Section 24-46-104 - Powers and duties of commission(1) The commission has the following powers and duties: (a) To adopt an annual budget;(b) To develop operating guidelines relating to the manner and forms of financial assistance such as loans, grants, and local match requirements to be provided for various types of projects;(c) To review the economic needs of the various geographical regions of Colorado;(d) To identify the types of businesses which need the most support in terms of economic development;(e) and (f) (Deleted by amendment, L. 91, p. 823, § 1, effective March 29, 1991.)(g) To make information and assistance available for businesses interested in relocating or expanding their operations in the state of Colorado;(h) To receive and expend donations or grants from the private sector;(i) To contract for those services, including personnel services, and materials required by the activities of the commission;(j) To review and recommend to the governor expenditures of moneys of the fund for economic incentives and marketing, as provided in section 24-46-105, for reimbursement for actual and necessary expenses of the commission, as authorized in section 24-46-103 (2), and for operational expenses of the commission;(k) To exercise any other powers or perform any other duties which are consistent with the purposes for which the commission was created and which are reasonably necessary for the fulfillment of the commission's assigned responsibilities;(n) To contract with the Colorado housing and finance authority, created in part 7 of article 4 of title 29, for the operation of:(I) A Colorado credit reserve program for the purpose of increasing the availability of credit to small businesses in Colorado; and(o) To oversee the Colorado office of film, television, and media loan guarantee program pursuant to section 24-48.5-115 and the performance-based incentive for film production in Colorado pursuant to section 24-48.5-116; and(p) To consult with the Colorado office of economic development pursuant to section 24-48.5-117.(q)(I) To expend eight million dollars to contract with the Colorado housing and finance authority, created in part 7 of article 4 of title 29, for the creation and operation of one or more of the following programs to benefit low- to moderate-income residents in local governments that have been certified as accessory dwelling unit supportive jurisdictions by the department of local affairs:(A) An accessory dwelling unit credit enhancement program that supports lenders offering affordable loans to eligible low- and moderate-income borrowers for the construction or conversion of accessory dwelling units;(B) A program that allows for the buying down of interest rates on loans made to eligible low- and moderate-income borrowers in connection with the construction or conversion of accessory dwelling units;(C) A program that offers down payment assistance in connection with accessory dwelling units, principal reduction on loans to eligible low- and moderate-income borrowers made in connection with accessory dwelling units, or both; or(D) A program in which the Colorado housing and finance authority offers loans, revolving lines of credit, or grants to eligible non-profits, public housing authorities, and community development financial institutions to make direct loans or grants to support the construction or conversion of accessory dwelling units for low- and moderate-income borrowers or tenants.(II) Any contract made by the commission with the Colorado housing and finance authority pursuant to this subsection (1)(q) may include normal and customary fees and expenses for administrating the programs described in this subsection (1)(q).(2) The commission shall report to the general assembly no later than November 1 of each year regarding the work of the commission. The report shall include the information required to be collected by the commission pursuant to section 24-46-105.1.Amended by 2024 Ch. 167,§ 3, eff. 5/13/2024.Amended by 2021 Ch. 271, § 2, eff. 6/21/2021.Amended by 2020 Ch. 120, § 2, eff. 6/23/2020.Amended by 2013 Ch. 227, § 4, eff. 8/7/2013.L. 87: Entire article added, p. 1026, § 1, effective July 8. L. 88: (2) amended, p. 1431, § 13, effective June 11. L. 89: (2) amended, p. 339, § 3, effective June 7. L. 91: Entire section amended, p. 823, § 1, effective March 29. L. 97: (1)(l) added, p. 588, § 20, effective April 30. L. 2002: (1)(m) added, p. 1120, § 2, effective June 3. L. 2003: (1)(m) repealed, p. 2139, § 41, effective May 22. L. 2007: (2) amended, p. 509, § 1, effective August 3. L. 2009: (1)(n) added, (SB 09-067), ch. 1080, p. 1080, § 1, effective May 7. L. 2012: (1)(o) added, (HB 12-1286), ch. 710, p. 710, § 4, effective July 1; (2) amended, (SB 12-166), ch. 1149, p. 1149, § 2, effective August 8. L. 2013: (1)(o) amended and (1)(p) added, (HB 13-1001), ch. 1077, p. 1077, § 4, effective August 7. L. 2020: (1)(n) amended, (SB 20-222), ch. 497, p. 497, § 2, effective June 23. (1) Subsection (1)(l) provided for the repeal of subsection (1)(l), effective January 1, 1998. (See L. 97, p. 588.)
(2) Subsection (1)(n)(II)(B) provided for the repeal of subsection (1)(n)(II), effective September 1, 2024. (See L. 2021, p. 1571.)
(1) For the legislative declaration in the 2012 act adding subsection (1)(o), see section 1 of chapter 186, Session Laws of Colorado 2012. (2) In 2013, subsection (1)(o) was amended and subsection (1)(p) was added by the "Colorado Advanced Industries Acceleration Act". For the short title, see section 1 of chapter 227, Session Laws of Colorado 2013.