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RESOLUTION NO. 54 SERIES 2023 A RESOLUTION IN SUPPORT OF THE CITY OF LOUISVILLE FILING AN AFFORDABLE HOUSING COMMITMENT WITH THE STATE OF COLORADO TO BE ELIGIBLE FOR PROPOSITION 123 FUNDS WHEREAS, Louisville is experiencing a housing imbalance pressured by restrained supply and built up demand resulting in home prices and rents that are unaffordable to many residents; and, WHEREAS, the City of Louisville values families and individuals, and accommodates the needs of all individuals in all stages of life through our parks, trails, roadway design, our City services, and City regulations to ensure they provide an environment which addresses individual mobility needs, quality of life goals, and housing options; and, WHEREAS, the City of Louisville recognizes that changing demographics and economic influences have impacted the availability of the full range of housing options within our community; and, WHEREAS, the City of Louisville through its Comprehensive Plan has demonstrated support for a diversity of housing types that are available to residents of varying income levels; and, WHEREAS, Colorado voters approved Proposition 123 in November 2022 to require a portion of collected income taxes to be dedicated to affordable housing; and WHEREAS, Proposition 123 created the State of Colorado Affordable Housing Fund that will provide significant financial resources dedicated to affordable housing starting in 2023; and WHEREAS, the City of Louisville must file a commitment to the State of Colorado to increase its supply of affordable housing between years 2024 to 2026 for any affordable housing projects to be eligible to apply for funds from Proposition 123 during this time; and WHEREAS, Filing such a commitment will enable affordable housing projects in Louisville to potentially access significant and much -needed financial resources to address housing affordability in the community. Resolution No. 54, Series 2023 Page 1 of 2