This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

DENVER (KDVR) — Coloradans have approved funding for subsidized housing with TABOR refunds, according to a race call from the Associated Press Saturday afternoon.

Supporters said if approved, 170,000 new affordable homes and rental units would be built statewide. While many agree that housing prices need to come down, some are warning it will take away money from the extra general funds that generate rebates under the Taxpayer Bill of Rights, like the ones most Coloradans are set to enjoy soon.

“Each year it’s different on how much revenue the government brings in and how big the refunds are going to be,” FOX31 political analyst and Republican strategist Michael Fields said. “They were very big this year. They’re not necessarily going to be every year. But the key with this ballot measure is that it is a certain percentage of income so it’s going to grow over time. It’s $300 million now, but it’ll be more later on. I think we just need to start talking about housing in a different way.”

All Results Governor Senate House Ballot Measures Denver

Supporters said they took the TABOR surplus into account and they do not think it will take a big hit from this.

“The estimate from the Legislative Council is that it may be a $43 cut total to your refund, so maybe a $750 refund, it could be a $710 refund. The state could continue to give out refunds each year and this would not affect that ability,” Johnston said.

Supporters say there is a strong interest in affordable housing. They were able to get 100,000 extra signatures for the measure, but opponents want them to look at another funding source to solve the problem.