Colorado lawmakers step in to help first responders priced out of housing

Colorado ranks as one of the top five most expensive housing markets in the country, even as Zillow says the price of a median home here dropped by about 2.5% last month.

First responders are among those struggling to afford homeownership in the state.

Larimer County Sheriff John Feyen told the Senate Local Government and Housing Committee that the last deputies he's hired moved to Cheyenne, Wyoming due to the high cost of living in Larimer.

 "Which delays the response should we need them for an emergency situation," Feyen said.

According to Redfin, homebuyers need to make at least $135,000 a year to afford a median-priced home in Larimer, which is about $540,000.

Feyen says his deputies start at about $85,000.

Capt. Brandon Nathlich of the Colorado State Patrol says state troopers are in the same boat, especially those in rural areas.

Redfin says a homebuyer needs an average salary of about $170,000 to afford the median priced home in rural Colorado, which is $645,000. The average salary in rural Colorado is $93,000 and state troopers make $92,000 on average.

"I think it's important that we have their backs and that we allow for them as much opportunity as possible for home ownership and to be able to live in the community that they serve," said state Sen. Barb Kirkmeyer.

She and state Sen. Kyle Mullica introduced a bill aimed at helping not only law enforcement but all first responders.

"This bill is about taking care of those who take care of us," Mullica told the committee.

The legislation creates the Colorado Champions Home Loan Program in the Colorado Housing and Finance Authority, which works with lenders across the state to help low and middle income Coloradans with home loans and downpayments. Under the new program, first responders -- including law enforcement, firefighters, sheriffs' deputies, corrections officers, and 911 operators -- and their families would be eligible for assistance. CHFA is a non-governmental authority with its own funding, so the bill won't cost the state any money.

Some committee members wanted the bill to include a means test for first responders, but Kirkmeyer says CHFA takes income into account when deciding how much assistance a person is eligible to receive.

The bill passed committee 6-1.