HB24-1175
Summary
Bill 24-1175 gives local governments the right of first refusal and the right of first offer to obtain property for long term affordable housing. For properties designated as affordable housing, sellers must give notice to local governments and the Colorado housing and finance authority two years before the expiration of an existing affordability restriction, six months before final expiration of the restrictions, and again when the seller takes certain actions to sell the property. Upon receiving notice that the seller wants to sell, local governments can preserve their right of first refusal and must make an offer. For certain sales of other multi-family properties that are 30 years or older with more than 15 but less than 100 units, local governments can exercise a right of first refusal. Certain sales are exempt from these powers. Local governments can delegate their rights of first refusal and first offer to entities subject to all rights and restrictions of a local government or partner with certain entities to finance the transaction. Additionally, the bill gives the attorney general's office standing to bring a civil rights action for violations of the right of first refusal and the right of first offer.