income earned on the investment or deposit of money in the fund, shall remain in the fund and shall not revert to the general fund of the state at the end of any fiscal year. (5) Repealed. (6) (a) On June 27, 2021, or as soon as practicable thereafter, the state treasurer shall transfer: (I) Thirty million dollars from the affordable housing and home ownership cash fund created in section 24-75-229 (3)(a), that originates from money the state received from the federal coronavirus state fiscal recovery fund, to the Colorado heritage communities fund created in subsection (1) of this section; and (II) Nine million three hundred thousand dollars from the general fund to the Colorado heritage communities fund created in subsection (1) of this section. (b) The division of local government in the department shall use the money transferred pursuant to subsection (6)(a) of this section, and any money that is transferred from the ARPA refinance state money cash fund to the Colorado heritage communities fund pursuant to section 24-75-226.5 to refinance money that was transferred to the Colorado heritage communities fund pursuant to subsection (6)(a)(I) of this section, for the creation, implementation, and administration of the local government affordable housing development incentives grant program created in section 24-32-130 (2) in accordance with the requirements of section 24-32- 130. (c) On June 27, 2021, or as soon as practicable thereafter, the state treasurer shall transfer: (I) Five million dollars from the affordable housing and home ownership cash fund created in section 24-75-229 (3)(a), that originates from money the state received from the federal coronavirus state fiscal recovery fund, to the Colorado heritage communities fund created in subsection (1) of this section; and (II) Two million one hundred thousand dollars from the general fund to the Colorado heritage communities fund created in subsection (1) of this section. (d) The division of local government in the department shall use the money transferred pursuant to subsection (6)(c) of this section for the creation, implementation, and administration of the local government planning grant program created in section 24-32-130 (5) in accordance with the requirements of section 24-32-130. With respect to any money transferred into the Colorado heritage communities fund pursuant to subsection (6)(c) of this section, the division may use any money that is unexpended or unencumbered as of June 30, 2023, for purposes of the local government affordable housing development incentives grant program created in section 24-32-130 (2) as needed in accordance with section 24-32-130.
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