Amendments for SB25-167
Senate Journal, April 2
After consideration on the merits, the Committee recommends that SB25-167 be amended
as follows, and as so amended, be referred to the Committee on Appropriations with
favorable recommendation.
Amend printed bill, page 5, line 18, after "FUND;" insert "AND".
Page 5, line 21, strike "22-41-104.7;" and substitute "22-41-104.7.".
Page 5, strike lines 22 through 27.
Page 6, strike line 1.
Page 7, strike lines 3 through 5 and substitute "22-41-102.5 (4)(b); except that
investment includes only mutual funds, index funds, and any other instrument
that is not a direct investment in a corporation.".
Page 7, line 24, strike "SCHOOL" and substitute "SCHOOLS AND".
Page 7, line 26, strike "FOR TEACHERS AND FAMILIES," and substitute "AND".
Page 8, line 8, strike "SCHOOL" and substitute "SCHOOLS AND".
Page 8, line 13, strike "IN THE PORTFOLIO".
Page 8, lines 15 and 16, strike "INVESTMENTS IN THE PORTFOLIO" and substitute
"COMMUNITY INVESTMENTS".
Page 8, after line 18 insert:
"(e) HOUSING DEVELOPMENTS THAT INCLUDE PREFERENCES FOR PUBLIC
SCHOOL EMPLOYEES: PROMOTE A SUBSTANTIAL, LEGITIMATE, AND
NONDISCRIMINATORY STATE INTEREST THAT CANNOT BE SERVED BY ANOTHER
PRACTICE WITH A LESS DISCRIMINATORY EFFECT; DO NOT CONSTITUTE SOURCE
OF INCOME DISCRIMINATION UNDER SECTION 24-34-501 (4.5) OR 24-34-502;
AND COMPLY WITH THE FEDERAL "FAIR HOUSING ACT", 42 U. S.C. SEC. 3601
ET SEQ., PART 5 OF ARTICLE 34 OF TITLE 24, AND OTHER STATE AND LOCAL
LAWS, ORDINANCES, AND RESOLUTIONS.".
Reletter succeeding subsection accordingly.
Page 8, lines 19 and 20, strike "DIRECT AND INDIRECT EQUITY INVESTMENTS
AND OTHER".
Page 8, lines 21 and 22, strike "FUNDS, EXCHANGE-TRADED FUNDS, DIRECT AND
INDIRECT REAL ESTATE INVESTMENTS," and substitute "FUNDS".
Page 9, strike lines 15 through 20 and substitute:
"(e) "PROGRAM MANAGER" MEANS THE COLORADO HOUSING AND
FINANCE AUTHORITY; EXCEPT THAT, IF THE COLORADO HOUSING AND FINANCE
AUTHORITY ELECTS AT ANY TIME NOT TO SERVE AS PROGRAM MANAGER, THE
PUBLIC SCHOOL FUND INVESTMENT BOARD SHALL SELECT A REPLACEMENT
ENTITY THAT AGREES TO SERVE AS PROGRAM MANAGER.".
Page 9, line 25, strike "BY JULY 1, 2027, THE TREASURER SHALL".
Page 9, strike lines 26 and 27.
Page 10, line 1, strike "ACCORDANCE WITH SUBSECTION (4)(a) OF THIS
SECTION.".
Page 10, line 6, strike "INCLUDE:" and substitute "INCLUDE BUT ARE NOT
LIMITED TO:".
Page 10, line 21, after "BONDS" insert "OR MORTGAGE-BACKED SECURITIES".
Page 10, line 22, strike "RENTAL".
Page 10, line 23, strike "EMPLOYEES;" and substitute "EMPLOYEES OR
MORTGAGES SECURED BY RESIDENTIAL REAL ESTATE, THE MAJORITY OF WHICH
IS OWNED BY PUBLIC SCHOOL EMPLOYEES;".
Page 11, strike line 2 and substitute:
"(I) HOUSING THAT INCLUDES".
Page 11, line 3, strike "INCLUDE".
Page 11, strike lines 6 and 7 and substitute:
"(i) DOWN PAYMENT SHARED APPRECIATION PRODUCTS SECURED BY
RESIDENTIAL REAL ESTATE THAT IS OWNED BY PUBLIC SCHOOL EMPLOYEES; AND
(j) OTHER INVESTMENTS THAT SUPPORT THE PUBLIC PURPOSE OF THE
FUND.".
Page 11, line 10, strike "PORTFOLIO. THE" and substitute "PORTFOLIO. IN ORDER
TO SUPPORT PUBLIC SCHOOL EMPLOYEE HOME OWNERSHIP, ADDRESS EDUCATOR
SHORTAGES, AND SUPPORT THE RETENTION OF PUBLIC SCHOOL EMPLOYEES,
THE".
Page 11, strike line 11 and substitute "INTO THE PROGRAM, EXCEPT THAT THE
TOTAL INVESTMENT AMOUNT SHALL NEVER EXCEED THE SUM OF THE
INVESTMENTS MADE IN ACCORDANCE WITH SUBSECTION (4)(b)(II) OF THIS
SECTION PLUS THE TOTAL AMOUNT OF SHARED EQUITY DOWN PAYMENT
ASSISTANCE THAT HAS BEEN GRANTED BY THE PROGRAM MANAGER THROUGH
THE PROGRAM, BY THE FOLLOWING DATES:".
Page 11, line 12, strike "2027," and substitute "2028,".
Page 11, line 14, strike "2028," and substitute "2030,".
Page 11, strike lines 16 through 27 and substitute:
"(b) THE TREASURER SHALL AIM TO INVEST A TARGET OF SEVENTY-FIVE
PERCENT OF THE MONEY IN THE PROGRAM INTO A HOME OWNERSHIP PROGRAM
FOR PUBLIC SCHOOL EMPLOYEES TO BE MANAGED BY THE PROGRAM MANAGER.
THE HOME OWNERSHIP PROGRAM MUST BE FULLY ESTABLISHED BY JULY 1,
2026. ONCE THE HOME OWNERSHIP PROGRAM IS FULLY ESTABLISHED:
(I) THE PUBLIC SCHOOL INVESTMENT BOARD SHALL PURCHASE FROM
THE PROGRAM FUND MANAGER THE MORTGAGE PRODUCTS CREATED THROUGH
THE HOME OWNERSHIP PROGRAM IN TRANCHES OF REASONABLE AMOUNTS THAT
ARE MUTUALLY AGREED UPON BY THE PUBLIC SCHOOL INVESTMENT BOARD AND
THE PROGRAM MANAGER; AND
(II) THE PUBLIC SCHOOL INVESTMENT BOARD MAY PROVIDE NOTICE OF
ANY DISCONTINUATION IN FUTURE INVESTMENT THE PROGRAM MANAGER HAS
NOT ALREADY COMMITTED TO THE HOME OWNERSHIP PROGRAM, WHICH NOTICE
MUST BE PROVIDED AT LEAST SIX MONTHS PRIOR TO DISCONTINUATION.
(c) THE TREASURER SHALL AIM TO INVEST A TARGET OF TWENTY-FIVE
PERCENT OF THE MONEY IN THE PROGRAM INTO ALLOWABLE COMMUNITY
INVESTMENTS DESCRIBED IN".
Page 12, strike lines 4 through 20 and substitute:
"(d) THE PROGRAM MANAGER SHALL ESTABLISH GUIDELINES AND
UNDERWRITING CRITERIA FOR THE HOME OWNERSHIP PROGRAM AND SHALL
ENSURE THAT THE HOME OWNERSHIP PROGRAM:
(I) PRIORITIZES FIRST-TIME HOME BUYERS THAT USE THE HOME AS A
PRIMARY RESIDENCE;
(II) PROVIDES SHARED EQUITY DOWN PAYMENT ASSISTANCE TO PUBLIC
SCHOOL EMPLOYEES AND AIMS TO HELP AS MANY PUBLIC SCHOOL EMPLOYEES
AS POSSIBLE ACHIEVE AFFORDABLE HOME OWNERSHIP;
(III) ALLOWS APPRECIATION-SHARING BETWEEN THE HOME OWNERSHIP
PROGRAM AND HOMEOWNER WITH ANY PROFIT OR LOSS IN THE DOWN PAYMENT
ASSISTANCE ACCRUING TO THE PROGRAM AND THE PROGRAM'S SHARE NEVER
EXCEEDING THE PERCENT OF THE PURCHASE PRICE OF THE HOME THE DOWN
PAYMENT REPRESENTS AT PURCHASE; AND
(IV) IF THE PROGRAM MANAGER IS THE COLORADO HOUSING AND
FINANCE AUTHORITY, IS PAIRED WITH A FIRST MORTGAGE LOAN PROVIDED
THROUGH THE PROGRAM FUND MANAGER'S PARTICIPATING LENDER NETWORK
THAT BEARS AN INTEREST RATE THAT IS AT OR BELOW THE PREVAILING
MORTGAGE RATES.
(e) THE PROGRAM MANAGER IS ENTITLED TO NORMAL AND CUSTOMARY
FEES FOR MANAGING THE FUND, INCLUDING BUT NOT LIMITED TO ANY CARRYING
COSTS REQUIRED TO ACCOMMODATE TRANCHE PAYMENTS, PAID BY THE FUND
OR THE PROGRAM FUND MANAGER'S PRODUCTS AND SERVICES PAIRED WITH THE
HOME OWNERSHIP PROGRAM.
(f) THE PROGRAM MANAGER SHALL ANNUALLY PUBLISH AND PRESENT
A REPORT TO THE PUBLIC SCHOOL FUND INVESTMENT BOARD ON PROGRAM
OUTCOMES, INCLUDING:
(I) THE NUMBER OF PROGRAM BORROWERS;
(II) THE GEOGRAPHIC DISTRIBUTION OF PROGRAM BORROWERS;
(III) THE AREA MEDIAN INCOME OF PROGRAM BORROWERS; AND
(IV) THE MEDIAN PURCHASE PRICE, MEDIAN LOAN AMOUNT, AND
AVERAGE INTEREST RATE ON FIRST MORTGAGES FOR PUBLIC SCHOOL
EMPLOYEES THAT BENEFIT FROM THE PROGRAM.".
Reletter succeeding subsection accordingly.
Page 12, strike lines 24 through 27.
Strike pages 13 through 17.
Page 18, strike lines 1 through 24.
Renumber succeeding section accordingly.
Finance
Senate Journal, April 11
After consideration on the merits, the Committee recommends that SB25-167 be amended
as follows, and as so amended, be referred to the Committee of the Whole with favorable
recommendation.
Amend printed bill, page 18, before line 25 insert:
"SECTION 9. Appropriation. (1) For the 2025-26 state fiscal year,
$375,900 is appropriated to the department of the treasury for use by
administration. This appropriation is from the interest or income earned on the
investment of the money in the public school fund pursuant to section 22-41-
102 (3)(h)(I), C.R.S. To implement this act, administration may use this
appropriation as follows:
(a) $300,000 for personal services, which amount is based on an
assumption that the department will require an additional 2.0 FTE; and
(b) $75,900 for operating expenses.".
Renumber succeeding section accordingly.
Page 1, line 102, strike "COMMUNITIES." and substitute "COMMUNITIES, AND,
IN CONNECTION THEREWITH, MAKING AN APPROPRIATION.".
Appro-
priations
Senate Journal, April 15
SB25-167 by Senator(s) Amabile; --Concerning the investment of state fund money to benefit
Colorado communities.
Amendment No. 1, Finance Committee Amendment.
(Printed in Senate Journal, April 2, page(s) 666-669 and placed in members' bill files.)
Amendment No. 2, Appropriations Committee Amendment.
(Printed in Senate Journal, April 11, page(s) 814 and placed in members' bill files.)
Amendment No. 3(L.010), by Senator Amabile.
Amend the Finance Committee Report, dated April 1, 2025, page 1, strike line
1 and insert:
"Amend printed bill, page 4, before line 2 insert:
"SECTION 1. In Colorado Revised Statutes, 22-41-102,
amend (3)(j)(I) and (3)(k)(I) as follows:
22-41-102. Fund inviolate. (3) (j) For the 2025-26 state fiscal year,
interest and income earned on the investment of the money in the public school
fund must be used or credited as follows:
(I) The general assembly shall annually appropriate to the state treasurer
an amount necessary to pay for the services of the investment consultant hired
by the public school fund investment board pursuant to section 22-41-102.5 (5)
and to pay for any reimbursement for travel and other necessary expenses
incurred by the members of the public school fund investment board pursuant
to section 22-41-102.5 (2) AND TO PAY FOR COSTS REQUIRED TO ACCOMMODATE
TRANCHE PAYMENTS TO THE PROGRAM MANAGER, PURSUANT TO
22-41-104.7(4)(b)(I);
(k) For the 2026-27 state fiscal year and each state fiscal year thereafter,
interest and income earned on the investment of the money in the public school
fund must be used or credited as follows:
(I) The general assembly shall annually appropriate to the state treasurer
an amount necessary to pay for the services of the investment consultant hired
by the public school fund investment board pursuant to section 22-41-102.5 (5)
and to pay for any reimbursement for travel and other necessary expenses
incurred by the members of the public school fund investment board pursuant
to section 22-41-102.5 (2) AND TO PAY FOR COSTS REQUIRED TO ACCOMMODATE
TRANCHE PAYMENTS TO THE PROGRAM MANAGER, PURSUANT TO
22-41-104.7(4)(b)(I);".
Renumber succeeding sections accordingly.
Page 5 of the bill, line 18, after "FUND;" insert "AND".".
Page 2 of the report, after line 20 insert:
"Page 9 of the bill, strike line 23 and substitute "SCHOOL, BOARD OF
COOPERATIVE EDUCATIONAL SERVICES, OR INNOVATION ZONE.
(g) "SHARED EQUITY DOWN PAYMENT ASSISTANCE PROGRAM" MEANS
A PROGRAM THROUGH WHICH A BORROWER RECEIVES FINANCIAL ASSISTANCE
FOR A DOWN PAYMENT ON A PROPERTY IN ACCORDANCE WITH SUBSECTION (4)
OF THIS SECTION.".".
Page 3 of the report, after line 1 insert:
"Page 11 of the bill, line 1, after "INSTITUTIONS" insert "OR NONPROFITS WITH
A HISTORY OF PROVIDING AFFORDABLE HOMEOWNERSHIP FINANCING".".
Page 3 of the report, line 17, strike "(4)(b)(II)" and substitute "(4)(c)".
Page 3 of the report, line 27, strike "FULLY".
Page 3 of the report, line 31, strike "FUND".
Page 4 of the report, line 1, strike "IN FUTURE INVESTMENT" and substitute "OF
FUTURE INVESTMENTS THAT".
Page 4 of the report, strike lines 9 through 11 and substitute:
""(d) THE PROGRAM MANAGER SHALL ESTABLISH UNDERWRITING
CRITERIA FOR THE SHARED DOWN PAYMENT EQUITY ASSISTANCE PROGRAM AND
SHALL ESTABLISH GUIDELINES SO THAT THE SHARED DOWN PAYMENT EQUITY
ASSISTANCE PROGRAM:".
Page 4 of the report, line 17, strike "HOME".
Page 4 of the report, strike lines 18 through 21 and substitute "SHARED EQUITY
DOWN PAYMENT ASSISTANCE PROGRAM AND THE BORROWER, WITH:
(A) THE SHARED EQUITY DOWN PAYMENT ASSISTANCE PROGRAM'S
SHARE OF APPRECIATION NEVER EXCEEDING THE PERCENTAGE THAT THE
SHARED EQUITY DOWN PAYMENT ASSISTANCE PROGRAM'S FINANCIAL
ASSISTANCE REPRESENTED OF THE PURCHASE PRICE; AND
(B) ANY PROFIT OR LOSS REALIZED IN THE SHARE OF APPRECIATION
DESCRIBED IN SUBSECTION (4)(d)(III)(A) OF THIS SECTION BEING BORNE BY THE
SHARED EQUITY DOWN PAYMENT ASSISTANCE PROGRAM RATHER THAN THE
BORROWER OR THE PROGRAM MANAGER.".
Page 4 of the report, line 20, before "PROGRAM'S" insert "SHARED EQUITY DOWN
PAYMENT ASSISTANCE".
Page 4 of the report, line 24, strike "FUND".
Page 4 of the report, strike lines 27 through 31.
Reletter succeeding paragraphs accordingly.
Page 4 of the report, line 30, strike the second "FUND".
Page 4 of the report, line 37, strike "AND".
Page 4 of the report, strike line 40 and substitute "EMPLOYEES THAT BENEFIT
FROM THE PROGRAM;
(V) THE AMOUNT OF MONEY PROVIDED IN DOWN PAYMENT ASSISTANCE
BY THE SHARED EQUITY DOWN PAYMENT ASSISTANCE PROGRAM;
(VI) THE AMOUNT OF MONEY RECEIVED AS SHARED APPRECIATION BY
THE SHARED EQUITY DOWN PAYMENT ASSISTANCE PROGRAM; AND
(VII) THE AMOUNT OF SHARED APPRECIATION PROFIT OR LOSS
EXPERIENCED BY THE SHARED EQUITY DOWN PAYMENT ASSISTANCE PROGRAM.".
Strike "HOME OWNERSHIP" and substitute "SHARED EQUITY DOWN PAYMENT
ASSISTANCE" on: Page 3 of the committee report, lines 25, 27, 28, and 32; and
Page 4 of the report, lines 2, 10, 11, and 31.
As amended, ordered engrossed and placed on the calendar for third reading and final
passage.
House Journal, May 1
49 Amendment No. 1, by Representative Lukens:
50
51 Amend reengrossed bill, page 9, strike lines 22 and 23 and substitute
52 "MISSION OF THE PUBLIC SCHOOL FUND.".
53
54 Page 12, line 13, strike "FUND." and substitute "COMMUNITY INVESTMENT
55 PORTFOLIO.".
1 Page 12, strike lines 23 and 24 and substitute "ASSISTANCE THAT HAS
2 BEEN PROVIDED THROUGH THE SHARED EQUITY DOWN PAYMENT
3 ASSISTANCE PROGRAM, BY THE FOLLOWING DATES:".
4
5 Page 13, line 8, strike "FULLY"
6
7 Page 13, line 27, strike "DOWN PAYMENT EQUITY" and substitute "EQUITY
8 DOWN PAYMENT".
9
10 Page 14, strike lines 12 through 14 and substitute "PROPORTIONAL SHARE
11 OF APPRECIATION IN A PROPERTY NEVER EXCEEDING THE PERCENTAGE OF
12 THE TOTAL PURCHASE PRICE THAT THE SHARED EQUITY DOWN PAYMENT
13 ASSISTANCE PROGRAM'S FINANCIAL ASSISTANCE REPRESENTED, AS
14 FURTHER DESCRIBED IN PROGRAM GUIDELINES; AND".
15
16 Page 14, line 24, strike "THE" and substitute "UNLESS INVESTMENTS IN
17 THE SHARED EQUITY DOWN PAYMENT ASSISTANCE PROGRAM HAVE BEEN
18 DISCONTINUED AND THERE IS NO FUND MONEY INVESTED IN THE SHARED
19 EQUITY DOWN PAYMENT ASSISTANCE PROGRAM, THE".
20
21 Page 15, line 9, after "OF" insert "PRINCIPAL REPAID AND".
22
23 Page 15, strike line 11 and substitute:
24
25 "(VII) THE AMOUNT OF LOSS, IF ANY,".
26
27 Page 15, after line 13 insert:
28 "(f) THE PROGRAM MANAGER SHALL PRESENT THE FIRST ANNUAL
29 REPORT REQUIRED BY SUBSECTION (4)(e) OF THIS SECTION NO LATER THAN
30 DECEMBER 1, 2027. EACH ANNUAL REPORT MUST BE PUBLISHED ON THE
31 PROGRAM MANAGER'S WEBSITE AND DISTRIBUTED TO: THE HOUSE OF
32 REPRESENTATIVES EDUCATION COMMITTEE AND THE SENATE EDUCATION
33 COMMITTEE, OR THEIR SUCCESSOR COMMITTEES; THE PUBLIC SCHOOL
34 FUND INVESTMENT BOARD; AND THE COLORADO DEPARTMENT OF
35 EDUCATION.".
36
37 Reletter succeeding paragraph accordingly.
38
39 After "SCHOOL" insert "FUND" on: Page 13, lines 9, 13, and 15.
40
41 Before "PROGRAM" insert "SHARED EQUITY DOWN PAYMENT ASSISTANCE"
42 on: Page 14, lines 26 and 27; and Page 15, lines 1, 2, and 5.
43
44 As amended, ordered revised and placed on the Calendar for Third
45 Reading and Final Passage.
46