CO
Colorado House Bill HB1190

Colorado 2023 Regular Session

Colorado House Bill HB1190 Compare Versions

OldNewDifferences
1+First Regular Session
2+Seventy-fourth General Assembly
3+STATE OF COLORADO
4+REREVISED
5+This Version Includes All Amendments
6+Adopted in the Second House
7+LLS NO. 23-0020.01 Megan McCall x4215
18 HOUSE BILL 23-1190
2-BY REPRESENTATIVE(S) Boesenecker and Sirota, Bacon, Brown,
3-deGruy Kennedy, English, Epps, Froelich, Garcia, Gonzales-Gutierrez,
4-Jodeh, Joseph, Kipp, Lindsay, Mabrey, Mauro, McCormick,
5-Michaelson Jenet, Parenti, Ricks, Sharbini, Titone, Vigil, Weissman,
6-Willford, Woodrow, Amabile, Herod, Story;
7-also SENATOR(S) Winter F. and Jaquez Lewis, Cutter, Moreno.
9+House Committees Senate Committees
10+Transportation, Housing & Local Government Local Government & Housing
11+A BILL FOR AN ACT
812 C
9-ONCERNING A RIGHT OF FIRST REFUSAL TO PURCHASE QUALIFYING
10-MULTIFAMILY RESIDENTIAL PROPERTY BY A LOCAL GOVERNMENT
11-.
12-
13-Be it enacted by the General Assembly of the State of Colorado:
14-SECTION 1. In Colorado Revised Statutes, add part 12 to article
15-4 of title 29 as follows:
16-PART 12
17-RIGHT OF FIRST REFUSAL
18-TO PURCHASE MULTIFAMILY HOUSING
13+ONCERNING A RIGHT OF FIRST RE FUSAL TO PURCHASE QUALIFYING101
14+MULTIFAMILY RESIDENTIAL PROPERTY BY A LOCAL102
15+GOVERNMENT.103
16+Bill Summary
17+(Note: This summary applies to this bill as introduced and does
18+not reflect any amendments that may be subsequently adopted. If this bill
19+passes third reading in the house of introduction, a bill summary that
20+applies to the reengrossed version of this bill will be available at
21+http://leg.colorado.gov
22+.)
23+The bill creates a right of first refusal of a local government to
24+match an acceptable offer for the sale of a residential or mixed-use
25+multifamily property (property). The right to the purchase of the property
26+by the local government is subject to the local government's commitment
27+to using the property as long-term affordable housing. The local
28+SENATE
29+Amended 3rd Reading
30+May 7, 2023
31+SENATE
32+Amended 2nd Reading
33+May 6, 2023
34+HOUSE
35+3rd Reading Unamended
36+March 7, 2023
37+HOUSE
38+Amended 2nd Reading
39+March 6, 2023
40+HOUSE SPONSORSHIP
41+Boesenecker and Sirota, Bacon, Brown, deGruy Kennedy, English, Epps, Froelich,
42+Garcia, Gonzales-Gutierrez, Jodeh, Joseph, Kipp, Lindsay, Mabrey, Mauro, McCormick,
43+Michaelson Jenet, Parenti, Ricks, Sharbini, Titone, Vigil, Weissman, Willford, Woodrow
44+SENATE SPONSORSHIP
45+Winter F. and Jaquez Lewis,
46+Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
47+Capital letters or bold & italic numbers indicate new material to be added to existing law.
48+Dashes through the words or numbers indicate deletions from existing law. government may assign its right of first refusal to the state, to any
49+political subdivisions, or to any housing authority in the state subject to
50+the limitation that the assignee make the same commitment to using the
51+property as long-term affordable housing.
52+The bill requires notices to be given by the seller to local
53+governments and by local governments to the seller and to residents of the
54+property. Upon receiving notice of intent to sell or of a potential sale of
55+property, a local government has 14 business days to preserve its right of
56+first refusal and an additional 90 business days to make an offer and must
57+agree to close on the property within 180 business days of the execution
58+of an agreement for the sale and purchase of the qualifying property.
59+The bill allows certain sales of property to be exempt from the
60+right of first refusal and the requirements established by the bill for the
61+right of first refusal. The bill also allows the local government to waive
62+its right of first refusal to purchase a property if the local government
63+elects to disclaim its rights to any proposed transaction or for any duration
64+of time or if there is a third-party buyer interested in purchasing the
65+property with the same commitment to preserving or converting the
66+property for long-term affordable housing and if the third-party buyer
67+enters into an agreement with the local government concerning the
68+third-party buyer's commitment to long-term affordable housing.
69+If the local government, its assignee, or a third-party buyer who
70+has committed to preserving or converting the property for long-term
71+affordable housing has acquired the property and maintained the property
72+for long-term affordable housing for 50 years, the property may be
73+converted to another use if the following conditions are met:
74+! Notice is given to residents prior to the conversion;
75+! Any displaced residents are provided with compensation
76+for relocation; and
77+! The local government, its assignee, or a third-party buyer
78+who has committed to preserving or converting the
79+property for long-term affordable housing guarantees the
80+development or conversion of an equal or greater amount
81+of units within the boundaries of the local government for
82+long-term affordable housing and offers the units first to
83+any residents displaced by the conversion of the property.
84+The bill also provides that the attorney general's office has
85+responsibility to enforce the provisions of the bill and that the attorney
86+general's office, a local government, or a mission-driven organization has
87+standing to bring a civil action for violations of the bill.
88+Be it enacted by the General Assembly of the State of Colorado:1
89+SECTION 1. In Colorado Revised Statutes, add part 12 to article2
90+1190-2- 4 of title 29 as follows:1
91+PART 122
92+RIGHT OF FIRST REFUSAL3
93+TO PURCHASE MULTIFAMILY HOUSING4
1994 29-4-1201. Definitions. A
20-S USED IN THIS PART 12, UNLESS THE
21-CONTEXT OTHERWISE REQUIRES
22-:
23-NOTE: This bill has been prepared for the signatures of the appropriate legislative
24-officers and the Governor. To determine whether the Governor has signed the bill
25-or taken other action on it, please consult the legislative status sheet, the legislative
26-history, or the Session Laws.
27-________
28-Capital letters or bold & italic numbers indicate new material added to existing law; dashes
29-through words or numbers indicate deletions from existing law and such material is not part of
30-the act. (1) "APPLICABLE AREA MEDIAN INCOME " MEANS NO MORE THAN
31-EIGHTY PERCENT OF THE AREA MEDIAN INCOME IN URBAN COUNTIES
32-, NO
33-MORE THAN ONE HUNDRED TWENTY PERCENT OF THE AREA MEDIAN INCOME
34-IN RURAL COUNTIES
35-, AND NO MORE THAN ONE HUNDRED FORTY PERCENT OF
36-THE AREA MEDIAN INCOME IN RURAL RESORT COUNTIES
37-. THE
38-CLASSIFICATION OF URBAN
39-, RURAL, AND RURAL RESORT COUNTIES IS THE
40-DIVISION OF HOUSING
41-'S MOST RECENT CLASSIFICATION OF THE SAME
42-PURSUANT TO SECTION
43- 29-4-1107 (1)(d).
95+S USED IN THIS PART 12, UNLESS THE5
96+CONTEXT OTHERWISE REQUIRES :6
97+(1) "A
98+PPLICABLE AREA MEDIAN INCOME " MEANS NO MORE THAN7
99+EIGHTY PERCENT OF THE AREA MEDIAN INCOME IN URBAN COUNTIES , NO8
100+MORE THAN ONE HUNDRED TWENTY PERCENT OF THE AREA MEDIAN9
101+INCOME IN RURAL COUNTIES, AND NO MORE THAN ONE HUNDRED FORTY10
102+PERCENT OF THE AREA MEDIAN INCOME IN RURAL RESORT COUNTIES . THE11
103+CLASSIFICATION OF URBAN, RURAL, AND RURAL RESORT COUNTIES IS THE12
104+DIVISION OF HOUSING'S MOST RECENT CLASSIFICATION OF THE SAME13
105+PURSUANT TO SECTION 29-4-1107 (1)(d).14
44106 (2) "A
45-REA MEDIAN INCOME" MEANS THE MEDIAN INCOME OF THE
46-COUNTY IN WHICH A QUALIFYING PROPERTY IS LOCATED IN RELATION TO
47-FAMILY SIZE
48-, AS PUBLISHED ANNUALLY BY THE UNITED STATES
49-DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
50-.
107+REA MEDIAN INCOME" MEANS THE MEDIAN INCOME OF THE15
108+COUNTY IN WHICH A QUALIFYING PROPERTY IS LOCATED IN RELATION TO16
109+FAMILY SIZE, AS PUBLISHED ANNUALLY BY THE UNITED STATES17
110+DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT .18
51111 (3) "L
52-OCAL GOVERNMENT" MEANS:
112+OCAL GOVERNMENT" MEANS:19
53113 (a) I
54-F THE QUALIFYING PROPERTY IS LOCATED WITHIN THE
55-INCORPORATED AREA OF A CITY
56-, A CITY AND COUNTY, OR A TOWN, THE CITY,
57-THE CITY AND COUNTY, OR THE TOWN; AND
58-(b) IF THE QUALIFYING PROPERTY IS LOCATED WITHIN THE
59-UNINCORPORATED AREA OF A COUNTY
60-, THE COUNTY.
114+F THE QUALIFYING PROPERTY IS LOCATED WITHIN THE20
115+INCORPORATED AREA OF A CITY , A CITY AND COUNTY, OR A TOWN, THE21
116+CITY, THE CITY AND COUNTY, OR THE TOWN; AND22
117+(b) I
118+F THE QUALIFYING PROPERTY IS LOCATED WITHIN THE23
119+UNINCORPORATED AREA OF A COUNTY , THE COUNTY.24
61120 (4) "L
62-ONG-TERM AFFORDABLE HOUSING " MEANS HOUSING FOR
63-WHICH THE ANNUAL RENT FOR ANY UNIT IN THE QUALIFYING PROPERTY DOES
64-NOT EXCEED THE RENT FOR HOUSEHOLDS OF A GIVEN SIZE AT THE
65-APPLICABLE AREA MEDIAN INCOME
66-, AS PUBLISHED ANNUALLY BY THE
67-UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT , FOR
68-A MINIMUM OF ONE HUNDRED YEARS AND WHERE THE LOCAL GOVERNMENT
69-AGREES NOT TO RAISE RENT FOR ANY UNIT IN THE QUALIFYING PROPERTY BY
70-MORE THAN THE RENT INCREASE CAP
71-; EXCEPT THAT THE RENT INCREASE CAP
72-SHALL NOT APPLY TO UNITS OF HOUSING REGULATED BY FAIR MARKET RENTS
73-PUBLISHED BY THE
74-UNITED STATES DEPARTMENT OF HOUSING AND URBAN
75-DEVELOPMENT OR ANY OTHER FEDERAL OR STATE PROGRAMS THAT
76-RESTRICT OR LIMIT ALLOWABLE RENTS
77-.
121+ONG-TERM AFFORDABLE HOUSING " MEANS HOUSING FOR25
122+WHICH THE ANNUAL RENT FOR ANY UNIT IN THE QUALIFYING PROPERTY26
123+DOES NOT EXCEED THE RENT FOR HOUSEHOLDS OF A GIVEN SIZE AT THE27
124+1190
125+-3- APPLICABLE AREA MEDIAN INCOME , AS PUBLISHED ANNUALLY BY THE1
126+U
127+NITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT ,2
128+FOR A MINIMUM OF ONE HUNDRED YEARS AND WHERE THE LOCAL3
129+GOVERNMENT AGREES NOT TO RAISE RENT FOR ANY UNIT IN THE4
130+QUALIFYING PROPERTY BY MORE THAN THE RENT INCREASE
131+CAP; EXCEPT5
132+THAT THE RENT INCREASE CAP SHALL NOT APPLY TO UNITS OF HOUSING6
133+REGULATED BY FAIR MARKET RENTS PUBLISHED BY THE UNITED STATES7
134+DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT OR ANY OTHER8
135+FEDERAL OR STATE PROGRAMS THAT RESTRICT OR LIMIT ALLOWABLE9
136+RENTS.10
78137 (5) "M
79-ISSION-DRIVEN ORGANIZATION" MEANS AN ORGANIZATION IN
80-GOOD STANDING WITH THE SECRETARY OF STATE THAT IS EXEMPT FROM
81-TAXATION PURSUANT TO SECTION
82-501 (a) OF THE FEDERAL "INTERNAL
83-REVENUE CODE OF 1986", AS AMENDED, AND LISTED AS AN EXEMPT
84-PAGE 2-HOUSE BILL 23-1190 ORGANIZATION IN SECTION 501 (c)(3) OF THE FEDERAL "INTERNAL REVENUE
85-CODE OF 1986", AS AMENDED.
138+ISSION-DRIVEN ORGANIZATION" MEANS AN ORGANIZATION11
139+IN GOOD STANDING WITH THE SECRETARY OF STATE THAT IS EXEMPT FROM12
140+TAXATION PURSUANT TO SECTION 501 (a) OF THE FEDERAL "INTERNAL13
141+R
142+EVENUE CODE OF 1986", AS AMENDED, AND LISTED AS AN EXEMPT14
143+ORGANIZATION IN SECTION 501 (c)(3) OF THE FEDERAL "INTERNAL15
144+R
145+EVENUE CODE OF 1986", AS AMENDED.16
86146 (6) (a) "Q
87-UALIFYING PROPERTY" MEANS A MULTIFAMILY
88-RESIDENTIAL OR MIXED
89--USE RENTAL PROPERTY CONSISTING OF FIFTEEN OR
90-MORE UNITS IN URBAN COUNTIES AND FIVE OR MORE UNITS IN RURAL OR
91-RURAL RESORT COUNTIES
92-. THE CLASSIFICATION OF URBAN, RURAL, AND
93-RURAL RESORT COUNTIES IS THE DIVISION OF HOUSING
94-'S MOST RECENT
95-CLASSIFICATION OF THE SAME PURSUANT TO SECTION
96- 29-4-1107 (1)(d).
97-(b) "Q
98-UALIFYING PROPERTY" DOES NOT INCLUDE A MOBILE HOME
99-PARK AS DEFINED IN SECTION
100- 38-12-201.5 (6).
147+UALIFYING PROPERTY" MEANS A MULTIFAMILY17
148+RESIDENTIAL OR MIXED-USE
149+RENTAL PROPERTY CONSISTING OF FIFTEEN OR18
150+MORE UNITS IN URBAN COUNTIES AND FIVE OR MORE UNITS IN RURAL OR19
151+RURAL RESORT COUNTIES. THE CLASSIFICATION OF URBAN, RURAL, AND20
152+RURAL RESORT COUNTIES IS THE DIVISION OF HOUSING 'S MOST RECENT21
153+CLASSIFICATION OF THE SAME PURSUANT TO SECTION 29-4-1107 (1)(d).22
154+ 23
155+(b) "QUALIFYING PROPERTY" DOES NOT INCLUDE A MOBILE HOME24
156+PARK AS DEFINED IN SECTION 38-12-201.5 (6).25
101157 (7) "R
102-ENT INCREASE CAP" MEANS A PERCENTAGE OF THE CURRENT
103-ANNUAL RENT FOR A QUALIFYING PROPERTY THAT IS EQUAL TO THE GREATER
104-OF
105-:
158+ENT INCREASE CAP" MEANS
159+A PERCENTAGE OF THE CURRENT26
160+ANNUAL RENT FOR A QUALIFYING PROPERTY THAT IS EQUAL TO THE27
161+1190
162+-4- GREATER OF:1
106163 (a) T
107-HE AVERAGE ANNUAL PERCENTAGE CHANGE FOR THE PREVIOUS
108-TWELVE MONTHS AT THE TIME OF THE CALCULATION IN THE
109-UNITED STATES
110-DEPARTMENT OF LABOR
111-'S BUREAU OF LABOR STATISTICS CONSUMER PRICE
112-INDEX FOR
113-DENVER-AURORA-LAKEWOOD FOR ALL ITEMS AND ALL URBAN
114-CONSUMERS
115-, OR ITS SUCCESSOR INDEX; OR
116-(b) THREE PERCENTAGE POINTS.
164+HE AVERAGE ANNUAL PERCENTAGE C HANGE FOR THE2
165+PREVIOUS TWELVE MONTHS AT THE TIME OF THE CALCULATION IN THE3
166+U
167+NITED STATES DEPARTMENT OF LABOR 'S BUREAU OF LABOR STATISTICS4
168+CONSUMER PRICE INDEX FOR DENVER-AURORA-LAKEWOOD FOR ALL5
169+ITEMS AND ALL URBAN CONSUMERS , OR ITS SUCCESSOR INDEX; OR6
170+(b) T
171+HREE PERCENTAGE
172+POINTS.7
117173 (8) "R
118-ESIDENTIAL SELLER" MEANS AN OWNER OF A QUALIFYING
119-PROPERTY
120-.
121-29-4-1202. Right of first refusal - eligibility - process - notice -
122-tolling. (1) (a) (I) I
123-N ACCORDANCE WITH THIS PART 12, THE LOCAL
124-GOVERNMENT FOR THE JURISDICTION IN WHICH A QUALIFYING PROPERTY IS
125-LOCATED HAS A RIGHT TO PURCHASE THE QUALIFYING PROPERTY FOR AN
126-ECONOMICALLY SUBSTANTIALLY IDENTICAL OFFER TO ANOTHER OFFER THAT
127-A RESIDENTIAL SELLER RECEIVES ON THE QUALIFYING PROPERTY
128-. THE LOCAL
129-GOVERNMENT
130-'S RIGHT TO PURCHASE THE QUALIFYING PROPERTY IS LIMITED
131-TO PRESERVING OR CONVERTING THE QUALIFYING PROPERTY FOR
132-LONG
133--TERM AFFORDABLE HOUSING BY THE LOCAL GOVERNMENT OR
134-ANOTHER PUBLIC OR PRIVATE ENTITY THAT THE LOCAL GOVERNMENT
135-ASSIGNS ITS RIGHTS TO UNDER THIS PART
136-12, OR THAT THE LOCAL
137-GOVERNMENT TRANSFERS THE QUALIFYING PROPERTY TO
138-.
139-PAGE 3-HOUSE BILL 23-1190 (II) IN EXERCISING ITS RIGHT OF FIRST REFUSAL SET FORTH IN
140-SUBSECTION
141- (1)(a)(I) OF THIS SECTION AND IN THIS PART 12, A LOCAL
142-GOVERNMENT MAY PARTNER WITH A NONPROFIT ENTITY
143-, A PRIVATE ENTITY,
144-OR ANOTHER GOVERNMENTAL ENTITY TO CO -FINANCE, LEASE, OR MANAGE
145-THE QUALIFYING PROPERTY FOR THE PUBLIC PURPOSE OF MAINTAINING THE
146-QUALIFYING PROPERTY AS LONG
147--TERM AFFORDABLE HOUSING IF THE LOCAL
148-GOVERNMENT OR ITS ASSIGNEE MAINTAINS OWNERSHIP OF THE QUALIFYING
149-PROPERTY
150-.
174+ESIDENTIAL SELLER" MEANS AN OWNER OF A QUALIFYING8
175+PROPERTY.9
176+29-4-1202. Right of first refusal - eligibility - process - notice10
177+- tolling. (1) (a) (I) I
178+N ACCORDANCE WITH THIS PART 12, THE LOCAL11
179+GOVERNMENT FOR THE JURISDICTION IN WHICH A QUALIFYING PROPERTY12
180+IS LOCATED HAS A RIGHT TO PURCHASE THE QUALIFYING PROPERTY FOR AN13
181+ECONOMICALLY SUBSTANTIALLY IDENTICAL OFFER TO ANOTHER OFFER14
182+THAT A RESIDENTIAL SELLER RECEIVES ON THE QUALIFYING PROPERTY .15
183+T
184+HE LOCAL GOVERNMENT 'S RIGHT TO PURCHASE THE QUALIFYING16
185+PROPERTY IS LIMITED TO PRESERVING OR CONVERTING THE QUALIFYING17
186+PROPERTY FOR LONG -TERM AFFORDABLE HOUSING BY THE LOCAL18
187+GOVERNMENT OR ANOTHER PUBLIC OR PRIVATE ENTITY THAT THE LOCAL19
188+GOVERNMENT ASSIGNS ITS RIGHTS TO UNDER THIS PART 12, OR THAT THE20
189+LOCAL GOVERNMENT TRANSFERS THE QUALIFYING PROPERTY TO .21
190+(II) I
191+N EXERCISING ITS RIGHT OF FIRST REFUSAL SET FORTH IN22
192+SUBSECTION (1)(a)(I) OF THIS SECTION AND IN THIS PART 12, A LOCAL23
193+GOVERNMENT MAY PARTNER WITH A NONPROFIT
194+ENTITY, A PRIVATE24
195+ENTITY, OR ANOTHER GOVERNMENTAL ENTITY TO CO-FINANCE, LEASE, OR25
196+MANAGE THE QUALIFYING PROPERTY FOR THE PUBLIC PURPOSE OF26
197+MAINTAINING THE QUALIFYING PROPERTY AS LONG -TERM AFFORDABLE27
198+1190
199+-5- HOUSING IF THE LOCAL GOVERNMENT OR ITS ASSIGNEE MAINTAINS1
200+OWNERSHIP OF THE QUALIFYING PROPERTY .2
151201 (b) A
152-NY PURCHASE AND SALE AGREEMENT FOR THE CONVEYANCE OF
153-A QUALIFYING PROPERTY BY A RESIDENTIAL SELLER IS CONTINGENT UPON
154-THE RIGHT OF FIRST REFUSAL SET FORTH IN THIS PART
155-12.
202+NY PURCHASE AND SALE AGREEMENT FOR THE CONVEYANCE3
203+OF A QUALIFYING PROPERTY BY A RESIDENTIAL SELLER IS CONTINGENT4
204+UPON THE RIGHT OF FIRST REFUSAL SET FORTH IN THIS PART 12.5
156205 (c) (I) I
157-F THE LOCAL GOVERNMENT PROVIDES NOTICE PURSUANT TO
158-SUBSECTION
159- (3)(a)(I) OF THIS SECTION TO A RESIDENTIAL SELLER THAT THE
160-LOCAL GOVERNMENT MAY EXERCISE ITS RIGHTS UNDER THIS PART
161-12, THE
162-RESIDENTIAL SELLER SHALL NOT PROCEED WITH THE SALE OF THE
163-QUALIFYING PROPERTY TO ANY OTHER PARTY AND THE LOCAL GOVERNMENT
164-SHALL HAVE A RIGHT TO MAKE AN OFFER THAT IS EC ONOMICALLY
165-SUBSTANTIALLY IDENTICAL TO AN ACCEPTABLE OFFER ON THE QUALIFYING
166-PROPERTY THAT IS IDENTIFIED BY THE RESIDENTIAL SELLER AS REQUIRED BY
167-SUBSECTION
168- (2)(d)(I)(B) OF THIS SECTION.
206+F THE LOCAL GOVERNMENT PROVIDES NOTICE PURSUANT TO6
207+SUBSECTION (3)(a)(I) OF THIS SECTION TO A RESIDENTIAL SELLER THAT7
208+THE LOCAL GOVERNMENT MAY EXERCISE ITS RIGHTS UNDER THIS PART 12,8
209+THE RESIDENTIAL SELLER SHALL NOT PROCEED WITH THE SALE OF THE9
210+QUALIFYING PROPERTY TO ANY OTHER PARTY AND THE LOCAL10
211+GOVERNMENT SHALL HAVE A RIGHT TO MAKE AN OFFER THAT IS11
212+ECONOMICALLY SUBSTANTIALLY IDENTICAL TO AN ACCEPTABLE OFFER ON12
213+THE QUALIFYING PROPERTY THAT IS IDENTIFIED BY THE RESIDENTIAL13
214+SELLER AS REQUIRED BY SUBSECTION (2)(d)(I)(B) OF THIS SECTION.14
169215 (II) F
170-OR THE PURPOSE OF DETERMINING WHETHER THE TERMS OF AN
171-OFFER BY A THIRD PARTY AND AN OFFER BY THE LOCAL GOVERNMENT ARE
172-ECONOMICALLY SUBSTANTIALLY IDENTICAL
173-, IT IS IMMATERIAL HOW THE
174-OFFER WOULD BE FINANCED
175-. FOR PURPOSES OF THIS PART 12, A RESIDENTIAL
176-SELLER SHALL NEGOTIATE IN GOOD FAITH WITH THE LOCAL GOVERNMENT
177-THAT MAKES AN OFFER THAT IS ECONOMICALLY SUBSTANTIALLY IDENTICAL
178-TO AN ACCEPTABLE OFFER ON THE QUALIFYING PROPERTY THAT IS
179-IDENTIFIED BY THE RESIDENTIAL SELLER AS REQUIRED BY SUBSECTION
180-(2)(d)(I)(B) OF THIS SECTION FOR THE SALE OF THE QUALIFYING PROPERTY
181-WHICH INCLUDES
182-, BUT IS NOT LIMITED TO EVALUATING AN OFFER FROM THE
183-LOCAL GOVERNMENT OR ITS ASSIGNEE WITHOUT CONSIDERATION OF
184-:
216+OR THE PURPOSE OF DETERMINING WHETHER THE TERMS OF15
217+AN OFFER BY A THIRD PARTY AND AN OFFER BY THE LOCAL GOVERNMENT16
218+ARE ECONOMICALLY SUBSTANTIALLY IDENTICAL , IT IS IMMATERIAL HOW17
219+THE OFFER WOULD BE FINANCED . FOR PURPOSES OF THIS PART 12, A18
220+RESIDENTIAL SELLER SHALL NEGOTIATE IN GOOD FAITH WITH THE LOCAL19
221+GOVERNMENT THAT MAKES AN OFFER THAT IS ECONOMICALLY20
222+SUBSTANTIALLY IDENTICAL TO AN ACCEPTABLE OFFER ON THE QUALIFYING21
223+PROPERTY THAT IS IDENTIFIED BY THE RESIDENTIAL SELLER AS REQUIRED22
224+BY SUBSECTION (2)(d)(I)(B) OF THIS SECTION FOR THE SALE OF THE23
225+QUALIFYING PROPERTY WHICH INCLUDES , BUT IS NOT LIMITED TO24
226+EVALUATING AN OFFER FROM THE LOCAL GOVERNMENT OR ITS ASSIGNEE25
227+WITHOUT CONSIDERATION OF :26
185228 (A) T
186-HE TIME PERIOD FOR CLOSING;
187-(B) T
188-HE TYPE OF FINANCING OR PAYMENT METHOD ;
229+HE TIME PERIOD FOR CLOSING;27
230+1190
231+-6- (B) THE TYPE OF FINANCING OR PAYMENT METHOD ;1
189232 (C) W
190-HETHER OR NOT THE OFFER IS CONTINGENT ON FINANCING OR
191-PAGE 4-HOUSE BILL 23-1190 PAYMENT METHOD; AND
192-(D) WHETHER OR NOT THE OFFER IS CONTINGENT ON AN APPRAISAL ,
193-INSPECTION, OR REVIEW OF TITLE, OBTAINING TITLE INSURANCE, OR OTHER
194-CUSTOMARY CONDITIONS FOR THE SALE OF SIMILAR PROPERTY
195-.
233+HETHER OR NOT THE OFFER IS CONTINGENT ON FINANCING2
234+OR PAYMENT METHOD; AND3
235+(D) W
236+HETHER OR NOT THE OFFER IS CONTINGENT ON AN4
237+APPRAISAL, INSPECTION, OR REVIEW OF TITLE , OBTAINING TITLE5
238+INSURANCE, OR OTHER CUSTOMARY CONDITIONS FOR THE SALE OF SIMILAR6
239+PROPERTY.7
196240 (III) I
197-F THE RESIDENTIAL SELLER REJECTS THE OFFER MADE BY THE
198-LOCAL GOVERNMENT
199-, THE RESIDENTIAL SELLER SHALL PROVIDE A WRITTEN
200-EXPLANATION OF THE REJECTION AND SHALL INVITE THE LOCAL
201-GOVERNMENT TO MAKE A SUBSEQUENT OFFER BY IDENTIFYING THE TERMS
202-AND CONDITIONS THAT MUST BE INCLUDED IN THE SUBSEQUENT OFFER FOR
203-THE RESIDENTIAL SELLER TO POTENTIALLY ACCEPT THE SUBSEQUENTLY
204-MADE OFFER BY THE LOCAL GOVERNMENT
205-. A RESIDENTIAL SELLER SHALL
206-NOT COLLUDE WITH A POTENTIAL BUYER FOR THE PRIMARY PURPOSE OF
207-INFLATING A SALES PRICE ABOVE THE MARKET PRICE OF A QUALIFYING
208-PROPERTY
209-.
241+F THE RESIDENTIAL SELLER REJECTS THE OFFER MADE BY THE8
242+LOCAL GOVERNMENT , THE RESIDENTIAL SELLER SHALL PROVIDE A9
243+WRITTEN EXPLANATION OF THE REJECTION AND SHALL INVITE THE LOCAL10
244+GOVERNMENT TO MAKE A SUBSEQUENT OFFER BY IDENTIFYING THE TERMS11
245+AND CONDITIONS THAT MUST BE INCLUDED IN THE SUBSEQUENT OFFER FOR12
246+THE RESIDENTIAL SELLER TO POTENTIALLY ACCEPT THE SUBSEQUENTLY13
247+MADE OFFER BY THE LOCAL GOVERNMENT .
248+ A RESIDENTIAL SELLER14
249+SHALL NOT COLLUDE WITH A POTENTIAL BUYER FOR THE PRIMARY15
250+PURPOSE OF INFLATING A SALES PRICE ABOVE THE MARKET PRICE OF A16
251+QUALIFYING PROPERTY.17
210252 (d) A
211-T ANY TIME THE LOCAL GOVERNMENT MAY ASSIGN ITS RIGHTS
212-REGARDING A QUALIFYING PROPERTY UNDER THIS PART
213-12 TO A HOUSING
214-AUTHORITY THAT IS WITHIN THE LOCAL GOVERNMENT
215-'S JURISDICTION, A
216-REGIONAL HOUSING AUTHORITY THAT SERVES THE LOCAL GOVERNMENT
217-'S
218-JURISDICTION
219-, OR THE COLORADO HOUSING AND FINANCE AUTHORITY ,
220-CREATED IN SECTION 29-4-704 (1), SUBJECT TO THE LIMITATIONS THAT THE
221-QUALIFYING PROPERTY MUST BE USED TO PRESERVE OR BE CONVERTED FOR
222-LONG
223--TERM AFFORDABLE HOUSING AND THAT ALL OTHER PROVISIONS OF
224-THIS PART
225-12 ARE APPLICABLE TO THE ASSIGNEE. UPON ASSIGNMENT, THE
226-ASSIGNEE ASSUMES ALL LIABILITY OF THE LOCAL GOVERNMENT REGARDING
227-THE EXERCISE OF RIGHTS UNDER THIS PART
228-12 AND IS RESPONSIBLE FOR
229-PERFORMING ALL REQUIREMENTS UNDER THIS PART
230-12 WITH RESPECT TO A
231-QUALIFYING PROPERTY AS IF THE ASSIGNEE WERE THE LOCAL GOVERNMENT
232-.
233-T
234-HE ASSIGNEE MUST NOTIFY THE RESIDENTIAL SELLER OF THE ASSIGNMENT
235-IF THE LOCAL GOVERNMENT HAS ALREADY SENT THE RESIDENTIAL SELLER
236-NOTICE PURSUANT TO SUBSECTION
237- (3)(a) OF THIS SECTION.
253+T ANY TIME THE LOCAL GOVERNMENT MAY ASSIGN ITS RIGHTS18
254+REGARDING A QUALIFYING PROPERTY UNDER THIS PART 12 TO
255+ A19
256+HOUSING AUTHORITY THAT IS WITHIN THE LOCAL GOVERNMENT 'S20
257+JURISDICTION, A REGIONAL HOUSING AUTHORITY THAT SERVES THE LOCAL21
258+GOVERNMENT'S JURISDICTION, OR THE COLORADO HOUSING AND FINANCE22
259+AUTHORITY, CREATED IN SECTION 29-4-704 (1), SUBJECT TO THE23
260+LIMITATIONS THAT THE QUALIFYING PROPERTY MUST BE USED TO24
261+PRESERVE OR BE CONVERTED FOR LONG -TERM AFFORDABLE HOUSING AND25
262+THAT ALL OTHER PROVISIONS OF THIS PART 12 ARE APPLICABLE TO THE26
263+ASSIGNEE. UPON ASSIGNMENT, THE ASSIGNEE ASSUMES ALL LIABILITY OF27
264+1190
265+-7- THE LOCAL GOVERNMENT REGARDING THE EXERCISE OF RIGHTS UNDER1
266+THIS PART 12 AND IS RESPONSIBLE FOR PERFORMING ALL REQUIREMENTS2
267+UNDER THIS PART 12 WITH RESPECT TO A QUALIFYING PROPERTY AS IF THE3
268+ASSIGNEE WERE THE LOCAL GOVERNMENT . THE ASSIGNEE MUST NOTIFY4
269+THE RESIDENTIAL SELLER OF THE ASSIGNMENT IF THE LOCAL GOVERNMENT5
270+HAS ALREADY SENT THE RESIDENTIAL SELLER NOTICE PURSUANT TO6
271+SUBSECTION (3)(a) OF THIS SECTION.7
238272 (e) I
239-F A QUALIFYING PROPERTY IS CLASSIFIED AS MIXED -USE, THE
240-LOCAL GOVERNMENT
241-'S RIGHTS UNDER THIS PART 12 SHALL ONLY EXTEND TO
242-THE PORTION OF THE QUALIFYING PROPERTY THAT IS RESIDENTIAL
243-, BUT
244-NOTHING IN THIS PART
245-12 EXCLUDES THE LOCAL GOVERNMENT FROM
246-INCLUDING THE PURCHASE OF ANY COMMERCIAL PORTION OF THE
247-QUALIFYING PROPERTY BY THE LOCAL GOVERNMENT IN THE TERMS OF THE
248-PAGE 5-HOUSE BILL 23-1190 SALE AT THE DISCRETION OF THE LOCAL GOVERNMENT .
273+F A QUALIFYING PROPERTY IS CLASSIFIED AS MIXED-USE, THE8
274+LOCAL GOVERNMENT'S RIGHTS UNDER THIS PART 12 SHALL ONLY EXTEND9
275+TO THE PORTION OF THE QUALIFYING PROPERTY THAT IS RESIDENTIAL , BUT10
276+NOTHING IN THIS PART 12 EXCLUDES THE LOCAL GOVERNMENT FROM11
277+INCLUDING THE PURCHASE OF ANY COMMERCIAL PORTION OF THE12
278+QUALIFYING PROPERTY BY THE LOCAL GOVERNMENT IN THE TERMS OF THE13
279+SALE AT THE DISCRETION OF THE LOCAL GOVERNMENT .14
249280 (f) T
250281 HE GOVERNING BODY OF THE LOCAL GOVERNMENT MAY ELECT
251-TO DISCLAIM ANY RIGHTS PROVIDED UNDER THIS PART
252-12 WITH RESPECT TO
253-ANY PROPOSED TRANSACTION OR FOR ANY DURATION OF TIME
254-.
282+15
283+TO DISCLAIM ANY RIGHTS PROVIDED UNDER THIS PART 12 WITH RESPECT16
284+TO ANY PROPOSED TRANSACTION OR FOR ANY DURATION OF TIME .17
255285 (g) A
256286 LOCAL GOVERNMENT THAT HAS NOT FULLY DISCLAIMED ALL
257-RIGHTS UNDER THIS PART
258-12 PURSUANT TO SECTION 29-4-1203 (3) SHALL
259-POST A NOTICE IN A CONSPICUOUS LOCATION ON ITS WEBSITE THAT INFORMS
260-RESIDENTIAL SELLERS THAT QUALIFYING PROPERTIES
261-, IF SOLD, MAY BE
262-SUBJECT TO A RIGHT OF FIRST REFUSAL FOR PURCHASE BY THE LOCAL
263-GOVERNMENT AT A PRICE AGREED UPON BY THE RESIDENTIAL SELLER
264-.
287+18
288+RIGHTS UNDER THIS PART 12 PURSUANT TO SECTION 29-4-1203 (3) SHALL19
289+POST A NOTICE IN A CONSPICUOUS LOCATION ON ITS WEBSITE THAT20
290+INFORMS RESIDENTIAL SELLERS THAT QUALIFYING PROPERTIES , IF SOLD,21
291+MAY BE SUBJECT TO A RIGHT OF FIRST REFUSAL FOR PURCHASE BY THE22
292+LOCAL GOVERNMENT AT A PRICE AGREED UPON BY THE RESIDENTIAL23
293+SELLER.24
265294 (h) T
266295 HE LOCAL GOVERNMENT MAY CREATE A RIGHT OF FIRST
267-REFUSAL OPPORTUNITY EVALUATION RUBRIC BASED ON LOCAL HOUSING
268-NEEDS TO DETERMINE WHEN IT MAY OR MAY NOT EXERCISE ITS RIGHT OF
269-FIRST REFUSAL UNDER THIS PART
270-12. SUCH A RUBRIC MAY CONSIDER
271-GEOGRAPHY
272-, ACQUISITION COST, PROXIMITY TO AMENITIES, UNIT COUNT,
273-AND OTHER LOCAL PRIORITIES. FOR QUALIFYING PROPERTIES THAT DO NOT
274-ALIGN WITH THE LOCAL PRIORITIES IDENTIFIED IN THE RUBRIC
275-, THE LOCAL
276-GOVERNMENT SHOULD EXPEDITIOUSLY WAIVE ITS RIGHT OF FIRST REFUSAL
277-TO SUCH QUALIFYING PROPERTIES
278-.
296+25
297+REFUSAL OPPORTUNITY EVALUATION RUBRIC BASED ON LOCAL HOUSING26
298+NEEDS TO DETERMINE WHEN IT MAY OR MAY NOT EXERCISE ITS RIGHT OF27
299+1190
300+-8- FIRST REFUSAL UNDER THIS PART 12. SUCH A RUBRIC MAY CONSIDER1
301+GEOGRAPHY, ACQUISITION COST, PROXIMITY TO AMENITIES, UNIT COUNT,2
302+AND OTHER LOCAL PRIORITIES. FOR QUALIFYING PROPERTIES THAT DO NOT3
303+ALIGN WITH THE LOCAL PRIORITIES IDENTIFIED IN THE RUBRIC, THE LOCAL4
304+GOVERNMENT SHOULD EXPEDITIOUSLY WAIVE ITS RIGHT OF FIRST REFUSAL5
305+TO SUCH QUALIFYING PROPERTIES.6
279306 (2) Notice by residential seller. (a) W
280-ITHIN FOURTEEN CALENDAR
281-DAYS OF A TRIGGERING EVENT DEMONSTRATING A RESIDENTIAL SELLER
282-'S
283-INTENT TO SELL THE QUALIFYING PROPERTY
284-, A RESIDENTIAL SELLER SHALL
285-PROVIDE NOTICE TO THE GOVERNING BODY OF THE LOCAL GOVERNMENT IN
286-WHICH THE QUALIFYING PROPERTY IS LOCATED
287-. THE NOTICE MUST BE GIVEN
288-IN ACCORDANCE WITH SUBSECTION
289- (2)(d) OF THIS SECTION.
307+ITHIN FOURTEEN7CALENDAR DAYS OF A TRIGGERING EVENT DEMONSTRATING A8
308+RESIDENTIAL SELLER'S INTENT TO SELL THE QUALIFYING PROPERTY , A9
309+RESIDENTIAL SELLER SHALL PROVIDE NOTICE TO THE GOVERNING BODY OF10
310+THE LOCAL GOVERNMENT IN WHICH THE QUALIFYING PROPERTY IS11
311+LOCATED. THE NOTICE MUST BE GIVEN IN ACCORDANCE WITH SUBSECTION12
312+(2)(d)
313+OF THIS SECTION.13
290314 (b) A
291- TRIGGERING EVENT REQUIRING NOTICE UNDER THIS
292-SUBSECTION
293-(2) INCLUDES ANY TIME THE RESIDENTIAL SELLER :
315+ TRIGGERING EVENT REQUIRING NOTICE UNDER THIS14
316+SUBSECTION (2) INCLUDES ANY TIME THE RESIDENTIAL SELLER :15
294317 (I) S
295-IGNS A CONTRACT WITH A REAL ESTATE BROKER OR BROKERAGE
296-FIRM TO LIST THE QUALIFYING PROPERTY FOR SALE OR TO SELL OR TRANSFER
297-THE QUALIFYING PROPERTY
298-;
318+IGNS A CONTRACT WITH A REAL ESTATE BROKER OR16
319+BROKERAGE FIRM TO LIST THE QUALIFYING PROPERTY FOR SALE OR TO17
320+SELL OR TRANSFER THE QUALIFYING PROPERTY ;18
299321 (II) S
300-IGNS A LETTER OF INTENT, OPTION TO SELL OR BUY, OR OTHER
301-CONDITIONAL WRITTEN AGREEMENT WITH A POTENTIAL BUYER FOR THE SALE
302-OR TRANSFER OF THE QUALIFYING PROPERTY
303-, WHICH INCLUDES THE
304-PAGE 6-HOUSE BILL 23-1190 ESTIMATED PRICE, TERMS, AND CONDITIONS OF THE PROPOSED SALE OR
305-TRANSFER
306-, EVEN IF THE PRICE, TERMS, OR CONDITIONS ARE SUBJECT TO
307-CHANGE
308-;
322+IGNS A LETTER OF INTENT, OPTION TO SELL OR BUY, OR OTHER19
323+CONDITIONAL WRITTEN AGREEMENT WITH A POTENTIAL BUYER FOR THE20
324+SALE OR TRANSFER OF THE QUALIFYING PROPERTY , WHICH INCLUDES THE21
325+ESTIMATED PRICE, TERMS, AND CONDITIONS OF THE PROPOSED SALE OR22
326+TRANSFER, EVEN IF THE PRICE, TERMS, OR CONDITIONS ARE SUBJECT TO23
327+CHANGE;24
309328 (III) S
310-IGNS A CONTRACT WITH A POTENTIAL BUYER 'S REAL ESTATE
311-BROKER OR BROKERAGE FIRM RELATED TO THE POTENTIAL SALE OR
312-TRANSFER OF THE QUALIFYING PROPERTY
313-;
314-(IV) P
315-ROVIDES A SIGNED PROPERTY DISCLOSURE FORM FOR THE
316-QUALIFYING PROPERTY TO A POTENTIAL BUYER
317-;
329+IGNS A CONTRACT WITH A POTENTIAL BUYER 'S REAL ESTATE25
330+BROKER OR BROKERAGE FIRM RELATED TO THE POTENTIAL SALE OR26
331+TRANSFER OF THE QUALIFYING PROPERTY ;27
332+1190
333+-9- (IV) PROVIDES A SIGNED PROPERTY DISCLOSURE FORM FOR THE1
334+QUALIFYING PROPERTY TO A POTENTIAL BUYER ;2
318335 (V) L
319-ISTS THE QUALIFYING PROPERTY FOR SALE;
336+ISTS THE QUALIFYING PROPERTY FOR SALE;3
320337 (VI) M
321-AKES A CONDITIONAL ACCEPTANCE OF AN OFFER FOR THE
322-SALE OR TRANSFER OF THE QUALIFYING PROPERTY
323-;
338+AKES A CONDITIONAL ACCEPTANCE OF AN OFFER FOR THE4
339+SALE OR TRANSFER OF THE QUALIFYING PROPERTY ;5
324340 (VII) T
325-AKES ANY OTHER ACTION DEMONSTRATING AN INTENT TO
326-SELL THE QUALIFYING PROPERTY
327-; EXCEPT THAT ANY ACTION TAKEN TO
328-ENGAGE WITH A POLITICAL SUBDIVISION OR A HOUSING AUTHORITY IN THE
329-STATE TO FACILITATE NEGOTIATIONS BETWEEN THE RESIDENTIAL SELLER
330-AND A THIRD
331--PARTY TO CREATE OR PRESERVE LONG -TERM AFFORDABLE
332-HOUSING FOR A QUALIFYING PROPERTY IS NOT CONSIDERED A TRIGGERING
333-EVENT UNTIL ANOTHER ACTION SET FORTH IN THIS SUBSECTION
334- (2)(b)
335-OCCURS;
336-(VIII) R
337-ECEIVES A NOTICE THAT A CERTIFICATE OF LEVY HAS BEEN
338-FILED RELATED TO THE QUALIFYING PROPERTY PURSUANT TO SECTION
339-13-56-101; OR
340-(IX) THE POTENTIAL SALE TO A THIRD-PARTY BUYER PURSUANT TO
341-SECTION
342-29-4-1203 (2) TERMINATES.
341+AKES ANY OTHER ACTION DEMONSTRATING AN INTENT TO6
342+SELL THE QUALIFYING PROPERTY ;
343+EXCEPT THAT ANY ACTION TAKEN TO7
344+ENGAGE WITH A POLITICAL SUBDIVISION OR A HOUSING AUTHORITY IN THE8
345+STATE TO FACILITATE NEGOTIATIONS BETWEEN THE RESIDENTIAL SELLER9
346+AND A THIRD-PARTY TO CREATE OR PRESERVE LONG-TERM AFFORDABLE10
347+HOUSING FOR A QUALIFYING PROPERTY IS NOT CONSIDERED A TRIGGERING11
348+EVENT UNTIL ANOTHER ACTION SET FORTH IN THIS SUBSECTION (2)(b)12
349+OCCURS;13
350+ 14
351+(VIII) RECEIVES A NOTICE THAT A CERTIFICATE OF LEVY HAS BEEN15
352+FILED RELATED TO THE QUALIFYING PROPERTY PURS UANT TO SECTION16
353+13-56-101;
354+ OR17
355+(IX)
356+ THE POTENTIAL SALE TO A THIRD-PARTY BUYER PURSUANT TO18
357+SECTION 29-4-1203 (2) TERMINATES.19
343358 (c) A
344359 RESIDENTIAL SELLER DOES NOT NEED TO PROVIDE A
345-SUBSEQUENT NOTICE TO THE LOCAL GOVERNMENT UNLESS THE TERMS OF AN
346-ACCEPTABLE SALE MATERIALLY CHANGE
347-. IF THE TERMS OF AN ACCEPTABLE
348-SALE MATERIALLY CHANGE
349-, THE RESIDENTIAL SELLER SHALL PROVIDE A
350-SUBSEQUENT NOTICE TO THE LOCAL GOVERNMENT
351-. FOR PURPOSES OF THIS
352-SUBSECTION
353- (2)(c), ANY CHANGE IN THE PRICE OF A WRITTEN OFFER THE
354-RESIDENTIAL SELLER HAS RECEIVED ON THE QUALIFYING PROPERTY OR ANY
355-CHANGE IN THE PRICE OF AN ACCEPTABLE WRITTEN OFFER ON THE
356-PAGE 7-HOUSE BILL 23-1190 QUALIFYING PROPERTY IS A MATERIAL CHANGE . FOR PURPOSES OF THIS
357-SUBSECTION
358- (2)(c), A MATERIAL CHANGE OCCURS IF THE SALE PRICE OF A
359-QUALIFYING PROPERTY CHANGES BY AT LEAST NINETY PERCENT FROM THE
360-SALE PRICE THAT WAS PREVIOUSLY PROVIDED IN ANY NOTICE THE
361-RESIDENTIAL SELLER IS REQUIRED TO PROVIDE TO THE LOCAL GOVERNMENT
362-PURSUANT TO THIS SECTION
363-.
360+20
361+SUBSEQUENT NOTICE TO THE LOCAL GOVERNMENT UNLESS THE TERMS OF21
362+AN ACCEPTABLE SALE MATERIALLY CHANGE . IF THE TERMS OF AN22
363+ACCEPTABLE SALE MATERIALLY CHANGE , THE RESIDENTIAL SELLER SHALL23
364+PROVIDE A SUBSEQUENT NOTICE TO THE LOCAL GOVERNMENT . FOR24
365+PURPOSES OF THIS SUBSECTION (2)(c), ANY CHANGE IN THE PRICE OF A25
366+WRITTEN OFFER THE RESIDENTIAL SELLER HAS RECEIVED ON THE26
367+QUALIFYING PROPERTY OR ANY CHANGE IN THE PRICE OF AN ACCEPTABLE27
368+1190
369+-10- WRITTEN OFFER ON THE QUALIFYING PROPERTY IS A MATERIAL C HANGE .1
370+F
371+OR PURPOSES OF THIS SUBSECTION (2)(c), A MATERIAL CHANGE OCCURS
372+2
373+IF THE SALE PRICE OF A QUALIFYING PROPERTY CHANGES BY AT LEAST3
374+NINETY PERCENT FROM THE SALE PRICE THAT WAS PREVIOUSLY PROVIDED4
375+IN ANY NOTICE THE RESIDENTIAL SELLER IS REQUIRED TO PROVIDE TO THE5
376+LOCAL GOVERNMENT PURSUANT TO THIS SECTION .6
364377 (d) (I) T
365-HE NOTICE GIVEN PURSUANT TO THIS SUBSECTION (2) MUST
366-BE DELIVERED TO THE CLERK OF THE GOVERNING BODY OF THE LOCAL
367-GOVERNMENT BY ELECTRONIC MAIL DELIVERY
368-; EXCEPT THAT, IF THERE IS
369-NOT AN ELECTRONIC MAILING ADDRESS AVAILABLE FOR THE CLERK
370-, THEN BY
371-HAND DELIVERY
372-, UNITED STATES FIRST CLASS MAIL, OR OVERNIGHT
373-DELIVERY AND MUST INCLUDE
374-:
378+HE NOTICE GIVEN PURSUANT TO THIS SUBSECTION (2) MUST7
379+BE DELIVERED TO THE CLERK OF THE GOVERNING BODY OF THE LOCAL8
380+GOVERNMENT
381+BY ELECTRONIC MAIL DELIVERY; EXCEPT THAT, IF THERE IS9
382+NOT AN ELECTRONIC MAILING ADDRESS AVAILABLE FOR THE CLERK, THEN10
383+BY HAND DELIVERY, UNITED STATES FIRST CLASS MAIL, OR OVERNIGHT11
384+DELIVERY AND MUST INCLUDE :12
375385 (A) A
376- GENERAL DESCRIPTION OF THE QUALIFYING PROPERTY TO BE
377-PURCHASED
378-, INCLUDING THE ADDRESS AND NAME OF THE PROPERTY , IF ANY,
379-AND ANY ADDITIONAL DESCRIPTIONS OF THE QUALIFYING PROPERTY ON FILE
380-WITH THE OFFICE OF THE ASSESSOR IN THE COUNTY IN WHICH THE
381-QUALIFYING PROPERTY IS LOCATED
382-;
386+ GENERAL DESCRIPTION OF THE QUALIFYING PROPERTY TO BE13
387+PURCHASED, INCLUDING THE ADDRESS AND NAME OF THE PROPERTY , IF14
388+ANY, AND ANY ADDITIONAL DESCRIPTIONS OF THE QUALIFYING PROPERTY15
389+ON FILE WITH THE OFFICE OF THE ASSESSOR IN THE COUNTY IN WHICH THE16
390+QUALIFYING PROPERTY IS LOCATED ;17
383391 (B) T
384-HE PRICE, TERMS, AND CONDITIONS OF AN ACCEPTABLE OFFER
385-THE RESIDENTIAL SELLER HAS RECEIVED TO SELL THE QUALIFYING PROPERTY
386-OR THE PRICE
387-, TERMS, AND CONDITIONS FOR WHICH THE RESIDENTIAL SELLER
388-INTENDS TO SELL THE QUALIFYING PROPERTY
389-;
392+HE PRICE, TERMS, AND CONDITIONS OF AN ACCEPTABLE OFFER18
393+THE RESIDENTIAL SELLER HAS RECEIVED TO SELL THE QUALIFYING19
394+PROPERTY OR THE PRICE , TERMS, AND CONDITIONS FOR WHICH THE20
395+RESIDENTIAL SELLER INTENDS TO SELL THE QUALIFYING PROPERTY ;21
390396 (C) A
391-NY TERMS OR CONDITIONS WHICH , IF NOT MET, WOULD BE
392-SUFFICIENT GROUNDS
393-, IN THE RESIDENTIAL SELLER'S DISCRETION AND IN
394-COMPLIANCE WITH THIS PART
395-12 AND ANY OTHER APPLICABLE LAW , TO
396-REJECT AN OFFER
397-;
397+NY TERMS OR CONDITIONS WHICH , IF NOT MET, WOULD BE22
398+SUFFICIENT GROUNDS, IN THE RESIDENTIAL SELLER'S DISCRETION AND IN23
399+COMPLIANCE WITH THIS PART 12 AND ANY OTHER APPLICABLE LAW , TO24
400+REJECT AN OFFER;25
398401 (D) I
399-F THE RESIDENTIAL SELLER HAS ENTERED INTO A CONTINGENT
400-PURCHASE AND SALE AGREEMENT WITH A PROSPECTIVE BUYER
401-, A COPY OF
402-THE AGREEMENT
403-;
402+F THE RESIDENTIAL SELLER HAS ENTERED INTO A CONTINGENT26
403+PURCHASE AND SALE AGREEMENT WITH A PROSPECTIVE BUYER , A COPY OF27
404+1190
405+-11- THE AGREEMENT;1
404406 (E) T
405-HE RESIDENTIAL SELLER'S ADDRESS AND, IF AVAILABLE,
406-ELECTRONIC MAILING ADDRESS TO RECEIVE NOTICES FROM THE LOCAL
407-GOVERNMENT
408-; AND
409-(F) THE NAMES AND MAILING ADDRESSES THAT THE RESIDENTIAL
410-SELLER HAS ON RECORD FOR EVERY TENANT RESIDING IN THE QUALIFYING
411-PAGE 8-HOUSE BILL 23-1190 PROPERTY.
407+HE RESIDENTIAL SELLER'S ADDRESS
408+AND, IF AVAILABLE,2
409+ELECTRONIC MAILING ADDRESS TO RECEIVE NOTICES FROM THE LOCAL3
410+GOVERNMENT; AND4
411+(F) T
412+HE NAMES AND MAILING ADDRESSES THAT THE RESIDENTIAL5
413+SELLER HAS ON RECORD FOR EVERY TENANT RESIDING IN THE QUALIFYING6
414+PROPERTY.7
412415 (II) T
413-HE PRICE, TERMS, AND CONDITIONS STATED IN THE NOTICE
414-MUST BE UNIVERSAL AND APPLICABLE TO ALL POTENTIAL BUYERS AND MUST
415-NOT BE SPECIFIC TO OR PROHIBITIVE OF THE LOCAL GOVERNMENT MAKING
416-A SUCCESSFUL OFFER TO PURCHASE THE QUALIFYING PROPERTY
417-, MUST NOT
418-BE UNLAWFUL
419-, AND MUST NOT INHIBIT THE EXERCISE OF THE RIGHTS
420-PROVIDED UNDER THIS PART
421-12.
416+HE PRICE, TERMS, AND CONDITIONS STATED IN THE NOTICE8
417+MUST BE UNIVERSAL AND APPLICABLE TO ALL POTENTIAL BUYERS AND9
418+MUST NOT BE SPECIFIC TO OR PROHIBITIVE OF THE LOCAL GOVERNMENT10
419+MAKING A SUCCESSFUL OFFER TO PURCHASE THE QUALIFYING PROPERTY ,11
420+MUST NOT BE UNLAWFUL , AND MUST NOT INHIBIT THE EXERCISE OF THE12
421+RIGHTS PROVIDED UNDER THIS PART 12.13
422422 (III) T
423-HE LOCAL GOVERNMENT MAY SHARE THE INFORMATION
424-CONTAINED IN THE NOTICE WITH ITS OFFICERS
425-, EMPLOYEES, AGENTS, AND
426-PROSPECTIVE ASSIGNEES OR A PROSPECTIVE ENTITY THE LOCAL
427-GOVERNMENT PARTNERS WITH PURSUANT TO SUBSECTION
428- (1)(a)(II) OF THIS
429-SECTION FOR THE PURPOSES OF EVALUATING OR OBTAINING FINANCING FOR
430-THE PROSPECTIVE TRANSACTION
431-. THE INFORMATION CONTAINED IN THE
432-NOTICE MUST BE KEPT CONFIDENTIAL IF THE RESIDENTIAL SELLER SO
433-REQUESTS AND IS CONFIDENTIAL INFORMATION NOT SUBJECT TO PUBLIC
434-DISCLOSURE
435-; EXCEPT THAT THE OCCURRENCE OF A TRIGGERING EVENT , THE
436-LOCATION OF THE QUALIFYING PROPERTY
437-, AND THE IDENTITY OF THE
438-RESIDENTIAL SELLER ARE NOT CONFIDENTIAL AND ARE SUBJECT TO PUBLIC
439-DISCLOSURE
440-. NOTHING IN THIS SECTION REQUIRES A LOCAL GOVERNMENT TO
441-EXERCISE ITS RIGHTS UNDER THIS PART
442-12.
443-(e) (I) P
444-RIOR TO THE SALE OF A QUALIFYING PROPERTY , A
445-RESIDENTIAL SELLER SHALL EXECUTE AND RECORD IN THE REAL PROPERTY
446-RECORDS OF THE COUNTY IN WHICH THE QUALIFYING PROPERTY IS LOCATED
447-AN AFFIDAVIT CERTIFYING UNDER PENALTY OF PERJURY THAT THE
448-REQUIREMENTS OF THIS PART
449-12 HAVE BEEN SATISFIED, AND STATE WITH
450-RESPECT TO SUCH SALE EITHER THAT
451-:
423+HE LOCAL GOVERNMENT MAY SHARE THE INFORMATION14
424+CONTAINED IN THE NOTICE WITH ITS OFFICERS, EMPLOYEES, AGENTS, AND15
425+PROSPECTIVE ASSIGNEES
426+OR A PROSPECTIVE ENTITY THE LOCAL16
427+GOVERNMENT PARTNERS WITH PURSUANT TO SUBSECTION (1)(a)(II) OF17
428+THIS SECTION FOR THE PURPOSES OF EVALUATING OR OBTAINING18
429+FINANCING FOR THE PROSPECTIVE TRANSACTION . THE INFORMATION19
430+CONTAINED IN THE NOTICE MUST BE KEPT CONFIDENTIAL IF THE20
431+RESIDENTIAL SELLER SO REQUESTS AND IS CONFIDENTIAL INFORMATION21
432+NOT SUBJECT TO PUBLIC DISCLOSURE; EXCEPT THAT THE OCCURRENCE OF22
433+A TRIGGERING EVENT, THE LOCATION OF THE QUALIFYING PROPERTY , AND23
434+THE IDENTITY OF THE RESIDENTIAL SELLER ARE NOT CONFIDENTIAL AND24
435+ARE SUBJECT TO PUBLIC DISCLOSURE. NOTHING IN THIS SECTION REQUIRES25
436+A LOCAL GOVERNMENT TO EXERCISE ITS RIGHTS UNDER THIS PART 12.26
437+(e) (I) PRIOR TO THE SALE OF A QUALIFYING PROPERTY , A27
438+1190
439+-12- RESIDENTIAL SELLER SHALL EXECUTE AND RECORD IN THE REAL PROPERTY1
440+RECORDS OF THE COUNTY IN WHICH THE QUALIFYING PROPERTY IS2
441+LOCATED AN AFFIDAVIT CERTIFYING UNDER PENALTY OF PERJURY THAT3
442+THE REQUIREMENTS OF THIS PART 12 HAVE BEEN SATISFIED, AND STATE4
443+WITH RESPECT TO SUCH SALE EITHER THAT :5
452444 (A) T
453445 HE RIGHTS AND PROPERTY INTERESTS OF THE LOCAL
454-GOVERNMENT UNDER THIS PART
455-12 HAVE EXPIRED OR HAVE BEEN RELEASED
456-OR WAIVED
457-; OR
458-(B) THAT THE PURCHASER IS THE LOCAL GOVERNMENT OR ITS
459-ASSIGNEE UNDER THIS PART
460-12.
461-(II) A
462-NY PARTY THAT ACQUIRES AN INTEREST IN THE QUALIFYING
463-PROPERTY AND A TITLE INSURANCE ENTITY AS DEFINED IN SECTION
464-10-11-102 (11) SHALL HAVE AN ABSOLUTE RIGHT TO RELY ON THE TRUTH
465-PAGE 9-HOUSE BILL 23-1190 AND ACCURACY OF ALL STATEMENTS IN THE AFFIDAVIT MADE PURSUANT TO
466-SUBSECTION
467- (2)(e)(I) OF THIS SECTION AND SHALL NOT BE LIABLE IN LAW OR
468-EQUITY
469-, INCLUDING UNDER ANY POLICY OR AGREEMENT OF TITLE INSURANCE
470-AS DEFINED IN SECTION
471-10-11-102 (8), FOR A RESIDENTIAL SELLER 'S
472-MISREPRESENTATION IN THE AFFIDAVIT
473-.
446+6
447+GOVERNMENT UNDER THIS PART 12 HAVE EXPIRED OR HAVE BEEN7
448+RELEASED OR WAIVED; OR8
449+(B) T
450+HAT THE PURCHASER IS THE LOCAL GOVERNMENT OR ITS
451+9
452+ASSIGNEE UNDER THIS PART 12.10
453+(II) ANY PARTY THAT ACQUIRES AN INTEREST IN THE QUALIFYING11
454+PROPERTY AND A TITLE INSURANCE ENTITY AS DEFINED IN SECTION12
455+10-11-102 (11) SHALL HAVE AN ABSOLUTE RIGHT TO RELY ON THE TRUTH13
456+AND ACCURACY OF ALL STATEMENTS IN THE AFFIDAVIT MADE PURSUANT14
457+TO SUBSECTION (2)(e)(I) OF THIS SECTION AND SHALL NOT BE LIABLE IN15
458+LAW OR EQUITY, INCLUDING UNDER ANY POLICY OR AGREEMENT OF TITLE16
459+INSURANCE AS DEFINED IN SECTION 10-11-102 (8), FOR A RESIDENTIAL17
460+SELLER'S MISREPRESENTATION IN THE AFFIDAVIT.18
474461 (3) Notice by the local government. (a) (I) T
475-HE LOCAL
476-GOVERNMENT SHALL PROVIDE NOTICE TO THE RESIDENTIAL SELLER WITHIN
477-SEVEN CALENDAR DAYS OF RECEIPT OF THE NOTICE REQUIRED PURSUANT TO
478-SUBSECTION
479-(2) OF THIS SECTION OF THE LOCAL GOVERNMENT 'S INTENT TO
480-PRESERVE ITS RIGHTS UNDER THIS PART
481-12. IF THE LOCAL GOVERNMENT
482-PLANS TO ASSIGN ITS RIGHTS UNDER THIS PART
483-12 IN ACCORDANCE WITH
484-SUBSECTION
485- (1)(d) OF THIS SECTION, THE LOCAL GOVERNMENT MUST
486-DISCLOSE THE POTENTIAL ASSIGNEE IN THE NOTICE
487-. THE NOTICE MUST BE
488-DELIVERED BY ELECTRONIC MAIL DELIVERY
489-; EXCEPT THAT, IF THE
490-RESIDENTIAL SELLER HAS NOT PROVIDED AN ELECTRONIC MAILING ADDRESS
491-,
492-THEN BY HAND DELIVERY, UNITED STATES FIRST CLASS MAIL, OR OVERNIGHT
493-DELIVERY TO THE ADDRESS PROVIDED BY THE RESIDENTIAL SELLER
494-PURSUANT TO SUBSECTION
495- (2)(d)(I)(E) OF THIS SECTION.
462+HE LOCAL19
463+GOVERNMENT SHALL PROVIDE NOTICE TO THE RESIDENTIAL SELLER WITHIN20
464+SEVEN
465+ CALENDAR DAYS OF RECEIPT OF THE NOTICE REQUIRED PURSUANT21
466+TO SUBSECTION (2) OF THIS SECTION OF THE LOCAL GOVERNMENT'S INTENT22
467+TO PRESERVE ITS RIGHTS UNDER THIS PART 12. IF THE LOCAL GOVERNMENT23
468+PLANS TO ASSIGN ITS RIGHTS UNDER THIS PART 12 IN ACCORDANCE WITH24
469+SUBSECTION (1)(d) OF THIS SECTION, THE LOCAL GOVERNMENT MUST25
470+DISCLOSE THE POTENTIAL ASSIGNEE IN THE NOTICE. THE NOTICE MUST BE26
471+DELIVERED BY ELECTRONIC MAIL DELIVERY; EXCEPT THAT, IF THE27
472+1190
473+-13- RESIDENTIAL SELLER HAS NOT PROVIDED AN ELECTRONIC MAILING1
474+ADDRESS, THEN BY HAND DELIVERY, UNITED STATES FIRST CLASS MAIL,2
475+OR OVERNIGHT DELIVERY TO THE ADDRESS PROVIDED BY THE RESIDENTIAL3
476+SELLER PURSUANT TO SUBSECTION (2)(d)(I)(E) OF THIS SECTION.4
496477 (II) T
497-HE NOTICE GIVEN PURSUANT TO SUBSECTION (3)(a)(I) OF THIS
498-SECTION IS NONBINDING ON THE LOCAL GOVERNMENT
499-.
478+HE NOTICE GIVEN PURSUANT TO SUBSECTION (3)(a)(I) OF THIS5
479+SECTION IS NONBINDING ON THE LOCAL GOVERNMENT .6
500480 (III) I
501481 F NO NOTICE IS GIVEN BY THE LOCAL GOVERNMENT OR IF THE
502-LOCAL GOVERNMENT FAILS TO MAKE AN OFFER WITHIN THE TIME PERIOD
503-PROVIDED IN AND IN ACCORDANCE WITH SUBSECTION
504-(4) OF THIS SECTION,
505-THE RIGHTS UNDER THIS PART 12 EXPIRE AND THE RESIDENTIAL SELLER MAY
506-PROCEED WITH THE SALE OF THE QUALIFYING PROPERTY TO A BUYER OF
507-THEIR CHOOSING
508-.
482+7
483+LOCAL GOVERNMENT FAILS TO MAKE AN OFFER WITHIN THE TIME PERIOD8
484+PROVIDED IN AND IN ACCORDANCE WITH SUBSECTION (4) OF THIS SECTION,9
485+THE RIGHTS UNDER THIS PART 12 EXPIRE AND THE RESIDENTIAL SELLER10
486+MAY PROCEED WITH THE SALE OF THE QUALIFYING PROPERTY TO A BUYER11
487+OF THEIR CHOOSING.12
509488 (b) (I) U
510-PON GIVING NOTICE TO A RESIDENTIAL SELLER PURSUANT TO
511-SUBSECTION
512- (3)(a) OF THIS SECTION, THE LOCAL GOVERNMENT SHALL
513-PROVIDE NOTICE TO EACH RESIDENT OF THE QUALIFYING PROPERTY WHO IS
514-IDENTIFIED IN THE SELLER
515-'S NOTICE PROVIDED IN SUBSECTION (2)(d)(I)(F)
516-OF THIS SECTION INFORMING THE RESIDENT THAT THERE IS INTEREST BY THE
517-LOCAL GOVERNMENT OR AN ASSIGNEE IN PURCHASING THE QUALIFYING
518-PROPERTY AND PROVIDING A DATE
519-, TIME, AND LOCATION THAT THE LOCAL
520-GOVERNMENT WILL HOLD A MEETING FOR RESIDENTS TO ATTEND FOR
521-INFORMATION REGARDING A POTENTIAL PURCHASE OF THE PROPERTY BY THE
522-LOCAL GOVERNMENT IN ACCORDANCE WITH SUBSECTION
523- (3)(d) OF THIS
524-PAGE 10-HOUSE BILL 23-1190 SECTION.
489+PON GIVING NOTICE TO A RESIDENTIAL SELLER PURSUANT13
490+TO SUBSECTION (3)(a) OF THIS SECTION, THE LOCAL GOVERNMENT SHALL14
491+PROVIDE NOTICE TO EACH RESIDENT OF THE QUALIFYING PROPERTY WHO15
492+IS IDENTIFIED IN THE SELLER 'S NOTICE PROVIDED IN SUBSECTION16
493+(2)(d)(I)(F)
494+OF THIS SECTION INFORMING THE RESIDENT THAT THERE IS17
495+INTEREST BY THE LOCAL GOVERNMENT OR AN ASSIGNEE IN PURCHASING18
496+THE QUALIFYING PROPERTY AND PROVIDING A DATE , TIME, AND LOCATION19
497+THAT THE LOCAL GOVERNMENT WILL HOLD A MEETING FOR RESIDENTS TO20
498+ATTEND FOR INFORMATION REGARDING A POTENTIAL PURCHASE OF THE21
499+PROPERTY BY THE LOCAL GOVERNMENT IN ACCORDANCE WITH22
500+SUBSECTION (3)(d) OF THIS SECTION.23
525501 (II) T
526-HE LOCAL GOVERNMENT SHALL PROVIDE A SECOND NOTICE TO
527-THE RESIDENTS OF A QUALIFYING PROPERTY UPON THE EXECUTION OF AN
528-AGREEMENT FOR THE SALE AND PURCHASE OF THE QUALIFYING PROPERTY
529-PURSUANT TO SUBSECTION
530-(4) OF THIS SECTION.
531-(III) T
532-HE LOCAL GOVERNMENT SHALL PROVIDE A THIRD NOTICE TO
533-THE RESIDENTS OF A QUALIFYING PROPERTY UPON THE CLOSING OF A SALE
534-FOR THE QUALIFYING PROPERTY BY THE LOCAL GOVERNMENT PURSUANT TO
535-SUBSECTION
536-(4) OF THIS SECTION. THE NOTICE MUST INCLUDE CONTACT
537-INFORMATION FOR THE ENTITY THAT WILL PROVIDE MANAGEMENT SERVICES
538-TO THE QUALIFYING PROPERTY
539-.
502+HE LOCAL GOVERNMENT SHALL PROVIDE A SECOND NOTICE24
503+TO THE RESIDENTS OF A QUALIFYING PROPERTY UPON THE EXECUTION OF25
504+AN AGREEMENT FOR THE SALE AND PURCHASE OF THE QUALIFYING26
505+PROPERTY PURSUANT TO SUBSECTION (4) OF THIS SECTION.27
506+1190
507+-14- (III) THE LOCAL GOVERNMENT SHALL PROVIDE A THIRD NOTICE TO1
508+THE RESIDENTS OF A QUALIFYING PROPERTY UPON THE CLOSING OF A SALE2
509+FOR THE QUALIFYING PROPERTY BY THE LOCAL GOVERNMENT PURSUANT3
510+TO SUBSECTION (4) OF THIS SECTION. THE NOTICE MUST INCLUDE CONTACT4
511+INFORMATION FOR THE ENTITY THAT WILL PROVIDE MANAGEMENT5
512+SERVICES TO THE QUALIFYING PROPERTY .6
540513 (c) T
541-HE LOCAL GOVERNMENT SHALL MAIL THE NOTICES REQUIRED
542-PURSUANT TO SUBSECTION
543- (3)(b) OF THIS SECTION TO THE RESIDENTS OF A
544-QUALIFYING PROPERTY USING THE MOST RECENT ADDRESS OF EACH
545-RESIDENT
546-. THE RESIDENTIAL SELLER SHALL PROVIDE UPDATED MAILING
547-ADDRESSES FOR RESIDENTS UPON REQUEST OF THE LOCAL GOVERNMENT
548-.
514+HE LOCAL GOVERNMENT SHALL MAIL THE NOTICES REQUIRED7
515+PURSUANT TO SUBSECTION (3)(b) OF THIS SECTION TO THE RESIDENTS OF8
516+A QUALIFYING PROPERTY USING THE MOST RECENT ADDRESS OF EACH9
517+RESIDENT. THE RESIDENTIAL SELLER SHALL PROVIDE UPDATED MAILING10
518+ADDRESSES FOR RESIDENTS UPON REQUEST OF THE LOCAL GOVERNMENT .11
549519 T
550-HE LOCAL GOVERNMENT SHALL ALSO POST A COPY OF THE NOTICES IN A
551-CONSPICUOUS PLACE IN THE QUALIFYING PROPERTY
552-. THE NOTICES MUST BE
553-PROVIDED IN
554-ENGLISH, SPANISH, AND ANY OTHER LANGUAGE KNOWN TO BE
555-SPOKEN BY RESIDENTS AT THE QUALIFYING PROPERTY
556-.
520+HE LOCAL GOVERNMENT SHALL ALSO POST A COPY OF THE NOTICES IN A12
521+CONSPICUOUS PLACE IN THE QUALIFYING PROPERTY . THE NOTICES MUST13
522+BE PROVIDED IN ENGLISH, SPANISH, AND ANY OTHER LANGUAGE KNOWN14
523+TO BE SPOKEN BY RESIDENTS AT THE QUALIFYING PROPERTY .15
557524 (d) T
558-HE MEETING HELD BY THE LOCAL GOVERNMENT AS REQUIRED
559-BY SUBSECTION
560- (3)(b)(I) OF THIS SECTION MUST BE IN AN ACCESSIBLE SPACE,
561-AND SPANISH TRANSLATION SERVICES AND, IF AVAILABLE, VIRTUAL MEETING
562-OPTIONS MUST BE PROVIDED AT NO COST TO THE RESIDENTS
563-.
525+HE MEETING HELD BY THE LOCAL GOVERNMENT AS REQUIRED16
526+BY SUBSECTION (3)(b)(I) OF THIS SECTION MUST BE IN AN ACCESSIBLE17
527+SPACE, AND SPANISH TRANSLATION SERVICES AND , IF AVAILABLE,18
528+VIRTUAL MEETING OPTIONS MUST BE PROVIDED AT NO COST TO THE19
529+RESIDENTS.20
564530 (4) E
565-XCEPT AS OTHERWISE PROVIDED IN SUBSECTION (5)(b) OF THIS
566-SECTION FOR ALLOWABLE TOLLING PERIODS
567-, THE LOCAL GOVERNMENT HAS
568-THIRTY CALENDAR DAYS FROM PROVIDING NOTICE PURSUANT TO
569-SUBSECTION
570- (3)(a) OF THIS SECTION TO MAKE AN OFFER TO PURCHASE THE
571-QUALIFYING PROPERTY AND SHALL AGREE TO CLOSE ON THE QUALIFYING
572-PROPERTY WITHIN SIXTY CALENDAR DAYS
573-, TO THE EXTENT PRACTICABLE,
574-AND NOT MORE THAN NINETY CALENDAR DAYS OF THE EXECUTION OF AN
575-AGREEMENT FOR THE SALE AND PURCHASE OF THE QUALIFYING PROPERTY
576-.
577-T
578-HE AGREEMENT MAY INCLUDE , AT THE RESIDENTIAL SELLER'S OPTION, A
579-PROVISION THAT REQUIRES THE LOCAL GOVERNMENT TO BE LIABLE TO THE
580-RESIDENTIAL SELLER FOR THE FAIR MARKET VALUE OF ANY LOST BENEFIT OF
581-PAGE 11-HOUSE BILL 23-1190 THE QUALIFYING PROPERTY THAT IS CAUSED BY THE LOCAL GOVERNMENT
582-MATERIALLY BREACHING OR DEFAULTING ON THE AGREEMENT IN A MANNER
583-THAT IS NOT CURED BY THE LOCAL GOVERNMENT UNDER THE TERMS OF THE
584-AGREEMENT AND IN A MANNER THAT ALLOWS THE RESIDENTIAL SELLER TO
585-TERMINATE THE AGREEMENT
586-.
531+XCEPT AS OTHERWISE PROVIDED IN SUBSECTION (5)(b) OF
532+21
533+THIS SECTION FOR ALLOWABLE TOLLING PERIODS , THE LOCAL22
534+GOVERNMENT HAS THIRTY CALENDAR DAYS FROM PROVIDING NOTICE23
535+PURSUANT TO SUBSECTION (3)(a) OF THIS SECTION TO MAKE AN OFFER TO24
536+PURCHASE THE QUALIFYING PROPERTY AND SHALL AGREE TO CLOSE ON25
537+THE QUALIFYING PROPERTY WITHIN SIXTY CALENDAR DAYS , TO THE26
538+EXTENT PRACTICABLE, AND NOT MORE THAN NINETY CALENDAR DAYS OF27
539+1190
540+-15- THE EXECUTION OF AN AGREEMENT FOR THE SALE AND PURCHASE OF THE1
541+QUALIFYING PROPERTY . THE AGREEMENT MAY INCLUDE , AT THE2
542+RESIDENTIAL SELLER'S OPTION, A PROVISION THAT REQUIRES THE LOCAL3
543+GOVERNMENT TO BE LIABLE TO THE RESIDENTIAL SELLER FOR THE FAIR4
544+MARKET VALUE OF ANY LOST BENEFIT OF THE QUALIFYING PROPERTY THAT5
545+IS CAUSED BY THE LOCAL GOVERNMENT MATERIALLY BREACHING OR6
546+DEFAULTING ON THE AGREEMENT IN A MANNER THAT IS NOT CURED BY7
547+THE LOCAL GOVERNMENT UNDER THE TERMS OF THE AGREEMENT AND IN8
548+A MANNER THAT ALLOWS THE RESIDENTIAL SELLER TO TERMINATE THE9
549+AGREEMENT.10
587550 (5) (a) I
588551 F THE LOCAL GOVERNMENT OR ITS ASSIGNEE RECEIVES A
589-SUBSEQUENT NOTICE FROM A RESIDENTIAL SELLER AS REQUIRED BY
590-SUBSECTION
591- (2)(c) OF THIS SECTION, THE LOCAL GOVERNMENT OR ITS
592-ASSIGNEE SHALL
593-:
552+11
553+SUBSEQUENT NOTICE FROM A RESIDENTIAL SELLER AS REQUIRED BY12
554+SUBSECTION (2)(c) OF THIS SECTION, THE LOCAL GOVERNMENT OR ITS13
555+ASSIGNEE SHALL:14
594556 (I) P
595-ROVIDE A NOTICE OF INTENT IN ACCORDANCE WITH SUBSECTION
596-(3)(a)(I) OF THIS SECTION; EXCEPT THAT THE NOTICE OF INTENT DOES NOT
597-NEED TO BE PROVIDED AGAIN IF THE LOCAL GOVERNMENT OR ITS ASSIGNEE
598-HAS PREVIOUSLY PROVIDED A NOTICE OF INTENT
599-;
557+ROVIDE A NOTICE OF INTENT IN ACCORDANCE WITH
558+15
559+SUBSECTION (3)(a)(I) OF THIS SECTION; EXCEPT THAT THE NOTICE OF16
560+INTENT DOES NOT NEED TO BE PROVIDED AGAIN IF THE LOCAL17
561+GOVERNMENT OR ITS ASSIGNEE HAS PREVIOUSLY PROVIDED A NOTICE OF18
562+INTENT;19
600563 (II) M
601564 AKE AN OFFER TO PURCHASE THE QUALIFYING PROPERTY
602-WITHIN TWENTY
603--ONE CALENDAR DAYS OF RECEIPT OF THE SUBSEQUENT
604-NOTICE
605-; AND
606-(III) AGREE TO CLOSE ON THE QUALIFYING PROPERTY IN
607-ACCORDANCE WITH SUBSECTION
608-(4) OF THIS SECTION.
565+20
566+WITHIN TWENTY-ONE CALENDAR DAYS OF RECEIPT OF THE SUBSEQUENT21
567+NOTICE; AND22
568+(III) A
569+GREE TO CLOSE ON THE QUALIFYING PROPERTY IN
570+23
571+ACCORDANCE WITH SUBSECTION (4) OF THIS SECTION.24
609572 (b) I
610-F THE LOCAL GOVERNMENT OR ITS ASSIGNEE DOES NOT MAKE AN
611-OFFER WITHIN THE TIME PERIOD SET FORTH IN SUBSECTION
612- (5)(a)(II) OF THIS
613-SECTION
614-, THE RIGHTS UNDER THIS PART 12 EXPIRE.
615-(6) (a) T
616-HE PERIODS SET FORTH IN SUBSECTION (4) OF THIS SECTION
617-MAY BE EXTENDED AND ANY TERMS OR CONDITIONS OF SALE MAY BE
618-MODIFIED BY WRITTEN AGREEMENT BETWEEN THE LOCAL GOVERNMENT AND
619-THE RESIDENTIAL SELLER
620-.
573+F THE LOCAL GOVERNMENT OR ITS ASSIGNEE DOES NOT MAKE
574+25
575+AN OFFER WITHIN THE TIME PERIOD SET FORTH IN SUBSECTION (5)(a)(II) OF26
576+THIS SECTION, THE RIGHTS UNDER THIS PART 12 EXPIRE.27
577+1190
578+-16- (6) (a) THE PERIODS SET FORTH IN SUBSECTION (4) OF THIS SECTION1
579+MAY BE EXTENDED AND ANY TERMS OR CONDITIONS OF SALE MAY BE2
580+MODIFIED BY WRITTEN AGREEMENT BETWEEN THE LOCAL GOVERNMENT3
581+AND THE RESIDENTIAL SELLER.4
621582 (b) T
622-HE LOCAL GOVERNMENT OR ITS ASSIGNEE IS ENTITLED TO
623-TOLLING OF THE PERIODS SET FORTH IN SUBSECTION
624-(4) OF THIS SECTION IN
625-ANY OF THE FOLLOWING CIRCUMSTANCES
626-:
583+HE LOCAL GOVERNMENT OR ITS ASSIGNEE IS ENTITLED TO5
584+TOLLING OF THE PERIODS SET FORTH IN SUBSECTION (4) OF THIS SECTION6
585+IN ANY OF THE FOLLOWING CIRCUMSTANCES :7
627586 (I) I
628-F THERE IS A REASONABLE DELAY NOT WITHIN THE CONTROL OF
629-THE LOCAL GOVERNMENT OR ITS ASSIGNEE IN OBTAINING FINANCING OR A
630-REQUIRED INSPECTION OR SURVEY OF THE QUALIFYING PROPERTY
631-, THE
632-PERIOD IS TOLLED FOR THE DURATION OF THE DELAY
633-; AND
634-PAGE 12-HOUSE BILL 23-1190 (II) IF THE LOCAL GOVERNMENT , ITS ASSIGNEE, THE ATTORNEY
635-GENERAL
636-, OR A MISSION-DRIVEN ORGANIZATION FILES A NONFRIVOLOUS
637-CIVIL ACTION ALLEGING A VIOLATION OF THIS SECTION
638-, THE PERIOD IS
639-TOLLED UNTIL THE ACTION REACHES FINAL RESOLUTION OR THE PARTIES
640-REACH A RESOLUTION
641-, INCLUDING THE RESOLUTION OF ANY APPEALS , BY
642-SIGNING A SETTLEMENT AGREEMENT
643-.
587+F THERE IS A REASONABLE DELAY NOT WITHIN THE CONTROL8
588+OF THE LOCAL GOVERNMENT OR ITS ASSIGNEE IN OBTAINING FI NANCING OR9
589+A REQUIRED INSPECTION OR SURVEY OF THE QUALIFYING PROPERTY , THE10
590+PERIOD IS TOLLED FOR THE DURATION OF THE DELAY ; AND11
591+(II) I
592+F THE LOCAL GOVERNMENT , ITS ASSIGNEE, THE ATTORNEY12
593+GENERAL, OR A MISSION-DRIVEN ORGANIZATION FILES A NONFRIVOLOUS13
594+CIVIL ACTION ALLEGING A VIOLATION OF THIS SECTION , THE PERIOD IS14
595+TOLLED UNTIL THE ACTION REACHES FINAL RESOLUTION OR THE PARTIES15
596+REACH A RESOLUTION, INCLUDING THE RESOLUTION OF ANY APPEALS , BY16
597+SIGNING A SETTLEMENT AGREEMENT .17
644598 (7) A
645599 NY ACTION BY THE LOCAL GOVERNMENT REQUIRED OR
646-PERMITTED UNDER THIS PART
647-12 MAY BE PERFORMED BY , AS MAY BE
648-APPLICABLE AND TO THE EXTENT PERMITTED BY LAW
649-, THE COUNTY
650-MANAGER OF A COUNTY
651-, THE MAYOR OR CITY MANAGER OF A CITY OR TOWN ,
652-OR ANOTHER OFFICER DESIGNATED BY THE GOVERNING BODY OF THE LOCAL
653-GOVERNMENT
654-.
655-(8) A
656-NY ACTIONS OF AN AGENT WORKING ON BEHALF OF A
657-RESIDENTIAL SELLER FOR PURPOSES OF THIS PART
658-12 ARE ATTRIBUTABLE TO
659-THE RESIDENTIAL SELLER
660-. NOTWITHSTANDING ANY OTHER PROVISION IN
661-THIS PART
662-12 TO THE CONTRARY, A POLITICAL SUBDIVISION OR A HOUSING
663-AUTHORITY IN THE STATE THAT ENGAGES IN ACTIVITIES TO CREATE OR
664-PRESERVE LONG
665--TERM AFFORDABLE HOUSING FOR A QUALIFYING PROPERTY
666-IS NOT CONSIDERED AN AGENT WORKING ON BEHALF OF A RESIDENTIAL
667-SELLER FOR PURPOSES OF THIS PART
668-12.
669-(9) (a) T
670-HE LOCAL GOVERNMENT OR ITS ASSIGNEE SHALL DETERMINE
671-TENANT QUALIFICATIONS AT ITS DISCRETION
672-, SO LONG AS SUCH
673-DETERMINATIONS ARE IN FURTHERANCE OF PROVIDING LONG
674--TERM
675-AFFORDABLE HOUSING FOR COMMUNITY MEMBERS AT OR BELOW THE
676-APPLICABLE AREA MEDIAN INCOME
677-.
678-(b) N
679-OTWITHSTANDING SECTION 29-4-1201 (4), RESIDENTS AT THE
680-QUALIFYING PROPERTY AT THE TIME IT IS ACQUIRED BY THE LOCAL
681-GOVERNMENT PURSUANT TO THIS SECTION MAY CONTINUE TO RESIDE AT THE
682-QUALIFYING PROPERTY IRRESPECTIVE OF THEIR INCOME LEVEL FOR AT LEAST
683-THE DURATION OF THEIR TENANCY AGREEMENT UNDER THE TENANCY
684-AGREEMENT
685-'S TERMS IN EFFECT AT THE TIME THE LOCAL GOVERNMENT
686-ACQUIRES THE QUALIFYING PROPERTY
687-.
688-(c) A
689- RESIDENT'S INCOME MAY ONLY EXCEED THE APPLICABLE AREA
690-MEDIAN INCOME IF THAT RESIDENT HAS A PRE
691--EXISTING TENANCY
692-AGREEMENT IN ACCORDANCE WITH SUBSECTION
693- (8)(b) OF THIS SECTION.
694-PAGE 13-HOUSE BILL 23-1190 (d) ONLY IN ACCORDANCE WITH SUBSECTION (8)(c) OF THIS SECTION
695-MAY THE LOCAL GOVERNMENT DECLINE TO RENEW A RESIDENT
696-'S
697-PRE
698--EXISTING TENANCY AGREEMENT ONCE IT ENDS IN ORDER TO BRING THE
699-QUALIFYING PROPERTY INTO COMPLIANCE WITH SUBSECTION
700- (8)(a) OF THIS
701-SECTION
702-.
703-29-4-1203. Exemptions - waiver of the local government's right
704-of first refusal. (1) T
705-HIS PART 12 DOES NOT APPLY TO ANY SALE, TRANSFER,
706-OR CONVEYANCE OF QUALIFYING PROPERTY BY A RESIDENTIAL SELLER :
600+18
601+PERMITTED UNDER THIS PART 12 MAY BE PERFORMED BY , AS MAY BE19
602+APPLICABLE AND TO THE EXTENT PERMITTED BY LAW , THE COUNTY20
603+MANAGER OF A COUNTY , THE MAYOR OR CITY MANAGER OF A CITY OR21
604+TOWN, OR ANOTHER OFFICER DESIGNATED BY THE GOVERNING BODY OF22
605+THE LOCAL GOVERNMENT .23
606+(8) ANY ACTIONS OF AN AGENT WORKING ON BEHALF OF A24
607+RESIDENTIAL SELLER FOR PURPOSES OF THIS PART 12 ARE ATTRIBUTABLE25
608+TO THE RESIDENTIAL SELLER. NOTWITHSTANDING ANY OTHER PROVISION26
609+IN THIS PART 12 TO THE CONTRARY, A POLITICAL SUBDIVISION OR A27
610+1190
611+-17- HOUSING AUTHORITY IN THE STATE THAT ENGAGES IN ACTIVITIES TO1
612+CREATE OR PRESERVE LONG-TERM AFFORDABLE HOUSING FOR A2
613+QUALIFYING PROPERTY IS NOT CONSIDERED AN AGENT WORKING ON3
614+BEHALF OF A RESIDENTIAL SELLER FOR PURPOSES OF THIS PART 12.4
615+ 5
616+(9) (a) THE LOCAL GOVERNMENT OR ITS ASSIGNEE SHALL6
617+DETERMINE TENANT QUALIFICATIONS AT ITS DISCRETION , SO LONG AS7
618+SUCH DETERMINATIONS ARE IN FURTHERANCE OF PROVIDING LONG -TERM8
619+AFFORDABLE HOUSING FOR COMMUNITY MEMBERS AT OR BELOW THE9
620+APPLICABLE AREA MEDIAN INCOME. 10
621+(b) NOTWITHSTANDING SECTION 29-4-1201 (4), RESIDENTS AT THE11
622+QUALIFYING PROPERTY AT THE TIME IT IS ACQUIRED BY THE LOCAL12
623+GOVERNMENT PURSUANT TO THIS SECTION MAY CONTINUE TO RESIDE AT13
624+THE QUALIFYING PROPERTY IRRESPECTIVE OF THEIR INCOME LEVEL FOR AT14
625+LEAST THE DURATION OF THEIR TENANCY AGREEMENT UNDER THE15
626+TENANCY AGREEMENT'S TERMS IN EFFECT AT THE TIME THE LOCAL16
627+GOVERNMENT ACQUIRES THE QUALIFYING PROPERTY .17
628+(c) A RESIDENT'S INCOME MAY ONLY EXCEED THE APPLICABLE18
629+AREA MEDIAN INCOME IF THAT RESIDENT HAS A PRE-EXISTING TENANCY19
630+AGREEMENT IN ACCORDANCE WITH SUBSECTION (8)(b) OF THIS SECTION. 20
631+(d) ONLY IN ACCORDANCE WITH SUBSECTION (8)(c) OF THIS21
632+SECTION MAY THE LOCAL GOVERNMENT DECLINE TO RENEW A RESIDENT'S22
633+PRE-EXISTING TENANCY AGREEMENT ONCE IT ENDS IN ORDER TO BRING23
634+THE QUALIFYING PROPERTY INTO COMPLIANCE WITH SUBSECTION (8)(a) OF24
635+THIS SECTION.25
636+29-4-1203. Exemptions - waiver of the local government's26
637+right of first refusal. (1) T
638+HIS PART 12 DOES NOT APPLY TO ANY SALE,27
639+1190
640+-18- TRANSFER, OR CONVEYANCE OF QUALIFYING PROPERTY BY A RESIDENTIAL1
641+SELLER:2
707642 (a) M
708-ADE TO A FAMILY MEMBER, AS DEFINED IN SECTION 8-13.3-503
709-(11),
710- OF THE RESIDENTIAL SELLER;
643+ADE TO A FAMILY MEMBER , AS DEFINED IN SECTION
644+3
645+8-13.3-503
646+ (11), OF THE RESIDENTIAL SELLER;
647+4
711648 (b) M
712-ADE TO A TRUST IF THE BENEFICIARIES OF THE TRUST ARE THE
713-SPOUSE
714-, PARTNER IN A CIVIL UNION, OR LEGALLY RECOGNIZED CHILD OF THE
715-RESIDENTIAL SELLER
716-;
649+ADE TO A TRUST IF THE BENEFICIARIES OF THE TRUST ARE5
650+THE SPOUSE, PARTNER IN A CIVIL UNION, OR LEGALLY RECOGNIZED CHILD6
651+OF THE RESIDENTIAL SELLER;7
717652 (c) M
718-ADE TO, IF WHOLLY OWNED BY THE RESIDENTIAL SELLER , A
719-PARTNERSHIP
720-, LIMITED LIABILITY COMPANY, OR CORPORATION;
653+ADE TO, IF WHOLLY OWNED BY THE RESIDENTIAL SELLER , A8
654+PARTNERSHIP, LIMITED LIABILITY COMPANY, OR CORPORATION;9
721655 (d) M
722-ADE PURSUANT TO A WILL , DESCENT, OR INTESTATE
723-DISTRIBUTION
724-;
656+ADE PURSUANT TO A WILL , DESCENT, OR INTESTATE10
657+DISTRIBUTION;11
725658 (e) M
726659 ADE FOR TAX OR ESTATE PURPOSES BETWEEN CLOSELY HELD
727-PARTNERS
728-, FAMILY MEMBERS, OR CORPORATIONS;
729-(f) M
730-ADE PURSUANT TO AN ACTION IN EMINENT DOMAIN ;
731-(g) M
732-ADE TO THE STATE, A LOCAL GOVERNMENT, THE COLORADO
733-HOUSING AND FINANCE AUTHORITY
734-, CREATED IN SECTION 29-4-704 (1), THE
735-COLORADO MIDDLE INCOME HOUSING AUTHORITY , CREATED IN SECTION
736-29-4-1104 (1), AND ANY OTHER POLITICAL SUBDIVISION OF THE STATE ;
737-(h) M
738-ADE PURSUANT TO A COURT ORDER ;
660+12
661+PARTNERS, FAMILY MEMBERS, OR CORPORATIONS;13
662+(f) MADE PURSUANT TO AN ACTION IN EMINENT DOMAIN ;14
663+(g) MADE TO THE STATE, A LOCAL GOVERNMENT, THE COLORADO15
664+HOUSING AND FINANCE AUTHORITY , CREATED IN SECTION 29-4-704 (1),16
665+THE COLORADO MIDDLE INCOME HOUSING AUTHORITY , CREATED IN17
666+SECTION 29-4-1104 (1), AND ANY OTHER POLITICAL SUBDIVISION OF THE18
667+STATE;19
668+(h) MADE PURSUANT TO A COURT ORDER ;20
739669 (i) M
740670 ADE TO A NOT-FOR-PROFIT MISSION-DRIVEN AFFORDABLE
741-HOUSING PROVIDER WHO HAS PROVIDED NOTICE OF INTENT TO PURCHASE
742-THE QUALIFYING PROPERTY
743-, HAS A HISTORY OF DEVELOPING AFFORDABLE
744-HOUSING
745-, AND WHO COMMITS TO PROVIDING TO TENANTS A MAJORITY OF
746-UNITS BELOW MARKET RATE
747-;
748-PAGE 14-HOUSE BILL 23-1190 (j) MADE BETWEEN JOINT TENANTS OR TENANTS IN COMMON ;
749-(k) I
750-F, AT THE TIME OF THE EFFECTIVE DATE OF THIS PART 12, THE
751-QUALIFYING PROPERTY HAS A PREEXISTING AGREEMENT THAT BESTOWS A
752-RIGHT OF FIRST REFUSAL OR OTHER CONTINGENT PROPERTY RIGHT
753-REGARDING THE QUALIFYING PROPERTY TO A THIRD PARTY
754-; EXCEPT THAT,
755-UPON EXPIRATION OF THE AGREEMENT , THE PROVISIONS OF THIS PART 12
756-APPLY TO ANY SALE, TRANSFER, OR CONVEYANCE OF THE QUALIFYING
757-PROPERTY BY THE RESIDENTIAL SELLER
758-;
671+21
672+HOUSING PROVIDER WHO HAS PROVIDED NOTICE OF INTENT TO PURCHASE22
673+THE QUALIFYING PROPERTY, HAS A HISTORY OF DEVELOPING AFFORDABLE23
674+HOUSING, AND WHO COMMITS TO PROVIDING TO TENANTS A MAJORITY OF24
675+UNITS BELOW MARKET RATE ;25
676+(j) MADE BETWEEN JOINT TENANTS OR TENANTS IN COMMON ; 26
677+(k) IF, AT THE TIME OF THE EFFECTIVE DATE OF THIS PART 12, THE27
678+1190
679+-19- QUALIFYING PROPERTY HAS A PREEXISTING AGREEMENT THAT BESTOWS1
680+A RIGHT OF FIRST REFUSAL OR OTHER CONTINGENT PROPERTY RIGHT2
681+REGARDING THE QUALIFYING PROPERTY TO A THIRD PARTY; EXCEPT THAT,3
682+UPON EXPIRATION OF THE AGREEMENT , THE PROVISIONS OF THIS PART 124
683+APPLY TO ANY SALE, TRANSFER, OR CONVEYANCE OF THE QUALIFYING5
684+PROPERTY BY THE RESIDENTIAL SELLER ; 6
759685 (l) I
760686 F THE FIRST CERTIFICATE OF OCCUPANCY FOR THE QUALIFYING
761-PROPERTY WAS ISSUED WITHIN THIRTY YEARS PRECEDING THE DATE OF A
762-TRIGGERING EVENT THAT IS SET FORTH IN SECTION
763- 29-4-1202 (2)(b);
687+7
688+PROPERTY WAS ISSUED WITHIN THIRTY YEARS PRECEDING THE DATE OF A8
689+TRIGGERING EVENT THAT IS SET FORTH IN SECTION 29-4-1202 (2)(b);9
764690 (m) I
765691 F THE QUALIFYING PROPERTY IS THE SUBJECT OF A
766-FORECLOSURE ACTION OR IS ACQUIRED BY A FORECLOSING LENDER IN A
767-FORECLOSURE ACTION OR BY A DEED IN LIEU OF FORECLOSURE
768-;
692+10
693+FORECLOSURE ACTION OR IS ACQUIRED BY A FORECLOSING LENDER IN A11
694+FORECLOSURE ACTION OR BY A DEED IN LIEU OF FORECLOSURE ;12
769695 (n) M
770696 ADE TO ANY ORGANIZATION THAT PROVIDES NOTICE TO THE
771-LOCAL GOVERNMENT
772-, THAT AGREES TO RESYNDICATE THE QUALIFYING
773-PROPERTY PURSUANT TO
774-26 U.S.C. SEC. 42, AND THAT MAINTAINS
775-AFFORDABILITY FOR AT LEAST THIRTY YEARS FROM THE DATE OF THE
776-RESYNDICATION THROUGH A L AND USE RESTRICTIVE AGREEMENT ON THE
777-QUALIFYING PROPERTY
778-. AS USED IN THIS SUBSECTION (1)(m),
697+13
698+LOCAL GOVERNMENT , THAT AGREES TO RESYNDICATE THE QUALIFYING14
699+PROPERTY PURSUANT TO 26 U.S.C. SEC. 42, AND THAT MAINTAINS15
700+AFFORDABILITY FOR AT LEAST THIRTY YEARS FROM THE DATE OF THE16
701+RESYNDICATION THROUGH A LAND USE RESTRICTIVE AGREEMENT ON THE17
702+QUALIFYING PROPERTY . AS USED IN THIS SUBSECTION (1)(m),18
779703 "
780704 AFFORDABILITY" MEANS THAT RENT FOR ANY UNIT IN THE QUALIFYING
781-PROPERTY DOES NOT EXCEED THE RENT FOR HOUSEHOLDS OF A GIVEN SIZE
782-AT THE APPLICABLE AREA MEDIAN INCOME
783-, AS PUBLISHED ANNUALLY BY THE
784-UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT ; OR
785-(o) IF THE QUALIFYING PROPERTY WILL BE SOLD AND PURCHASED FOR
786-THE CONTINUED PROVISION OF
787-, OR WILL BE CONVERTED TO PROVIDE ,
788-MEDICAL SERVICES, SOCIAL SERVICES, OR HALFWAY HOUSING.
789-(2) (a) I
790-N ADDITION TO NOT RESPONDING TO A RESIDENTIAL SELLER 'S
791-NOTICE AS SET FORTH IN SECTION
792- 29-4-1202 (3)(a)(III) AND THE WAIVER SET
793-FORTH IN SUBSECTION
794-(3) OF THIS SECTION, THE LOCAL GOVERNMENT MAY
795-ALSO WAIVE ITS RIGHTS UNDER THIS PART
796-12 IF THE LOCAL GOVERNMENT
797-MAKES THE DETERMINATION THAT A PROPOSED SALE TO A THIRD
798--PARTY
799-BUYER WILL ENSURE THAT
800-:
801-PAGE 15-HOUSE BILL 23-1190 (I) THE THIRD-PARTY BUYER AGREES THAT AT LEAST TEN PERCENT
802-OF THE DWELLING UNITS IN THE QUALIFYING PROPERTY WILL NOT EXCEED
803-FIFTY PERCENT OF THE AREA MEDIAN INCOME FOR A PERIOD OF FIFTEEN
804-YEARS
805-;
705+19
706+PROPERTY DOES NOT EXCEED THE RENT FOR HOUSEHOLDS OF A GIVEN SIZE20
707+AT THE APPLICABLE AREA MEDIAN INCOME , AS PUBLISHED ANNUALLY BY21
708+THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN22
709+DEVELOPMENT; OR23
710+(o) I
711+F THE QUALIFYING PROPERTY WILL BE SOLD AND PURCHASED
712+24
713+FOR THE CONTINUED PROVISION OF, OR WILL BE CONVERTED TO PROVIDE,25
714+MEDICAL SERVICES, SOCIAL SERVICES, OR HALFWAY HOUSING.26
715+ (2) (a) IN ADDITION TO NOT RESP ONDING TO A27
716+1190
717+-20- RESIDENTIAL SELLER'S NOTICE AS SET FORTH IN SECTION 29-4-12021
718+(3)(a)(III)
719+AND THE WAIVER SET FORTH IN SUBSECTION (3) OF THIS
720+2
721+SECTION, THE LOCAL GOVERNMENT MAY ALSO WAIVE ITS RIGHTS UNDER3
722+THIS PART 12 IF THE LOCAL GOVERNMENT MAKES THE DETERMINATION4
723+THAT A PROPOSED SALE TO A THIRD-PARTY BUYER WILL ENSURE THAT :5
724+(I) T
725+HE THIRD-PARTY BUYER AGREES THAT AT LEAST TEN PERCENT
726+6
727+OF THE DWELLING UNITS IN THE QUALIFYING PROPERTY WILL NOT EXCEED7
728+FIFTY PERCENT OF THE AREA MEDIAN INCOME FOR A PERIOD OF FIFTEEN8
729+YEARS;9
806730 (II) T
807-HE THIRD-PARTY BUYER AGREES THAT AT LEAST TEN PERCENT
808-OF THE DWELLING UNITS IN THE QUALIFYING PROPERTY WILL NOT EXCEED
809-SIXTY PERCENT OF THE AREA MEDIAN INCOME FOR A PERIOD OF TWENTY
810-YEARS
811-; OR
812-(III) THE THIRD-PARTY BUYER AGREES THAT AT LEAST TEN PERCENT
813-OF THE DWELLING UNITS IN THE QUALIFYING PROPERTY WILL NOT EXCEED
814-EIGHTY PERCENT OF THE AREA MEDIAN INCOME FOR A PERIOD OF THIRTY
815-YEARS
816-.
731+HE THIRD-PARTY BUYER AGREES THAT AT LEAST TEN
732+10
733+PERCENT OF THE DWELLING UNITS IN THE QUALIFYING PROPERTY WILL NOT11
734+EXCEED SIXTY PERCENT OF THE AREA MEDIAN INCOME FOR A PERIOD OF12
735+TWENTY YEARS; OR13
736+(III) T
737+HE THIRD-PARTY BUYER AGREES THAT AT LEAST TEN
738+14
739+PERCENT OF THE DWELLING UNITS IN THE QUALIFYING PROPERTY WILL NOT15
740+EXCEED EIGHTY PERCENT OF THE AREA MEDIAN INCOME FOR A PERIOD16
741+THIRTY YEARS.17
817742 (b) I
818-N ORDER FOR THE REQUIREMENTS OF SUBSECTION (2)(a) OF THIS
819-SECTION TO BE MET
820-:
743+N ORDER FOR THE REQUIREMENTS OF SUBSECTION (2)(a) OF
744+18
745+THIS SECTION TO BE MET:19
821746 (I) T
822747 HE RESIDENTIAL SELLER MUST PROVIDE NOTICE TO THE LOCAL
823-GOVERNMENT PRIOR TO THE LOCAL GOVERNMENT MAKING AN OFFER TO
824-PURCHASE THE QUALIFYING PROPERTY UNDER SECTION
825-29-4-1202 THAT THE
826-THIRD
827--PARTY BUYER HAS MADE AN OFFER ON THE QUALIFYING PROPERTY
828-AND IS COMMITTED TO PRESERVING OR CONVERTING THE QUALIFYING
829-PROPERTY AS AFFORDABLE HOUSING UNDER EITHER SUBSECTION
830- (2)(a)(I),
831-(2)(a)(II),
832-OR (2)(a)(III) OF THIS SECTION IF THE QUALIFYING PROPERTY IS
833-SOLD TO THE THIRD
834--PARTY BUYER;
835-(II) T
836-HE THIRD-PARTY BUYER SHALL ENTER INTO AN AGREEMENT
837-WITH THE LOCAL GOVERNMENT THAT THE THIRD
838--PARTY BUYER SHALL
839-PRESERVE OR CONVERT THE QUALIFYING PROPERTY AS AFFORDABLE
840-HOUSING UNDER EITHER SUBSECTION
841- (2)(a)(I), (2)(a)(II), OR (2)(a)(III) OF
842-THIS SECTION IF THE QUALIFYING PROPERTY IS SOLD TO THE THIRD
843--PARTY
844-BUYER AND FOR ANY OTHER TERMS TO WHICH THE THIRD
845--PARTY BUYER AND
846-THE LOCAL GOVERNMENT AGREE
847-. IF, AFTER THE SALE OF THE QUALIFYING
848-PROPERTY TO THE THIRD
849--PARTY BUYER, THE THIRD-PARTY BUYER FAILS TO
850-COMPLY WITH THE TERMS OF THE AGREEMENT
851-, THE THIRD-PARTY BUYER
852-SHALL BE HELD LIABLE AND SUBJECT TO ANY REMEDIES AND ENFORCEMENT
853-UNDER THE AGREEMENT PURSUANT TO SECTION
854-29-4-1205 OR UNDER ANY
855-OTHER APPLICABLE LAW
856-.
857-PAGE 16-HOUSE BILL 23-1190 (III) THE THIRD-PARTY BUYER SHALL CERTIFY ITS COMPLIANCE WITH
858-THIS SUBSECTION
859-(2) AT LEAST ONCE EVERY TWO YEARS BY SUBMITTING
860-DOCUMENTATION TO THE LOCAL GOVERNMENT IN A FORM AND MANNER
861-DEEMED ACCEPTABLE BY THE LOCAL GOVERNMENT
862-.
748+20
749+GOVERNMENT PRIOR TO THE LOCAL GOVERNMENT MAKING AN OFFER TO21
750+PURCHASE THE QUALIFYING PROPERTY UNDER SECTION 29-4-1202 THAT22
751+THE THIRD-PARTY BUYER HAS MADE AN OFFER ON THE QUALIFYING23
752+PROPERTY AND IS COMMITTED TO PRESERVING OR CONVERTING THE24
753+QUALIFYING PROPERTY AS AFFORDABLE HOUSING UNDER EITHER25
754+SUBSECTION (2)(a)(I), (2)(a)(II), OR (2)(a)(III) OF THIS SECTION IF THE26
755+QUALIFYING PROPERTY IS SOLD TO THE THIRD -PARTY BUYER;27
756+1190
757+-21- (II) THE THIRD-PARTY BUYER SHALL ENTER INTO AN AGREEMENT1
758+WITH THE LOCAL GOVERNMENT THAT THE THIRD -PARTY BUYER SHALL2
759+PRESERVE OR CONVERT THE QUALIFYING PROPERTY AS AFFORDABLE3
760+HOUSING UNDER EITHER SUBSECTION (2)(a)(I), (2)(a)(II), OR (2)(a)(III) OF4
761+THIS SECTION IF THE QUALIFYING PROPERTY IS SOLD TO THE THIRD-PARTY5
762+BUYER AND FOR ANY OTHER TERMS TO WHICH THE THIRD -PARTY BUYER6
763+AND THE LOCAL GOVERNMENT AGREE . IF, AFTER THE SALE OF THE7
764+QUALIFYING PROPERTY TO THE THIRD -PARTY BUYER, THE THIRD-PARTY8
765+BUYER FAILS TO COMPLY WITH THE TERMS OF THE AGREEMENT , THE9
766+THIRD-PARTY BUYER SHALL BE HELD LIABLE AND SUBJECT TO ANY10
767+REMEDIES AND ENFORCEMENT UNDER THE AGREEMENT PURSUANT TO11
768+SECTION 29-4-1205 OR UNDER ANY OTHER APPLICABLE LAW .12
769+(III) T
770+HE THIRD-PARTY BUYER SHALL CERTIFY ITS COMPLIANCE
771+13
772+WITH THIS SUBSECTION (2) AT LEAST ONCE EVERY TWO YEARS BY14
773+SUBMITTING DOCUMENTATION TO THE LOCAL GOVERNMENT IN A FORM15
774+AND MANNER DEEMED ACCEPTABLE BY THE LOCAL GOVERNMENT .16
863775 (c) T
864776 HE WAIVER PROVIDED UNDER THIS SUBSECTION (2) IS ONLY
865-EFFECTIVE FOR THE SALE TO THE THIRD
866--PARTY BUYER IDENTIFIED IN THE
867-NOTICE REQUIRED BY SUBSECTION
868- (2)(b)(I) OF THIS SECTION, AND IF THE
869-SALE TO THE THIRD
870--PARTY BUYER DOES NOT OCCUR THEN THE WAIVER IS
871-VOID AND THE LOCAL GOVERNMENT IS ENTITLED TO ALL THE RIGHTS
872-PROVIDED UNDER THIS PART
873-12.
777+17
778+EFFECTIVE FOR THE SALE TO THE THIRD-PARTY BUYER IDENTIFIED IN THE18
779+NOTICE REQUIRED BY SUBSECTION (2)(b)(I) OF THIS SECTION, AND IF THE19
780+SALE TO THE THIRD-PARTY BUYER DOES NOT OCCUR THEN THE WAIVER IS20
781+VOID AND THE LOCAL GOVERNMENT IS ENTITLED TO ALL THE RIGHTS21
782+PROVIDED UNDER THIS PART 12.22
874783 (3) I
875784 N ADDITION TO NOT RESPONDING TO A RESIDENTIAL SELLER 'S
876-NOTICE AS SET FORTH IN SECTION
877- 29-4-1202 (3)(a)(III) AND THE WAIVER SET
878-FORTH IN SUBSECTION
879-(2) OF THIS SECTION, THE LOCAL GOVERNMENT MAY
880-ALSO WAIVE ITS RIGHTS UNDER THIS PART
881-12 IF THE GOVERNING BODY OF
882-THE LOCAL GOVERNMENT ELECTS TO DISCLAIM ANY RIGHTS PROVIDED
883-UNDER THIS PART
884-12 WITH RESPECT TO ANY PROPOSED TRANSACTION OR FOR
885-ANY DURATION OF TIME
886-.
887-29-4-1204. Conversion of qualifying property purchased by the
888-local government. (1) T
889-HE LOCAL GOVERNMENT , ITS ASSIGNEE, OR A
890-THIRD
891--PARTY BUYER PURSUANT TO SECTION 29-4-1203 (2), SUBSEQUENT TO
892-ACQUIRING A QUALIFYING PROPERTY PURSUANT TO THIS PART
893-12, MAY
894-CONVERT THE PROPERTY TO A DIFFERENT USE IF
895-:
785+23
786+NOTICE AS SET FORTH IN SECTION 29-4-1202 (3)(a)(III) AND THE WAIVER24
787+SET FORTH IN SUBSECTION (2) OF THIS SECTION, THE LOCAL GOVERNMENT25
788+MAY ALSO WAIVE ITS RIGHTS UNDER THIS PART 12 IF THE GOVERNING26
789+BODY OF THE LOCAL GOVERNMENT ELECTS TO DISCLAIM ANY RIGHTS27
790+1190
791+-22- PROVIDED UNDER THIS PART 12 WITH RESPECT TO ANY PROPOSED1
792+TRANSACTION OR FOR ANY DURATION OF TIME .2
793+29-4-1204. Conversion of qualifying property purchased by3
794+the local government. (1) T
795+HE LOCAL GOVERNMENT , ITS ASSIGNEE, OR4
796+A THIRD-PARTY BUYER PURSUANT TO SECTION 29-4-1203 (2), SUBSEQUENT5
797+TO ACQUIRING A QUALIFYING PROPERTY PURSUANT TO THIS PART 12, MAY6
798+CONVERT THE PROPERTY TO A DIFFERENT USE IF :7
896799 (a) T
897-HE QUALIFYING PROPERTY HAS BEEN MAINTAINED AS
898-LONG
899--TERM AFFORDABLE HOUSING FOR A DURATION OF AT LEAST FIFTY
900-YEARS
901-;
800+HE QUALIFYING PROPERTY HAS BEEN MAINTAINED AS8
801+LONG-TERM AFFORDABLE HOUSING FOR A DURATION OF AT LEAST FIFTY9
802+YEARS;10
902803 (b) A
903-T LEAST ONE HUNDRED TWENTY CALENDAR DAYS BEFORE THE
904-CONVERSION
905-, NOTICE OF THE CONVERSION IS GIVEN TO THE RESIDENTS AT
906-THE QUALIFYING PROPERTY AND ANY RESIDENT WHO WILL BE DISPLACED BY
907-THE CONVERSION OF THE QUALIFYING PROPERTY IS PROVIDED WITH
908-RELOCATION COMPENSATION THAT EQUALS TWELVE MONTHS OF THE
909-RESIDENT
910-'S CURRENT RENT OR TWELVE MONTHS MARKET RENT FOR THE
911-COUNTY IN WHICH THE QUALIFYING PROPERTY IS LOCATED
912-, WHICHEVER IS
913-GREATER
914-; AND
915-(c) THE LOCAL GOVERNMENT , ITS ASSIGNEE, OR A THIRD-PARTY
916-PAGE 17-HOUSE BILL 23-1190 BUYER PURSUANT TO SECTION 29-4-1203 (2), GUARANTEES THE
917-DEVELOPMENT OR CONVERSION OF AN EQUAL OR GREATER AM OUNT OF
918-UNITS WITHIN THE LOCAL GOVERNMENT IN WHICH THE QUALIFYING
919-PROPERTY IS LOCATED FOR DESIGNATED LONG
920--TERM AFFORDABLE HOUSING
921-AS SET FORTH UNDER THIS PART
922-12 AND GUARANTEES THAT THE UNITS WILL
923-BE OFFERED TO ANY RESIDENT WHO WILL BE DISPLACED BY THE CONVERSION
924-OF THE QUALIFYING PROPERTY BEFORE THE UNITS ARE MADE AVAILABLE TO
925-THE GENERAL PUBLIC
926-.
927-(2) N
928-OTHING WITHIN THIS PART 12 LIMITS THE LOCAL GOVERNMENT'S
929-ABILITY TO CONDEMN A QUALIFYING PROPERTY ACQUIRED PURSUANT TO
930-THIS PART
931-12 TO THE EXTENT PERMITTED BY APPLICABLE LAW .
932-29-4-1205. Remedies for noncompliance - definitions.
933-(1) (a) (I) N
934-OTWITHSTANDING SUBSECTION (1)(c) OF THIS SECTION AND
935-SUBJECT TO AVAILABILITY OF RESOURCES
936-, IT IS THE RESPONSIBILITY OF THE
937-ATTORNEY GENERAL
938-'S OFFICE TO ENFORCE THE PROVISIONS OF THIS PART 12,
939-AND THE ATTORNEY GENERAL MAY INTERVENE IN ANY ACTION BROUGHT
940-PURSUANT TO SUBSECTION
941- (1)(c) OF THIS SECTION. ANY TITLE TRANSFERRED
942-SUBSEQUENT TO THE TRIGGERING EVENTS SET FORTH IN SECTION
943-29-4-1202
944-(2)(b)
945-REMAINS SUBJECT TO THE PROPERTY INTERESTS OF THE LOCAL
946-GOVERNMENT IN A QUALIFYING PROPERTY AS SET FORTH IN SUBSECTION
947-(1)(b) OF THIS SECTION, UNLESS SUCH PROPERTY INTERESTS HAVE EXPIRED ,
948-ARE RELEASED OR WAIVED , OR UNTIL AN EQUITABLE REMEDY HAS BEEN
949-PROVIDED
950-.
951-(II) N
952-OTWITHSTANDING SUBSECTION (1)(a)(I) OF THIS SECTION OR
953-ANY OTHER PROVISION OF THIS PART
954-12:
804+T LEAST ONE HUNDRED TWENTY
805+CALENDAR DAYS BEFORE11
806+THE CONVERSION, NOTICE OF THE CONVERSION IS GIVEN TO THE RESIDENTS12
807+AT THE QUALIFYING PROPERTY AND ANY RESIDENT WHO WILL BE13
808+DISPLACED BY THE CONVERSION OF THE QUALIFYING PROPERTY IS14
809+PROVIDED WITH RELOCATION COMPENSATION THAT EQUALS TWELVE15
810+MONTHS OF THE RESIDENT'S CURRENT RENT OR TWELVE MONTHS MARKET16
811+RENT FOR THE COUNTY IN WHICH THE QUALIFYING PROPERTY IS LOCATED ,17
812+WHICHEVER IS GREATER; AND18
813+(c) T
814+HE LOCAL GOVERNMENT , ITS ASSIGNEE, OR A THIRD-PARTY19
815+BUYER PURSUANT TO SECTION 29-4-1203 (2), GUARANTEES THE20
816+DEVELOPMENT OR CONVERSION OF AN EQUAL OR GREATER AMOUNT OF21
817+UNITS WITHIN THE LOCAL GOVERNMENT IN WHICH THE QUALIFYING22
818+PROPERTY IS LOCATED FOR DESIGNATED LONG -TERM AFFORDABLE23
819+HOUSING AS SET FORTH UNDER THIS PART 12 AND GUARANTEES THAT THE24
820+UNITS WILL BE OFFERED TO ANY RESIDENT WHO WILL BE DISPLACED BY25
821+THE CONVERSION OF THE QUALIFYING PROPERTY BEFORE THE UNITS ARE26
822+MADE AVAILABLE TO THE GENERAL PUBLIC .27
823+1190
824+-23- (2) NOTHING WITHIN THIS PART 12 LIMITS THE LOCAL1
825+GOVERNMENT'S ABILITY TO CONDEMN A QUALIFYING PROPERTY ACQUIRED2
826+PURSUANT TO THIS PART 12 TO THE EXTENT PERMITTED BY APPLICABLE3
827+LAW.4
828+29-4-1205. Remedies for noncompliance - definitions.5
829+(1) (a) (I) NOTWITHSTANDING SUBSECTION (1)(c) OF THIS SECTION AND6
830+SUBJECT TO AVAILABILITY OF RESOURCES , IT IS THE RESPONSIBILITY OF7
831+THE ATTORNEY GENERAL 'S OFFICE TO ENFORCE THE PROVISIONS OF THIS8
832+PART 12, AND THE ATTORNEY GENERAL MAY INTERVENE IN ANY ACTION9
833+BROUGHT PURSUANT TO SUBSECTION (1)(c) OF THIS SECTION. ANY TITLE10
834+TRANSFERRED SUBSEQUENT TO THE TRIGGERING EVENTS SET FORTH IN11
835+SECTION 29-4-1202 (2)(b) REMAINS SUBJECT TO THE PROPERTY INTERESTS12
836+OF THE LOCAL GOVERNMENT IN A QUALIFYING PROPERTY AS SET FORTH IN13
837+SUBSECTION (1)(b) OF THIS SECTION, UNLESS SUCH PROPERTY INTERESTS14
838+HAVE EXPIRED, ARE RELEASED OR WAIVED , OR UNTIL AN EQUITABLE15
839+REMEDY HAS BEEN PROVIDED .16
840+(II) NOTWITHSTANDING SUBSECTION (1)(a)(I) OF THIS SECTION OR17
841+ANY OTHER PROVISION OF THIS PART 12:18
955842 (A) I
956-N ADDITION TO THE REMEDIES SET FORTH IN SUBSECTION (3) OF
957-THIS SECTION
958-, IF A COURT FINDS THAT A RESIDENTIAL SELLER HAS MADE A
959-MISREPRESENTATION IN AN AFFIDAVIT MADE IN ACCOR DANCE WITH SECTION
960-29-4-1202 (2)(e), THE SOLE REMEDY AVAILABLE IS AGAINST THE
961-RESIDENTIAL SELLER
962-; AND
963-(B) THE INTEREST IN A QUALIFYING PROPERTY TRANSFERRED IN
964-RELIANCE ON AN AFFIDAVIT MADE IN ACCORDANCE WITH SECTION
965- 29-4-1202
966-(2)(e)
967-IS NOT SUBJECT TO THE PROPERTY INTERESTS OF THE LOCAL
968-GOVERNMENT IN THE QUALIFYING PROPERTY
969-.
970-PAGE 18-HOUSE BILL 23-1190 (b) THE RIGHTS ACCORDED BY THIS PART 12 TO THE LOCAL
971-GOVERNMENT WITH RESPECT TO A QUALIFYING PROPERTY ARE PROPERTY
972-INTERESTS
973-.
843+N ADDITION TO THE REMEDIES SET FORTH IN SUBSECTION (3)
844+19
845+OF THIS SECTION, IF A COURT FINDS THAT A RESIDENTIAL SELLER HAS20
846+MADE A MISREPRESENTATION IN AN AFFIDAVIT MADE IN ACCORDANCE21
847+WITH SECTION 29-4-1202 (2)(e), THE SOLE REMEDY AVAILABLE IS AGAINST22
848+THE RESIDENTIAL SELLER; AND23
849+(B) T
850+HE INTEREST IN A QUALIFYING PROPERTY TRANSFERRED IN
851+24
852+RELIANCE ON AN AFFIDAVIT MADE IN ACCORDANCE WITH SECTION25
853+29-4-1202 (2)(e)
854+IS NOT SUBJECT TO THE PROPERTY INTERESTS OF THE
855+26
856+LOCAL GOVERNMENT IN THE QUALIFYING PROPERTY .27
857+1190
858+-24- (b) THE RIGHTS ACCORDED BY THIS PART 12 TO THE LOCAL1
859+GOVERNMENT WITH RESPECT TO A QUALIFYING PROPERTY ARE2
860+PROPERTY INTERESTS.3
974861 (c) T
975862 HE ATTORNEY GENERAL'S OFFICE, THE LOCAL GOVERNMENT,
976-THE LOCAL GOVERNMENT 'S ASSIGNEE, OR A MISSION-DRIVEN ORGANIZATION
977-ON BEHALF OF THE STATE MAY BRING A CIVIL ACTION AGAINST A
978-RESIDENTIAL SELLER OR A PERSON CLAIMING AN INTEREST IN A QUALIFYING
979-PROPERTY THROUGH A RESIDENTIAL SELLER FOR ANY VIOLATION OF THIS
980-PART
981-12.
863+4
864+THE LOCAL GOVERNMENT 'S ASSIGNEE, OR A MISSION -DRIVEN5
865+ORGANIZATION ON BEHALF OF THE STATE MAY BRING A CIVIL ACTION6
866+AGAINST A RESIDENTIAL SELLER OR A PERSON CLAIMING AN INTEREST IN7
867+A QUALIFYING PROPERTY THROUGH A RESIDENTIAL SELLER FOR ANY8
868+VIOLATION OF THIS PART 12.9
982869 (2) A
983- COURT MAY GRANT INJUNCTIVE RELIEF FOR ANY VIOLATIONS
984-OF THIS PART
985-12 BY A RESIDENTIAL SELLER OR A PERSON CLAIMING AN
986-INTEREST IN A QUALIFYING PROPERTY THROUGH A RESIDENTIAL SELLER
987-OCCURRING AFTER A TRIGGERING EVENT PURSUANT TO SECTION
988- 29-4-1202
989-(2)(b).
990-(3) I
991-F A COURT FINDS THAT A RESIDENTIAL SELLER , OR A
992-THIRD
993--PARTY BUYER THAT HAS ENTERED INTO AN AGREEMENT WITH THE
994-LOCAL GOVERNMENT PURSUANT TO SECTION
995- 29-4-1203 (2), IS IN MATERIAL
996-VIOLATION OF THIS PART
997-12, IN ADDITION TO ANY OTHER AVAILABLE
998-REMEDY
999-, THE COURT SHALL AWARD A STATUTORY PENALTY OF NOT LESS
1000-THAN FIFTY THOUSAND DOLLARS OR AN AMOUNT EQUAL TO THIRTY PERCENT
1001-OF THE PURCHASE OR LISTING PRICE OF THE QUALIFYING PROPERTY
1002-,
1003-WHICHEVER AMOUNT IS GREATER .
1004-(4) A
1005- COURT MAY ALSO AWARD DAMAGES , REASONABLE ATTORNEY
1006-FEES
1007-, AND COSTS TO A PREVAILING PARTY ; EXCEPT THAT, IN AN ACTION
1008-BROUGHT OR JOINED BY THE ATTORNEY GENERAL
1009-'S OFFICE, THE LOCAL
1010-GOVERNMENT
1011-, THE LOCAL GOVERNMENT'S ASSIGNEE, OR A MISSION-DRIVEN
1012-ORGANIZATION
1013-, A COURT SHALL NOT AWARD ATTORNEY FEES TO A
1014-RESIDENTIAL SELLER OR PERSON CLAIMING AN INTEREST IN A QUALIFYING
1015-PROPERTY THROUGH A RESIDENTIAL SELLER UNLESS THE COURT FINDS THAT
1016-THE COMPLAINT FILED BY THE ATTORNEY GENERAL
1017-'S OFFICE, THE LOCAL
1018-GOVERNMENT
1019-, THE LOCAL GOVERNMENT'S ASSIGNEE, OR A MISSION-DRIVEN
1020-ORGANIZATION WAS FRIVOLOUS
1021-, NOTWITHSTANDING ANY AGREEMENT TO
1022-THE CONTRARY
1023-.
1024-(5) T
1025-HE REMEDIES PROVIDED IN THIS SECTION ARE INDEPENDENT OF
1026-AND DO NOT AFFECT ANY CIVIL ACTION AND REMEDIES OR THE RIGHT OF ANY
1027-PAGE 19-HOUSE BILL 23-1190 PARTY TO ANY TRANSACTION CONTEMPLATED UNDER THIS PART 12.
870+ COURT MAY GRANT INJUNCTIVE RELIEF FOR ANY VIOLATIONS10
871+OF THIS PART 12 BY A RESIDENTIAL SELLER OR A PERSON CLAIMING AN11
872+INTEREST IN A QUALIFYING PROPERTY THROUGH A RESIDENTIAL SELLER12
873+OCCURRING AFTER A TRIGGERING EVENT PURSUANT TO SECTION 29-4-120213
874+(2)(b).14 (3) IF A COURT FINDS THAT A RESIDENTIAL SELLER , OR A15
875+THIRD-PARTY BUYER THAT HAS ENTERED INTO AN AGREEMENT WITH THE16
876+LOCAL GOVERNMENT PURSUANT TO SECTION 29-4-1203 (2), IS IN17
877+MATERIAL VIOLATION OF THIS PART 12, IN ADDITION TO ANY OTHER18
878+AVAILABLE REMEDY, THE COURT SHALL AWARD A STATUTORY PENALTY19
879+OF NOT LESS THAN FIFTY THOUSAND DOLLARS OR AN AMOUNT EQUAL TO20
880+THIRTY PERCENT OF THE PURCHASE OR LISTING PRICE OF THE QUALIFYING21
881+PROPERTY, WHICHEVER AMOUNT IS GREATER .22
882+(4) A COURT MAY ALSO AWARD DAMAGES , REASONABLE23
883+ATTORNEY FEES, AND COSTS TO A PREVAILING PARTY; EXCEPT THAT, IN AN24
884+ACTION BROUGHT OR JOINED BY THE ATTORNEY GENERAL 'S OFFICE, THE25
885+LOCAL GOVERNMENT , THE LOCAL GOVERNMENT 'S ASSIGNEE, OR A26
886+MISSION-DRIVEN ORGANIZATION, A COURT SHALL NOT AWARD ATTORNEY27
887+1190
888+-25- FEES TO A RESIDENTIAL SELLER OR PERSON CLAIMING AN INTEREST IN A1
889+QUALIFYING PROPERTY THROUGH A RESIDENTIAL SELLER UNLESS THE2
890+COURT FINDS THAT THE COMPLAINT FILED BY THE ATTORNEY GENERAL 'S3
891+OFFICE, THE LOCAL GOVERNMENT, THE LOCAL GOVERNMENT'S ASSIGNEE,4
892+OR A MISSION -DRIVEN ORGANIZATION WAS FRIVOLOUS ,5
893+NOTWITHSTANDING ANY AGREEMENT TO THE CONTRARY .6
894+(5) THE REMEDIES PROVIDED IN THIS SECTION ARE INDEPENDENT7
895+OF AND DO NOT AFFECT ANY CIVIL ACTION AND REMEDIES OR THE RIGHT8
896+OF ANY PARTY TO ANY TRANSACTION CONTEMPLATED UNDER THIS PART9
897+12.10
898+ 11
1028899 29-4-1206. Repeal of part. T
1029900 HIS PART 12 IS REPEALED, EFFECTIVE
1030-AUGUST 1, 2028.
1031-SECTION 2. Act subject to petition - effective date -
1032-applicability. (1) This act takes effect at 12:01 a.m. on the day following
1033-the expiration of the ninety-day period after final adjournment of the
1034-general assembly; except that, if a referendum petition is filed pursuant to
1035-section 1 (3) of article V of the state constitution against this act or an item,
1036-section, or part of this act within such period, then the act, item, section, or
1037-part will not take effect unless approved by the people at the general
1038-election to be held in November 2024 and, in such case, will take effect on
1039-the date of the official declaration of the vote thereon by the governor.
1040-PAGE 20-HOUSE BILL 23-1190 (2) This act applies to all qualifying properties which are listed for
1041-sale but are not under contract on or after the applicable effective date of
1042-this act.
1043-____________________________ ____________________________
1044-Julie McCluskie Steve Fenberg
1045-SPEAKER OF THE HOUSE PRESIDENT OF
1046-OF REPRESENTATIVES THE SENATE
1047-____________________________ ____________________________
1048-Robin Jones Cindi L. Markwell
1049-CHIEF CLERK OF THE HOUSE SECRETARY OF
1050-OF REPRESENTATIVES THE SENATE
1051- APPROVED________________________________________
1052- (Date and Time)
1053- _________________________________________
1054- Jared S. Polis
1055- GOVERNOR OF THE STATE OF COLORADO
1056-PAGE 21-HOUSE BILL 23-1190
901+12
902+A
903+UGUST 1, 2028.
904+13
905+SECTION 2. Act subject to petition - effective date -14
906+applicability. (1) This act takes effect at 12:01 a.m. on the day following15
907+the expiration of the ninety-day period after final adjournment of the16
908+general assembly; except that, if a referendum petition is filed pursuant17
909+to section 1 (3) of article V of the state constitution against this act or an18
910+item, section, or part of this act within such period, then the act, item,19
911+section, or part will not take effect unless approved by the people at the20
912+general election to be held in November 2024 and, in such case, will take21
913+effect on the date of the official declaration of the vote thereon by the22
914+governor.23
915+(2) This act applies to all qualifying properties which are listed for24
916+sale but are not under contract on or after the applicable effective date of25
917+this act.26
918+1190
919+-26-