Report Tenant Rent Payment Information To Credit Agencies
The act creates the rent reporting for credit pilot program (pilot program) and directs the Colorado housing and finance authority (authority) to contract with a third party (contractor) to administer the pilot program in accordance with rules promulgated by the authority.
The contractor shall recruit no more than 10 landlords to participate in the pilot program and, to the extent practicable, shall attempt to include a total of at least 100 participant tenants, with an emphasis on selecting participant tenants from populations that are under-served and under-represented in home ownership. To the extent practicable, the contractor shall recruit participant landlords who offer:
- A variety of types of dwelling units for rent, including dwelling units of various sizes;
- Dwelling units for rent that are located in diverse areas of the state; and
- At least 5 dwelling units for rent.
In order to become a participant landlord, a landlord must agree in writing to certain terms. A tenant may participate in the pilot program only if the tenant elects to participate and completes a financial education course.
On or before June 1, 2024, the authority, in consultation with the contractor, shall submit to the governor and the general assembly a report concerning the pilot program.
The act requires the state treasurer to issue a warrant in the amount of $205,000 from the treasury department to the authority for the implementation of the program and, accordingly, for the 2021-22 fiscal year, the act appropriates $205,000 from the general fund to the treasury department for this purpose.
The pilot program is repealed, effective September 1, 2024.
(Note: This summary applies to this bill as enacted.)