(1) There is created the middle-income housing authority, which is a body corporate and a political subdivision of the state, which shall not be an agency of state government, and shall not be subject to administrative direction by any department, commission, board, bureau, or agency of the state. (2) (a) The powers of the authority are vested in the governing body of the authority, which is a board of directors. (b) The board consists of sixteen persons, including two nonvoting members pursuant to subsection (2)(d.5) of this section. (c) The governor shall appoint to the board, with the consent of the senate: (I) At least one member with experience in one of each of the following areas: (A) The development of rental housing; (B) Real estate transactions; and (C) Public finance; and (II) At least one member which meets one of the following criteria: (A) Be the director of a local housing authority; (B) Be an elected county commissioner from a rural county in the state; (C) Be an elected county commissioner from a county in the state; and (D) Be a representative from a nonprofit organization that has experience developing middle-income housing. (d) In addition to the appointments set forth in subsection (2)(c)(I) of this section, the governor shall appoint to the board: (I) The director of the office of economic development established in section 24-48.5- 101 (1), or the director's designee; and (II) The director of the division of housing established in section 24-32-704, or the director's designee. (d.5) In addition to the appointments set forth in subsections (2)(c) and (2)(d) of this section, the senate majority leader and the house majority leader shall each appoint a representative from the general assembly from their respective chambers to be nonvoting board members; except that, if the senate majority leader and the house majority leader are from the same political party, then the senate majority leader and the house minority leader shall each appoint the representative from their respective chambers. (e) In addition to the requirements of this subsection (2) of this section, when making appointments to the board, reasonable efforts must be made to appoint members that reflect the geographic and demographic diversity of the entire state. (f) (I) Each member is appointed for a term of four years; except that the terms shall be staggered so that no more than five members' terms expire in the same year. (II) Notwithstanding the requirements of subsection (2)(f)(I) of this section, the first appointed members shall serve initial terms of two years for four members, three years for five members, and four years for the remaining five members. This subsection (2)(f)(II) is repealed on July 1, 2028. (g) A member holds office for the member's term until a successor is appointed. Any member is eligible for reappointment, but members are not eligible to serve more than two consecutive full terms. Members of the board serve without compensation for such services but shall be reimbursed for their necessary expenses while serving as a member of the board. Any vacancy must be filled in the same manner as the original appointment for the unexpired term. Any member may be removed by the governor for misconduct, incompetence, neglect of duty, or other cause. (3) (a) The governor shall make initial appointments of board members in accordance with subsection (2)(b) of this section on or before September 1, 2022, and shall appoint one of the members to serve as the initial chairperson. The initial chairperson has the authority to establish and administer matters related to the initial set up of the authority, including staffing, legal services, or to coordinate with the office of economic development, created in section 24- 48.5-101 (1), or the department of local affairs, created in section 24-1-125 (1), on administrative matters and other matters related to the initial set up and operation of the authority, which contracts shall be for a term of no longer than one year from September 1, 2022, and shall be ratified by the board at its initial meeting set forth in subsection (4)(a) of this section. (b) The authority may hire staff as it deems necessary or convenient to administer this part 11, and the office of economic development or the department of local affairs may assist the authority with administering this part 11. The authority may cooperate and enter into contracts with the office of economic development or the department of local affairs, or with another agency or entity, for administrative or operations matters, including for staffing. The authority shall pay the office of economic development, the department of local affairs, or another agency or entity that the authority has entered into a contract with for all costs incurred for services, staffing, and administrative costs that are approved by the initial chairperson and ratified by the board or that are approved by the authority. Nothing in this part 11 precludes the authority from hiring staff and entering into contracts concurrently as the authority deems necessary or convenient for administration or operations matters. (4) (a) Within thirty days of the governor's initial appointments pursuant to subsections (2) and (3) of this section, the initial chairperson of the board as designated by the governor shall set dates for the first and second board meetings which must be held before December 31, 2022. The board may elect a new chairperson pursuant to section 29-4-1105 (1)(n) at either initial meeting. Subsequent meetings shall be set by the chairperson of the board. (b) All meetings of the board are open to the public. No business of the board shall be transacted except at a regular or special meeting at which a quorum consisting of at least a majority of the total membership of the board is present. Any action of the board requires the affirmative vote of a majority of the members present at the meeting. (c) One or more members of the board may participate in any meeting and may vote through the use of telecommunications devices, including a conference telephone or similar communications equipment. Participation through telecommunications devices constitutes presence in person at the meeting. Use of telecommunications for participation does not supersede any requirements for open meetings otherwise provided by law. (5) (a) All resolutions and orders of the board must be recorded and authenticated by the signature of the secretary or any assistant secretary of the board. Every legislative act of the board of a general or permanent nature must be by resolution. The book of resolutions, corporate acts, and orders is a public record. A public record must also be made of all other proceedings of the board, minutes of the meetings, annual reports, certificates, contracts, and bonds given by officers, employees, and any other agents of the authority. The account of all money received by and disbursed on behalf of the authority is a public record. (b) All public records of the authority are subject to the "Colorado Open Records Act", part 2 of article 72 of title 24. All records are subject to any budget and audit laws applicable to the authority and may be subject to regular audit to the extent required by law. (6) Any board member, employee, or other agent or adviser of the authority who has a direct or indirect interest in any contract, transaction, or proposal with the authority or any interest, direct or indirect, in a nonprofit or for-profit organization submitting a proposal to the authority shall disclose this interest to the authority. This interest must be set forth in the minutes of the authority, and no board member, employee, or other agent or adviser having such interest shall participate on behalf of the authority in the authorization of any such contract or transaction. (7) No part of the revenues or assets of the authority shall inure to the benefit of, or be distributed to, its members or officers or any other private persons or entities. (8) The authority shall not discriminate based on race, creed, color, national origin, ancestry, religion, sex, gender, sexual orientation, gender identity, gender expression, marital status, familial status, military status, handicap, or physical or mental disability and will otherwise comply with fair housing laws. (9) Bonds, contracts, and any other obligation or liability of the authority are special limited obligations of the authority and are not bonds, contracts, obligations, or otherwise liabilities of the state. The state has no obligation or liability with respect to any bonds, contracts, or other obligation or liability of the authority. (10) The authority is a "public entity" as set forth in sections 24-10-103 (5) and 11-57- 203 (3) and a "special purpose authority" as set forth in section 24-77-102 (15). (11) The authority and its corporate existence continues until terminated by law; except that no such law shall take effect so long as the authority has bonds, notes, or other obligations outstanding, unless adequate provision has been made for the payment of such obligations. Upon termination of the existence of the authority, all its rights and properties in excess of its obligations shall pass to and be vested in the state. (12) (a) The income and revenue of the authority, all property at any time owned by the authority, the affordable rental housing component of property in a public-private partnership, all bonds issued by the authority, the interest on and other income from such bonds, and the transfer of such bonds are exempt from income taxation, real and personal property taxation, and all other taxation and assessments in the state. The purchase and use of property by or for the benefit of the authority and the purchase and use of property that is the affordable rental housing component of a public-private partnership are exempt from sales and use taxes imposed by the state, a county, a city and county, a city, any other political subdivision of the state, or local government entity. In the resolution or indenture authorizing bonds, the authority may waive the exemption from federal income taxation for interest on the bonds. The authority may agree to make payments in lieu of property or sales and use taxes to the state, a county, a city and county, a city, any political subdivision of the state, or local government entity. (b) Property sold by the authority or otherwise not owned by the authority, a controlled entity, or other governmental entity exempt from taxation and property that is not the affordable rental housing component in a public-private partnership shall be subject to all taxation and assessments imposed by the state, a city, a county, a city and county, any other political subdivision of the state, or a local governmental entity. (c) If the authority desires to voluntarily sell an affordable rental housing project, it shall notify in writing relevant public entities, including state agencies, local governments, and public housing authorities in the area in which the project is located. Notice must include a description of the property to be sold. Notified public entities have ninety days after the date of notice to submit a proposed purchase and sale agreement, and obtain binding commitment for any necessary financing or guarantees. After the ninety-day period has elapsed, the authority may broadly advertise the sale, and favor buyers that agree to maintain the project as affordable housing, provided that the financial terms of the purchase are sufficient to satisfy all of the authority's obligations with respect to the project. (d) (I) Within two weeks of the authority acquiring an affordable rental housing project that is tax exempt pursuant to subsection (12)(a) of this section or entering into a public-private partnership through which the affordable rental housing component is tax exempt pursuant to subsection (12)(a) of this section, the authority shall provide notice of the acquisition or of the public-private partnership to the county assessor in the county in which the affordable rental housing project is located. The notice must include the property address, the assessor's parcel identification number for the property, and the date on which the property was acquired by the authority and became tax exempt or the date on which the authority entered into the public- private partnership and the affordable rental housing component of the property became tax exempt. If the authority is providing notice pursuant to this subsection (12)(d)(I) because it has entered into a public-private partnership, the authority shall also provide a copy of the contract or agreement for the public-private partnership with the notice. (II) On or before January 15 of each year, the authority shall submit a comprehensive list of all affordable rental housing projects that are tax exempt pursuant to subsection (12)(a) of this section to each county assessor in the counties in which the affordable rental housing projects are located. The list must include for each affordable rental housing project, the property address, the assessor's parcel identification number for the property, and the date on which the property was acquired by the authority and became tax exempt or the date on which the authority entered into the public-private partnership and the affordable rental housing component of the property became tax exempt. (13) A gift or contribution to or for the use of the authority for use in connection with the activities of the authority is treated as a gift to a political subdivision of the state made exclusively for public purposes. (14) (a) The authority shall conduct an annual audit of its finances and shall adopt a budget and work plan for each fiscal year. The authority shall submit to the governor, the state auditor, and the general assembly within six months after the end of the state fiscal year a report that shall set forth a complete and detailed operating and financial statement of the authority during such year. The report may also include any recommendations for legislation or other action that may be necessary to carry out the purposes of the authority. (b) On a quarterly basis, the authority shall submit a report to the governor, to the state auditor, and to the senate committees on finance and health and human services or any successor committee, and the house of representatives committees on finance, health and insurance and public and behavioral health and human services or any successor committees. Any developer or operator of an affordable rental housing project must provide to the authority information required by this subsection (13)(b). The report shall include for each affordable rental housing project: (I) The number of units developed and must specify for income-restricted units at what area median income levels; (II) The number of units occupied; (III) The average area median income being served; (IV) The actual rents charged for each unit; (V) Actual incomes of households residing within the units and length of occupancy; (VI) The average market rent for a unit of the same type, size, and amenities prior to the development of an affordable rental housing project; (VII) The average market rent for a unit of the same type, size, and amenities after one year of occupancy of at least fifty percent of the units developed in the affordable rental housing project, and for each year thereafter; (VIII) The amount of middle-income rental savings accrued to the local community from the development; (IX) The amount of tax exemptions accrued; and (X) The rents charged and occupancy rates of nonincome restricted units of housing.
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