1-minute voter guide: Prop 123 in Colorado would earmark millions for affordable housing

Proposition 123 attempts to address Colorado's growing affordable housing crisis by setting aside roughly $300 million from state tax revenue to pay for projects.

Why it matters: Advocates argue that providing housing remains the most important step in avoiding homelessness, an issue that has grown dramatically in the Denver metro area.

• Housing is a top concern for Coloradans, as steep costs are making homeownership less attainable.

How it works: Proposition 123 doesn't add new taxes, instead setting aside existing sales tax revenue, CPR News reports.

What they're saying: Backers say the measure could help fund 10,000 affordable housing units a year, giving opportunities to people and helping to ensure they can afford homes.

• Coloradans for Affordable Housing Now is leading this campaign, while organizations like Housing Colorado and the Urban Land Conservancy are also supporters.

The other side: Opponents including conservative Advance Colorado Action and the TABOR Foundation, while noting taxpayers would get smaller refunds under TABOR in years where state revenues exceed the caps.

• Other critics question whether voters should be dictating state spending — which is the job of lawmakers — and whether the measure would take money from other priorities when the state isn't issuing refunds.
• The Independence Institute, a libertarian-leaning organization, suggested voting no on Proposition 123, saying it's not an effective way to help the affordable housing shortage.