DENVER (KDVR) — Governor Jared Polis, members of Colorado’s legislature, and members of Colorado’s federal delegation announced the state’s plans to distribute federal funds made available to Colorado as part of the American Rescue Act on Monday.
Colorado received $3.8 billion from the American Rescue Act. Here’s what we know so far of how that money will be spent:
- $1 billion toward fortifying the state budget
- $300 million toward Colorado’s ongoing COVID pandemic response
- Between $400 – $500 million toward affordable housing and homeownership efforts
- Between $400 – $500 million toward behavioral and mental health programs
- Roughly $200 million toward workforce development and education
- Roughly $817 million toward economic recovery and relief
- Between $404 – $414 million toward transportation, infrastructure, parks and agriculture
The state is planning on spending $2 billion of the package during this legislative session. The remaining $1.8 billion will likely be used during the next session, after a stakeholder process over the summer and fall.
Correction: A graphic during the press conference named a speaker as John Street, CEO of Pax8. The speaker is Michael Lipfield, CFO of Pax8.