(1) In accordance with section 39-21-304, which requires each bill that creates a new tax expenditure to include a tax preference performance statement as part of a statutory legislative declaration, the general assembly finds and declares that the purposes of the tax credit allowed in this part 54 are to induce certain designated behavior by taxpayers and to provide tax relief for certain businesses or individuals. Specifically, the credit seeks to address the shortage of affordable housing in the state and increase access to affordable housing by encouraging developers to build units specifically for middle-income individuals and families and also to encourage private sector investment in affordable housing. (2) The general assembly and the state auditor shall measure the effectiveness of the income tax credit allowed in this part 54 in achieving the purposes specified in subsection (1) of this section based on the information required to be reported to the state auditor by the Colorado housing and finance authority pursuant to section 39-22-5408.
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