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Bill > HB1175

CO HB1175

CO HB1175
Local Goverments Rights to Property for Affordable Housing

summary

Introduced
01/31/2024
In Committee
04/25/2024
Crossed Over
05/29/2024
Passed
05/29/2024
Dead
Signed/Enacted/Adopted
05/30/2024

Introduced Session

2024 Regular Session

Bill Summary

CONCERNING A LOCAL GOVERNMENT RIGHT OF FIRST REFUSAL OR OFFER TO PURCHASE QUALIFYING MULTIFAMILY PROPERTY FOR THE PURPOSE OF PROVIDING LONG-TERM AFFORDABLE HOUSING OR MIXED-INCOME DEVELOPMENT.

AI Summary

This bill establishes a local government's right of first refusal or first offer to purchase qualifying multifamily rental properties consisting of at least five units that are existing affordable housing. The bill defines key terms, including "long-term affordable housing," "rent increase cap," and "matched offer." It outlines the process for the local government to exercise its right, including timelines for making an offer and closing on the property. The bill also requires the residential seller to provide notice to the local government and the Colorado Housing and Finance Authority prior to the expiration of affordability restrictions and upon certain triggering events related to the potential sale of the property.

Committee Categories

Housing and Urban Affairs

Sponsors (37)

Andrew Boesenecker (D)*,  Sonya Jaquez Lewis (D)*,  Emily Sirota (D)*,  Faith Winter (D)*,  Judy Amabile (D),  Jennifer Bacon (D),  Jeff Bridges (D),  Kyle Brown (D),  Chad Clifford (D),  Lisa Cutter (D),  Lindsey Daugherty (D),  Monica Duran (D),  Elisabeth Epps (D),  Tony Exum (D),  Meg Froelich (D),  Lorena García (D),  Tim Hernández (D),  Leslie Herod (D),  Nick Hinrichsen (D),  Iman Jodeh (D),  Junie Joseph (D),  Chris Kennedy (D),  Cathy Kipp (D),  Sheila Lieder (D),  Mandy Lindsay (D),  Javier Mabrey (D),  Julia Marvin (D),  Julie McCluskie (D),  Karen McCormick (D),  David Ortiz (D),  Naquetta Ricks (D),  Manny Rutinel (D),  Brianna Titone (D),  Elizabeth Velasco (D),  Stephanie Vigil (D),  Michael Weissman (D),  Jenny Willford (D), 

Last Action

Governor Signed (on 05/30/2024)

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Document Type Source Location
State Bill Page https://leg.colorado.gov/bills/hb24-1175
Fiscal Note FN2 https://leg.colorado.gov/sites/default/files/documents/2024A/bills/fn/2024a_hb1175_f1.pdf
BillText https://leg.colorado.gov/sites/default/files/documents/2024A/bills/2024a_1175_enr.pdf
BillText https://leg.colorado.gov/sites/default/files/documents/2024A/bills/2024a_1175_rer.pdf
Second Reading Amendment L.028 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2024A/amendments/93737A512D1A165187258B15005996AA/HB1175_L.028.pdf
Second Reading Amendment L.030 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2024A/amendments/6773B2C17E0B54B587258B15005AF7A0/HB1175_L.030.pdf
Second Reading Amendment L.031 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2024A/amendments/5B6D2D3C252D563687258B15005CE4FC/HB1175_L.031.pdf
Second Reading Amendment L.032 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2024A/amendments/F5AAFF131FECC78187258B16006FC43B/HB1175_L.032.pdf
BillText https://leg.colorado.gov/sites/default/files/documents/2024A/bills/2024a_1175_rev.pdf
Second Reading Amendment L.021 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2024A/amendments/6B9DF492E141168A87258B0E00734FC5/HB1175_L.021.pdf
Senate Local Government & Housing Amendment L.018 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2024A/amendments/FA3284162EB6D4B387258B09005A5389/HB1175_L.018.pdf
BillText https://leg.colorado.gov/sites/default/files/documents/2024A/bills/2024a_1175_ren.pdf
BillText https://leg.colorado.gov/sites/default/files/documents/2024A/bills/2024a_1175_eng.pdf
Second Reading Amendment L.017 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2024A/amendments/610945A707A1EC4487258AF6004EC464/HB1175_L.017.pdf
Second Reading Amendment L.015 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2024A/amendments/EEF066361302E51987258AF4007898F6/HB1175_L.015.pdf
Second Reading Amendment L.016 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2024A/amendments/ECDEDAB4395B6BDD87258AF6004E814B/HB1175_L.016.pdf
House Transportation, Housing & Local Government Amendment L.006 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2024A/amendments/25117FC1000F2CEA87258AC8006AB948/HB1175_L.006.pdf
House Transportation, Housing & Local Government Amendment L.007 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2024A/amendments/EDEDECE2D89651D387258AC900661E3C/HB1175_L.007.pdf
Fiscal Note FN1 https://leg.colorado.gov/sites/default/files/documents/2024A/bills/fn/2024a_hb1175_00.pdf
BillText https://leg.colorado.gov/sites/default/files/documents/2024A/bills/2024a_1175_01.pdf
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