Colo. Rev. Stat. § 29-4-711
Upon a finding by the board that investment in, or purchase or participation in the purchase of, mortgage loans or interests therein or that making loans to lenders is necessary to provide housing facilities within the means of low- or moderate-income families, it may cause the executive director to formulate and from time to time modify a plan for the development of housing facilities by the authority investing in, purchasing, or participating in the purchase of mortgage loans or interests therein from lenders or making loans to lenders. If the board ascertains that the necessary means of financing such a plan are available to the authority, the board may signify its approval of such a plan.
C.R.S. § 29-4-711
This section was enacted as § 29-4-710.4 in House Bill 75-1026 but was renumbered on revision in the 1977 replacement volume for ease of location.