Second Regular Session
Seventy-fourth General Assembly
STATE OF COLORADO
INTRODUCED
LLS NO. 24-0096.02 Megan McCall x4215
HOUSE BILL 24-1175
House Committees Senate Committees
Transportation, Housing & Local Government
A BILL FOR AN ACT
C
ONCERNING A LOCAL GOVERNMENT RIGHT OF FIRST REFUSAL OR101
OFFER TO PURCHASE QUALIFYING MULTIFAMILY PROPERTY FOR102
THE PURPOSE OF PROVIDING LONG -TERM AFFORDABLE HOUSING103
OR MIXED-INCOME DEVELOPMENT .104
Bill Summary
(Note: This summary applies to this bill as introduced and does
not reflect any amendments that may be subsequently adopted. If this bill
passes third reading in the house of introduction, a bill summary that
applies to the reengrossed version of this bill will be available at
http://leg.colorado.gov
.)
The bill creates 2 property rights for local governments to certain
types of multifamily rental properties: A right of first refusal and a right
of first offer. The right of first offer is temporary and terminates on
HOUSE SPONSORSHIP
Boesenecker and Sirota,
SENATE SPONSORSHIP
Winter F. and Jaquez Lewis,
Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
Capital letters or bold & italic numbers indicate new material to be added to existing law.
Dashes through the words or numbers indicate deletions from existing law. December 31, 2029. For multifamily rental properties that are existing
affordable housing, a local government has a right of first refusal to
match an acceptable offer for the purchase of such property, subject to the
local government's commitment to using the property as long-term
affordable housing. Existing affordable housing is housing that is
currently receiving federal or local financial assistance.
The bill requires the seller of such property to give notice to the
local government at least 2 years before the first expiration of an existing
affordability restriction on the property and again when the seller takes
certain actions as a precursor to selling the property. Upon receiving the
notice indicating intent to sell the property or of a potential sale of the
property, the local government has 14 calendar days to preserve its right
of first refusal and an additional 60 calendar days to make an offer and
must agree to close on the property within 120 calendar days of the
acceptance of the local government's offer. If the price, terms, and
conditions of an acceptable offer that has been communicated to the local
government materially change, the seller must provide notice of the
change within 7 days and the local government may exercise or
re-exercise its right of first refusal. If the residential seller rejects an offer
by the local government, the seller must provide a written explanation of
the reasons and invite the local government to make a subsequent offer
within 14 days.
For all other multifamily rental properties that are 20 years or older
and have not more than 100 units and not less than 5 units in urban
counties and 3 units in rural and rural resort counties, a local government
has a right of first offer. A seller of such property must provide notice of
intent to sell the property to the local government before the seller lists
the property for sale. After receipt of the notice, the local government has
14 days to respond by either making an offer to purchase the property and
stating an intent to perform due diligence and enter into a contract to
purchase the property within 45 days of the date that the residential
seller's notice was received or waiving its right to purchase the property.
The local government's offer is subject to the property being used or
converted for the purpose of providing long-term affordable housing or
mixed-income development. If the local government does not provide a
response in the 14-day period, the right of first offer is waived and the
residential seller can proceed with listing and selling the property to any
third-party buyer. The residential seller has 14 days to accept or reject the
local government's offer and, if the offer is accepted, the local
government has 30 days to close the transaction.
In exercising its right of first refusal or first offer, the local
government may partner with certain other entities for financing of the
transaction and may also assign either right to certain other entities that
are then subject to all the rights and requirements of the local government
in exercising either right.
HB24-1175
-2- The bill allows certain sales of property to be exempt from either
the right of first refusal, the right of first offer, or both. The bill also
allows the local government to waive its right of first refusal to purchase
property qualifying for the right if the local government elects to disclaim
its rights to any proposed transaction or for any duration of time.
The bill also requires the attorney general's office to enforce its
provisions and grants the attorney general's office, the local government,
or a mission-driven organization standing to bring a civil action for
violations of the right of first refusal or first offer established by the bill.
If a court finds that a seller has materially violated the law with respect
to the right of first refusal or first offer, respectively, the court must award
a statutory penalty of not less than $30,000.
Be it enacted by the General Assembly of the State of Colorado:1
SECTION 1. In Colorado Revised Statutes, add part 12 to article2
4 of title 29 as follows:3
PART 124
LOCAL GOVERNMENT RIGHT OF FIRST REFUSAL OR FIRST5
OFFER TO PURCHASE MULTIFAMILY HOUSING6
29-4-1201. Definitions. A
S USED IN THIS PART 12, UNLESS THE7
CONTEXT OTHERWISE REQUIRES :8
(1) "A
PPLICABLE QUALIFYING PROPERTY " MEANS EITHER9
"
QUALIFYING PROPERTY" AS DEFINED IN SECTION 29-4-1202 (1), OR10
"
QUALIFYING PROPERTY" AS DEFINED IN SECTION 29-4-1203 (1).11
(2) "A
PPLICABLE RIGHT" MEANS EITHER A LOCAL GOVERNMENT 'S12
RIGHT OF FIRST REFUSAL AS SET FORTH IN SECTION 29-4-1202, OR RIGHT13
OF FIRST OFFER AS SET FORTH IN SECTION 29-4-1203.14
(3) "A
REA MEDIAN INCOME" MEANS THE MEDIAN INCOME OF THE15
COUNTY IN WHICH A QUALIFYING PROPERTY IS LOCATED IN RELATION TO16
HOUSEHOLD SIZE, AS PUBLISHED ANNUALLY BY THE UNITED STATES17
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT , THE COLORADO18
HOUSING AND FINANCE AUTHORITY , OR THE DIVISION.19
HB24-1175-3- (4) "COLORADO HOUSING AND FINANCE AUTHORITY " MEANS THE1
C
OLORADO HOUSING AND FINANCE AUTHORITY CREATED IN SECTION2
29-4-704
(1).3
(5) "D
EPARTMENT" MEANS THE DEPARTMENT OF LOCAL AFFAIRS4
CREATED IN SECTION 24-1-125 (1).5
(6) "D
IVISION" MEANS THE DIVISION OF HOUSING CREATED IN6
SECTION 24-32-704 (1) WITHIN THE DEPARTMENT.7
(7) "E
XISTING AFFORDABLE HOUSING " MEANS HOUSING THAT8
RECEIVES FEDERAL FINANCIAL ASSISTANCE OR LOCAL FINANCIAL9
ASSISTANCE.10
(8) "F
EDERAL FINANCIAL ASSISTANCE " MEANS FINANCIAL11
ASSISTANCE RECEIVED FROM OR AS A RESULT OF FEDERAL PROGRAMS12
THAT AIM TO SUPPORT THE CREATION, PRESERVATION, OR REHABILITATION13
OF AFFORDABLE HOUSING . THIS INCLUDES ALL RELEVANT PROGRAMS14
ADMINISTERED BY THE UNITED STATES DEPARTMENT OF HOUSING AND15
URBAN DEVELOPMENT , UNITED STATES DEPARTMENT OF TREASURY , AND16
U
NITED STATES DEPARTMENT OF AGRICULTURE .17
(9) "L
OCAL GOVERNMENT" MEANS:18
(a)
A CITY, CITY AND COUNTY, OR TOWN IF THE APPLICABLE19
QUALIFYING PROPERTY IS LOCATED WITHIN THE INCORPORATED AREA OF20
A CITY, A CITY AND COUNTY, OR A TOWN; AND21
(b)
A COUNTY IF THE APPLICABLE QUALIFYING PROPERTY IS22
LOCATED WITHIN THE UNINCORPORATED AREA OF A COUNTY .23
(10) "L
ONG-TERM AFFORDABLE HOUSING " MEANS HOUSING FOR24
WHICH THE LOCAL GOVERNMENT ENSURES THAT AFFORDABILITY LEVELS25
ARE EQUAL TO OR GREATER THAN PRE -EXISTING LEVELS AT THE26
QUALIFYING PROPERTY AND THAT THE ANNUAL RENT FOR ANY UNIT IN THE27
HB24-1175
-4- APPLICABLE QUALIFYING PROPERTY DOES NOT EXCEED THE RENT FOR1
HOUSEHOLDS OF A GIVEN SIZE AT A GIVEN AREA MEDIAN INCOME , AS2
PUBLISHED ANNUALLY BY THE UNITED STATES DEPARTMENT OF HOUSING3
AND URBAN DEVELOPMENT , THE COLORADO HOUSING AND FINANCE4
AUTHORITY, OR THE DIVISION, FOR A MINIMUM OF ONE HUNDRED YEARS ,5
AND FOR WHICH THE LOCAL GOVERNMENT AGREES NOT TO RAISE RENT FOR6
ANY UNIT IN THE APPLICABLE QUALIFYING PROPERTY BY MORE THAN THE7
RENT INCREASE CAP; EXCEPT THAT THE RENT INCREASE CAP DOES NOT8
APPLY TO UNITS OF HOUSING REGULATED BY FAIR MARKET RENTS9
PUBLISHED BY THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN10
DEVELOPMENT, THE COLORADO HOUSING AND FINANCE AUTHORITY , OR11
ANY OTHER FEDERAL FINANCIAL ASSISTANCE OR STATE OR LOCAL12
FINANCIAL ASSISTANCE FUNDING THAT RESTRICTS OR LIMITS ALLOWABLE13
RENTS.14
(11) "M
ISSION-DRIVEN ORGANIZATION" MEANS AN ORGANIZATION15
IN GOOD STANDING WITH THE SECRETARY OF STATE THAT IS EXEMPT FROM16
TAXATION PURSUANT TO SECTION 501 (a) OF THE FEDERAL "INTERNAL17
R
EVENUE CODE OF 1986", AS AMENDED, AND LISTED AS AN EXEMPT18
ORGANIZATION IN SECTION 501 (c)(3) OF THE FEDERAL "INTERNAL19
R
EVENUE CODE OF 1986", AS AMENDED.20
(12) "M
IXED-INCOME PROJECT" MEANS AN AFFORDABLE HOUSING21
DEVELOPMENT IN WHICH A PERCENTAGE OF UNITS HAVE RESTRICTED22
AVAILABILITY TO HOUSEHOLDS AT OR BELOW GIVEN AREA MEDIAN INCOME23
LEVELS, PROPORTIONAL TO THE DEMONSTRATED HOUSING NEEDS OF THE24
LOCAL COMMUNITY. THE PERCENTAGE OF INCOME RESTRICTED UNITS AND25
AFFORDABILITY LEVELS MUST COMPLY WITH LAWS ENACTED BY LOCAL26
GOVERNMENTS PROMOTING THE DEVELOPMENT OF NEW AFFORDABLE27
HB24-1175
-5- HOUSING UNITS PURSUANT TO SECTION 29-20-104 (1).1
(13) "R
ENT INCREASE CAP" MEANS A PERCENTAGE OF THE2
CURRENT ANNUAL RENT FOR A QUALIFYING PROPERTY THAT IS EQUAL TO3
THE GREATER OF:4
(a) T
HE AVERAGE ANNUAL PERCENTAGE CHANGE FOR THE5
PREVIOUS TWELVE MONTHS AT THE TIME OF THE CALCULATION IN THE6
U
NITED STATES DEPARTMENT OF LABOR 'S BUREAU OF LABOR STATISTICS7
CONSUMER PRICE INDEX FOR DENVER-AURORA-LAKEWOOD FOR ALL8
ITEMS AND ALL URBAN CONSUMERS , OR ITS SUCCESSOR INDEX; OR9
(b) T
HREE PERCENTAGE POINTS.10
(14) "R
ESIDENTIAL SELLER" MEANS AN OWNER OF AN APPLICABLE11
QUALIFYING PROPERTY.12
(15) "S
TATE OR LOCAL FINANCIAL ASSISTANCE" MEANS FINANCIAL13
ASSISTANCE RECEIVED FROM OR TH ROUGH PROGRAMS OF THE STATE OR A14
LOCAL PUBLIC ENTITY AIMING TO SUPPORT THE CREATION , PRESERVATION,15
OR REHABILITATION OF AFFORDABLE HOUSING . THIS INCLUDES ALL16
RELEVANT PROGRAMS ADMINISTERED BY THE DEPARTMENT OF LOCAL17
AFFAIRS, THE COLORADO HOUSING AND FINANCE AUTHORITY , THE18
C
OLORADO OFFICE OF ECONOMIC DEVELOPMENT CREATED IN SECTION19
24-48.5-101
(1), THE COLORADO MIDDLE INCOME HOUSING AUTHORITY20
CREATED IN SECTION 29-4-1104 (1), AND ANY OTHER STATE OR LOCAL21
FINANCIAL ASSISTANCE.22
29-4-1202. Right of first refusal - eligibility - process - notice23
- tolling - definition. (1) Definition of qualifying property. A
S USED IN24
THIS SECTION, UNLESS THE CONTEXT OTHERWISE REQUIRES , "QUALIFYING25
PROPERTY" MEANS A MULTIFAMILY RESIDENTIAL OR MIXED -USE RENTAL26
PROPERTY THAT IS EXISTING AFFORDABLE HOUSING , EXCLUDING A MOBILE27
HB24-1175
-6- HOME PARK AS DEFINED IN SECTION 38-12-201.5 (6).1
(2) Local government's right of first refusal. (a) I
N2
ACCORDANCE WITH THIS PART 12, THE LOCAL GOVERNMENT FOR THE3
JURISDICTION IN WHICH A QUALIFYING PROPERTY IS LOCATED HAS A RIGHT4
OF FIRST REFUSAL TO PURCHASE THE QUALIFYING PROPERTY WITH AN5
OFFER THAT IS ECONOMICALLY OR SUBSTANTIALLY IDENTICAL TO ANY6
OTHER OFFER A RESIDENTIAL SELLER RECEIVES AND IS WILLING TO ACCEPT7
ON THE QUALIFYING PROPERTY.8
(b) (I) A
NY PURCHASE AND SALE AGREEMENT FOR THE9
CONVEYANCE OF A QUALIFYING PROPERTY BY A RESIDENTIAL SELLER IS10
CONTINGENT UPON THE RIGHT OF FIRST REFUSAL SET FORTH IN THIS11
SECTION.12
(II) I
F THE LOCAL GOVERNMENT PROVIDES NOTICE PURSUANT TO13
SUBSECTION (4)(a)(I) OF THIS SECTION TO A RESIDENTIAL SELLER THAT14
THE LOCAL GOVERNMENT MAY EXERCISE ITS RIGHT OF FIRST REFUSAL , THE15
RESIDENTIAL SELLER SHALL NOT PROCEED WITH THE SALE OF THE16
QUALIFYING PROPERTY TO ANY OTHER PARTY AND THE LOCAL17
GOVERNMENT SHALL HAVE A RIGHT TO MAKE AN OFFER THAT IS18
ECONOMICALLY OR SUBSTANTIALLY IDENTICAL TO AN ACCEPTABLE OFFER19
ON THE QUALIFYING PROPERTY THAT IS IDENTIFIED BY THE RESIDENTIAL20
SELLER AS REQUIRED BY SUBSECTION (3)(b)(II)(D) OF THIS SECTION.21
(III) F
OR THE PURPOSE OF DETERMINING WHETHER THE TERMS OF22
AN OFFER BY A THIRD PARTY AND AN OFFER BY THE LOCAL GOVERNMENT23
ARE ECONOMICALLY OR SUBSTANTIALLY IDENTICAL , IT IS IMMATERIAL24
HOW THE OFFER WOULD BE FINANCED . FOR PURPOSES OF THIS SECTION, A25
RESIDENTIAL SELLER SHALL NEGOTIATE IN GOOD FAITH WITH THE LOCAL26
GOVERNMENT THAT MAKES AN OFFER THAT IS ECONOMICALLY OR27
HB24-1175
-7- SUBSTANTIALLY IDENTICAL TO AN ACCEPTABLE OFFER ON THE QUALIFYING1
PROPERTY THAT IS IDENTIFIED BY THE RESIDENTIAL SELLER PURSUANT TO2
SUBSECTION (3)(b)(II)(D) OF THIS SECTION FOR THE SALE OF THE3
QUALIFYING PROPERTY . THIS INCLUDES, BUT IS NOT LIMITED TO ,4
EVALUATING AN OFFER FROM THE LOCAL GOVERNMENT OR ITS ASSIGNEE5
WITHOUT CONSIDERATION OF :6
(A) T
HE PERIOD FOR CLOSING;7
(B) T
HE TYPE OF FINANCING OR PAYMENT METHOD ;8
(C) W
HETHER OR NOT THE OFFER IS CONTINGENT ON A9
PARTICULAR FINANCING OR PAYMENT METHOD ; AND10
(D) W
HETHER OR NOT THE OFFER IS CONTINGENT ON AN11
APPRAISAL, INSPECTION, REVIEW OF TITLE, OBTAINING TITLE INSURANCE,12
OR OTHER CUSTOMARY CONDITIONS FOR THE SALE OF SIMILAR PROPERTY .13
(IV) A
RESIDENTIAL SELLER SHALL NOT COLLUDE WITH A14
POTENTIAL BUYER FOR THE PRIMARY PURPOSE OF INFLATING A SALES15
PRICE ABOVE THE MARKET PRICE OF A QUALIFYING PROPERTY .16
(c) T
HE LOCAL GOVERNMENT 'S RIGHT OF FIRST REFUSAL17
CONCERNING THE QUALIFYING PROPERTY IS LIMITED TO PRESERVING OR18
CONVERTING THE QUALIFYING PROPERTY TO LONG -TERM AFFORDABLE19
HOUSING DIRECTLY OR THROUGH ANOTHER ENTITY TO WHICH THE LOCAL20
GOVERNMENT ASSIGNS ITS RIGHTS PURSUANT SUBSECTION (2)(f) OF THIS21
SECTION OR TRANSFERS THE QUALIFYING PROPERTY .22
(d) I
F A QUALIFYING PROPERTY IS CLASSIFIED AS MIXED-USE, THE23
LOCAL GOVERNMENT 'S RIGHT OF FIRST REFUSAL ONLY EXTENDS TO THE24
PORTION OF THE QUALIFYING PROPERTY THAT IS RESIDENTIAL , BUT25
NOTHING IN THIS SECTION EXCLUDES THE LOCAL GOVERNMENT FROM26
INCLUDING THE PURCHASE OF ANY COMMERCIAL PORTION OF THE27
HB24-1175
-8- QUALIFYING PROPERTY BY THE LOCAL GOVERNMENT IN ITS OFFER OR IN1
THE TERMS OF THE SALE AT THE DISCRETION OF THE LOCAL GOVERNMENT .2
(e) T
HE LOCAL GOVERNMENT , IN EXERCISING ITS RIGHT OF FIRST3
REFUSAL, MAY PARTNER WITH A NONPROFIT ENTITY, A PRIVATE ENTITY, OR4
ANOTHER GOVERNMENTAL ENTITY TO CO -FINANCE, LEASE, OR MANAGE5
THE QUALIFYING PROPERTY FOR THE PUBLIC PURPOSE OF MAINTAINING THE6
QUALIFYING PROPERTY AS LONG-TERM AFFORDABLE HOUSING AS LONG AS7
THE LOCAL GOVERNMENT OR ITS ASSIGNEE MAINTAINS OWNERSHIP OF THE8
QUALIFYING PROPERTY.9
(f) A
T ANY TIME, THE LOCAL GOVERNMENT MAY ASSIGN THE RIGHT10
OF FIRST REFUSAL REGARDING A QUALIFYING PROPERTY TO A HOUSING11
AUTHORITY THAT IS WITHIN THE LOCAL GOVERNMENT 'S JURISDICTION, A12
REGIONAL HOUSING AUTHORITY THAT SERVES THE LOCAL GOVERNMENT 'S13
JURISDICTION, OR THE COLORADO HOUSING AND FINANCE AUTHORITY ,14
SUBJECT TO THE REQUIREMENTS THAT THE QUALIFYING PROPERTY IS USED15
TO PRESERVE OR BE CONVERTED TO LONG -TERM AFFORDABLE HOUSING16
AND THAT ALL OTHER PROVISIONS OF THIS PART 12 APPLY TO THE17
ASSIGNEE. UPON ASSIGNMENT, THE ASSIGNEE ASSUMES ALL LIABILITY OF18
THE LOCAL GOVERNMENT REGARDING THE EXERCISE OF THE RIGHT OF19
FIRST REFUSAL AND IS RESPONSIBLE FOR PERFORMING ALL REQUIREMENTS20
PURSUANT TO THIS PART 12 WITH RESPECT TO A QUALIFYING PROPERTY AS21
IF THE ASSIGNEE WERE THE LOCAL GOVERNMENT . THE ASSIGNEE MUST22
NOTIFY THE RESIDENTIAL SELLER OF THE ASSIGNMENT IF THE LOCAL23
GOVERNMENT HAS ALREADY SENT THE RESIDENTIAL SELLER NOTICE24
PURSUANT TO SUBSECTION (4)(a)(I) OF THIS SECTION.25
(g) (I) T
HE GOVERNING BODY OF THE LOCAL GOVERNMENT MAY26
ELECT TO DISCLAIM THE RIGHT OF FIRST REFUSAL THAT IS PROVIDED27
HB24-1175
-9- PURSUANT TO THIS SECTION WITH RESPECT TO :1
(A) A
NY PROPOSED TRANSACTION ; OR2
(B) A
NY DURATION OF TIME.3
(II) A
LOCAL GOVERNMENT THAT HAS NOT DISCLAIMED ALL OR4
PART OF ITS RIGHT OF FIRST REFUSAL PURSUANT TO SUBSECTION (2)(g)(I)5
OF THIS SECTION SHALL POST A NOTICE IN A CONSPICUOUS LOCATION ON6
ITS WEBSITE THAT INFORMS RESIDENTIAL SELLERS THAT QUALIFYING7
PROPERTIES, IF OFFERED FOR SALE, ARE SUBJECT TO A RIGHT OF FIRST8
REFUSAL ENTITLING THE LOCAL GOVERNMENT TO MAKE AN OFFER TO9
PURCHASE THE QUALIFYING PROPERTY AT A PRICE AGREED UPON BY THE10
RESIDENTIAL SELLER.11
(3) Notices by residential seller. (a) (I) N
OT LESS THAN TWO12
YEARS BEFORE THE FINAL EXPIRATION OF AN EXISTING AFFORDABILITY13
RESTRICTION INCUMBENT TO A QUALIFYING PROPERTY 'S FUNDING14
SOURCES, A RESIDENTIAL SELLER SHALL PROVIDE NOTICE TO THE15
GOVERNING BODY OF THE LOCAL GOVERNMENT IN WHICH THE QUALIFYING16
PROPERTY IS LOCATED OF THE EXPIRATION OF SUCH RESTRICTIONS . THE17
NOTICE MUST INCLUDE THE EXACT DATE OF EXPIRATION OF THE18
RESTRICTIONS AND INDICATE WHETHER THE RESIDENTIAL SELLER19
ANTICIPATES THAT IT WILL EITHER RECAPITALIZE AND CONTINUE TO20
OPERATE THE QUALIFYING PROPERTY AT AFFORDABILITY LEVELS AT LEAST21
EQUAL TO WHAT HAS BEEN PROVIDED AT THE QUALIFYING PROPERTY ,22
RETAIN OWNERSHIP OF THE QUALIFYING PROPERTY AND LET23
AFFORDABILITY REQUIREMENTS EXPIRE , OR CONSIDER SELLING THE24
QUALIFYING PROPERTY UPON EXPIRATION OF THE RESTRICTIONS .25
(II) N
OT LESS THAN SIX MONTHS BEFORE THE FINAL EXPIRATION26
OF AN EXISTING AFFORDABILITY RESTRICTION INCUMBENT TO A27
HB24-1175
-10- QUALIFYING PROPERTY'S FUNDING SOURCES, A RESIDENTIAL SELLER SHALL1
PROVIDE AN UPDATED NOTICE TO THE GOVERNING BODY OF THE LOCAL2
GOVERNMENT IN WHICH THE QUALIFYING PROPERTY IS LOCATED THAT3
CONTAINS THE SAME INFORMATION REQUIRED BY SUBSECTION (3)(a)(I) OF4
THIS SECTION.5
(b) (I) W
ITHIN FOURTEEN CALENDAR DAYS OF A TRIGGERING6
EVENT, A RESIDENTIAL SELLER SHALL PROVIDE NOTICE IN ACCORDANCE7
WITH THIS SUBSECTION (3)(b) AND SUBSECTION (3)(d) OF THIS SECTION TO8
THE GOVERNING BODY OF THE LOCAL GOVERNMENT IN WHICH THE9
QUALIFYING PROPERTY IS LOCATED . A TRIGGERING EVENT IS ANY TIME10
THE RESIDENTIAL SELLER:11
(A) M
ATERIALLY DEPARTS FROM ANY REPRESENTATION MADE IN12
THE NOTICES REQUIRED PURSUANT TO SUBSECTION (3)(a) OF THIS SECTION13
AFTER AFFORDABILITY RESTRICTIONS EXPIRE IN A MANNER THAT14
INDICATES AN INTENT TO SELL THE QUALIFYING PROPERTY ;15
(B) S
IGNS A CONTRACT WITH A REAL ESTATE BROKER OR16
BROKERAGE FIRM TO LIST THE QUALIFYING PROPERTY FOR SALE OR TO17
SELL OR TRANSFER THE QUALIFYING PROPERTY ;18
(C) S
IGNS A LETTER OF INTENT, OPTION TO SELL OR BUY, OR OTHER19
CONDITIONAL WRITTEN AGREEMENT WITH A POTENTIAL BUYER FOR THE20
SALE OR TRANSFER OF THE QUALIFYING PROPERTY , WHICH INCLUDES THE21
ESTIMATED PRICE, TERMS, AND CONDITIONS OF THE PROPOSED SALE OR22
TRANSFER, EVEN IF THE PRICE, TERMS, OR CONDITIONS ARE SUBJECT TO23
CHANGE;24
(D) S
IGNS A CONTRACT WITH A POTENTIAL BUYER 'S REAL ESTATE25
BROKER OR BROKERAGE FIRM RELATED TO THE POTENTIAL SALE OR26
TRANSFER OF THE QUALIFYING PROPERTY ;27
HB24-1175
-11- (E) PROVIDES A SIGNED PROPERTY DISCLOSURE FORM FOR THE1
QUALIFYING PROPERTY TO A POTENTIAL BUYER ;2
(F) L
ISTS THE QUALIFYING PROPERTY FOR SALE;3
(G) M
AKES A CONDITIONAL ACCEPTANCE OF AN OFFER FOR THE4
SALE OR TRANSFER OF THE QUALIFYING PROPERTY ;5
(H) T
AKES ANY OTHER ACTION DEMONSTRATING AN INTENT TO6
SELL THE QUALIFYING PROPERTY; OR7
(I) R
ECEIVES A NOTICE THAT A CERTIFICATE OF LEVY HAS BEEN8
FILED RELATED TO THE QUALIFYING PROPERTY PURSUANT TO SECTION9
13-56-101.10
(II) T
HE NOTICE REQUIRED PURSUANT TO THIS SUBSECTION (3)(b)11
MUST INCLUDE:12
(A) A
GENERAL DESCRIPTION OF THE QUALIFYING PROPERTY TO BE13
SOLD, INCLUDING THE ADDRESS AND NAME OF THE PROPERTY , IF ANY, AND14
ANY ADDITIONAL DESCRIPTIONS OF THE QUALIFYING PROPERTY ON FILE15
WITH THE OFFICE OF THE ASSESSOR IN THE COUNTY IN WHICH THE16
QUALIFYING PROPERTY IS LOCATED ;17
(B) T
HE RESIDENTIAL SELLER'S ADDRESS AND, IF AVAILABLE,18
ELECTRONIC MAILING ADDRESS TO RECEIVE NOTICES FROM THE LOCAL19
GOVERNMENT;20
(C) T
HE NAMES AND MAILING ADDRESSES THAT THE RESIDENTIAL21
SELLER HAS ON RECORD FOR EVERY TENANT RESIDING AT THE QUALIFYING22
PROPERTY;23
(D) T
HE PRICE, TERMS, AND CONDITIONS OF AN ACCEPTABLE OFFER24
THE RESIDENTIAL SELLER HAS RECEIVED TO SELL THE QUALIFYING25
PROPERTY OR THE PRICE , TERMS, AND CONDITIONS FOR WHICH THE26
RESIDENTIAL SELLER INTENDS TO SELL THE QUALIFYING PROPERTY ;27
HB24-1175
-12- (E) ANY TERMS OR CONDITIONS WHICH , IF NOT MET, WOULD BE1
SUFFICIENT GROUNDS, IN THE RESIDENTIAL SELLER'S DISCRETION AND IN2
COMPLIANCE WITH THIS PART 12 AND ANY OTHER APPLICABLE LAW , TO3
REJECT AN OFFER; AND4
(F) I
F THE RESIDENTIAL SELLER HAS ENTERED INTO A CONTINGENT5
PURCHASE AND SALE AGREEMENT WITH A PROSPECTIVE BUYER , A COPY OF6
THE AGREEMENT.7
(III) T
HE PRICE, TERMS, AND CONDITIONS REQUIRED TO BE STATED8
IN THE NOTICE PURSUANT TO SUBSECTION (3)(b)(II)(D) OF THIS SECTION9
MUST BE UNIVERSAL AND APPLICABLE TO ALL POTENTIAL BUYERS AND10
MUST NOT BE SPECIFIC TO OR PROHIBITIVE OF THE LOCAL GOVERNMENT11
MAKING A SUCCESSFUL OFFER TO PURCHASE THE QUALIFYING PROPERTY ,12
MUST NOT BE UNLAWFUL , AND MUST NOT INHIBIT THE EXERCISE OF THE13
RIGHT OF FIRST REFUSAL PROVIDED FOR IN THIS SECTION.14
(c) I
F THE PRICE, TERMS, OR CONDITIONS AS REQUIRED TO BE15
PROVIDED IN THE RESIDENTIAL SELLER 'S NOTICE PURSUANT TO16
SUBSECTIONS (3)(b)(II)(C) AND (3)(b)(II)(D) OF THIS SECTION17
MATERIALLY CHANGE , THE RESIDENTIAL SELLER SHALL WITHIN SEVEN18
DAYS OF THE CHANGE PROVIDE NOTICE TO THE LOCAL GOVERNMENT OF19
THE CHANGE AND THE LOCAL GOVERNMENT MAY EXERCISE , OR20
RE-EXERCISE, ITS RIGHT OF FIRST REFUSAL IN ACCORDANCE WITH THIS21
SECTION.22
(d) T
HE NOTICES GIVEN PURSUANT TO THIS SUBSECTION (3) MUST23
BE DELIVERED TO THE CLERK OF THE GOVERNING BODY OF THE LOCAL24
GOVERNMENT BY ELECTRONIC MAIL ; EXCEPT THAT, IF THERE IS NOT AN25
ELECTRONIC MAILING ADDRESS AVAILABLE FOR THE CLERK , THEN BY26
HAND DELIVERY, UNITED STATES FIRST CLASS MAIL, OR OVERNIGHT27
HB24-1175
-13- DELIVERY.1
(e) T
HE LOCAL GOVERNMENT MAY SHARE THE INFORMATION2
CONTAINED IN THE NOTICES REQUIRED PURSUANT TO THIS SUBSECTION (3)3
WITH ITS OFFICERS, EMPLOYEES, AGENTS, AND PROSPECTIVE ASSIGNEES OR4
PROSPECTIVE ENTITIES THAT THE LOCAL GOVERNMENT PARTNERS WITH5
PURSUANT TO SUBSECTION (2)(e) OF THIS SECTION FOR THE PURPOSES OF6
EVALUATING OR OBTAINING FINANCING FOR THE PROSPECTIVE7
TRANSACTION. THE NAMES AND MAILING ADDRESSES FOR TENANTS8
RESIDING AT THE QUALIFYING PROPERTY MUST BE KEPT CONFIDENTIAL ,9
AND ANY OTHER INFORMATION CONTAINED IN THE NOTICE MUST BE KEPT10
CONFIDENTIAL IF THE RESIDENTIAL SELLER SO REQUESTS AND , TOGETHER11
WITH THE NAMES AND MAILING ADDRESSES FOR TENANTS RESIDING AT THE12
QUALIFYING PROPERTY, IS CONFIDENTIAL INFORMATION NOT SUBJECT TO13
PUBLIC DISCLOSURE; EXCEPT THAT THE OCCURRENCE OF A TRIGGERING14
EVENT, THE LOCATION OF THE QUALIFYING PROPERTY , AND THE IDENTITY15
OF THE RESIDENTIAL SELLER ARE NOT CONFIDENTIAL AND ARE SUBJECT TO16
PUBLIC DISCLOSURE.17
(4) (a) Notice by the local government to the residential seller.18
(I) T
HE LOCAL GOVERNMENT SHALL PROVIDE NOTICE TO THE RESIDENTIAL19
SELLER WITHIN FOURTEEN CALENDAR DAYS OF RECEIPT OF THE NOTICE20
REQUIRED PURSUANT TO SUBSECTION (3)(b) OR (3)(c) OF THIS SECTION OF21
THE LOCAL GOVERNMENT 'S INTENT TO PRESERVE ITS RIGHT OF FIRST22
REFUSAL PROVIDED IN THIS SECTION. IF THE LOCAL GOVERNMENT INTENDS23
TO ASSIGN ITS RIGHT OF FIRST REFUSAL IN ACCORDANCE WITH SUBSECTION24
(2)(f)
OF THIS SECTION, THE LOCAL GOVERNMENT MUST DISCLOSE THE25
POTENTIAL ASSIGNEE IN THE NOTICE. THE NOTICE MUST BE DELIVERED BY26
ELECTRONIC MAIL; EXCEPT THAT, IF THE RESIDENTIAL SELLER HAS NOT27
HB24-1175
-14- PROVIDED AN ELECTRONIC MAILING ADDRESS , THEN BY HAND DELIVERY,1
U
NITED STATES FIRST CLASS MAIL, OR OVERNIGHT DELIVERY TO THE2
ADDRESS PROVIDED BY THE RESIDENTIAL SELLER PURSUANT TO3
SUBSECTION (3)(c)(I)(B) OF THIS SECTION.4
(II) T
HE NOTICE GIVEN PURSUANT TO SUBSECTION (4)(a)(I) OF THIS5
SECTION IS NONBINDING ON THE LOCAL GOVERNMENT .6
(III) I
F NO NOTICE IS GIVEN BY THE LOCAL GOVERNMENT , IF THE7
LOCAL GOVERNMENT FAILS TO MAKE AN OFFER WITHIN THE TIME PERIOD8
PROVIDED IN SUBSECTION (5) OF THIS SECTION, OR IF THE OFFER IS9
OTHERWISE NOT MADE IN ACCORDANCE WITH SUBSECTION (5) OF THIS10
SECTION, THE RESIDENTIAL SELLER MAY PROCEED WITH THE SALE OF THE11
QUALIFYING PROPERTY TO ANY BUYER .12
(b) Notice by the local government to residents of the13
qualifying property. (I) (A) U
PON GIVING NOTICE TO A RESIDENTIAL14
SELLER PURSUANT TO SUBSECTION (4)(a) OF THIS SECTION, THE LOCAL15
GOVERNMENT SHALL PROVIDE NOTICE TO EACH RESIDENT OF THE16
QUALIFYING PROPERTY WHO IS IDENTIFIED PURSUANT TO SUBSECTION17
(3)(b)(II)(C)
OF THIS SECTION IN THE SELLER'S NOTICE INFORMING THE18
RESIDENT THAT THERE IS INTEREST BY THE LOCAL GOVERNMENT OR AN19
ASSIGNEE IN PURCHASING THE QUALIFYING PROPERTY AND PROVIDING A20
DATE, TIME, AND LOCATION THAT THE LOCAL GOVERNMENT WILL HOLD A21
MEETING FOR RESIDENTS TO ATTEND FOR INFORMATION REGARDING A22
POTENTIAL PURCHASE OF THE PROPERTY BY THE LOCAL GOVERNMENT .23
(B) T
HE LOCAL GOVERNMENT SHALL PROVIDE A SECOND NOTICE24
TO THE RESIDENTS OF A QUALIFYING PROPERTY UPON THE ACCEPTANCE BY25
A RESIDENTIAL SELLER OF THE LOCAL GOVERNMENT 'S OFFER TO PURCHASE26
THE QUALIFYING PROPERTY AND THE EXECUTION OF THE NECESSARY27
HB24-1175
-15- AGREEMENTS IN CONNECTION WITH ACCEPTANCE OF THE OFFER .1
(C) T
HE LOCAL GOVERNMENT SHALL PROVIDE A THIRD NOTICE TO2
THE RESIDENTS OF A QUALIFYING PROPERTY UPON CLOSING ON THE3
QUALIFYING PROPERTY AND EXECUTING THE NECESSARY AGREEMENTS TO4
FINALIZE THE SALE OF THE QUALIFYING PROPERTY TO THE LOCAL5
GOVERNMENT. THE NOTICE MUST INCLUDE CONTACT INFORMATION FOR6
THE ENTITY THAT WILL PROVIDE MANAGEMENT SERVICES TO THE7
QUALIFYING PROPERTY.8
(II) T
HE LOCAL GOVERNMENT SHALL MAIL THE NOTICES REQUIRED9
PURSUANT TO SUBSECTION (4)(b)(I) OF THIS SECTION TO THE RESIDENTS10
OF A QUALIFYING PROPERTY USING THE MOST RECENT ADDRESS OF EACH11
RESIDENT. THE RESIDENTIAL SELLER SHALL PROVIDE UPDATED MAILING12
ADDRESSES FOR RESIDENTS UPON REQUEST BY THE LOCAL GOVERNMENT .13
T
HE LOCAL GOVERNMENT SHALL ALSO POST A COPY OF THE NOTICES IN A14
CONSPICUOUS PLACE IN THE QUALIFYING PROPERTY . THE MAILED AND15
POSTED NOTICES MUST BE PROVIDED IN ENGLISH, SPANISH, AND ANY16
OTHER LANGUAGE KNOWN TO BE SPOKEN BY RESIDENTS AT THE17
QUALIFYING PROPERTY.18
(III) T
HE MEETING HELD BY THE LOCAL GOVERNMENT AS19
REQUIRED BY SUBSECTION (4)(b)(I)(A) OF THIS SECTION MUST BE IN AN20
ACCESSIBLE SPACE, AND SPANISH TRANSLATION SERVICES AND , IF21
AVAILABLE, VIRTUAL MEETING OPTIONS MUST BE PROVIDED , ALL AT NO22
COST TO THE RESIDENTS.23
(5) Process to exercise right of first refusal. (a) E
XCEPT AS24
OTHERWISE PROVIDED IN SUBSECTION (6) OF THIS SECTION, THE LOCAL25
GOVERNMENT HAS SIXTY CALENDAR DAYS FROM PROVIDING NOTICE26
PURSUANT TO SUBSECTION (4)(a)(I) OF THIS SECTION TO MAKE AN OFFER27
HB24-1175
-16- TO PURCHASE THE QUALIFYING PROPERTY AND SHALL AGREE TO CLOSE ON1
THE QUALIFYING PROPERTY AND EXECUTE THE NECESSARY AGREEMENTS2
TO FINALIZE THE SALE OF THE QUALIFYING PROPERTY TO THE LOCAL3
GOVERNMENT WITHIN ONE HUNDRED TWENTY CALENDAR DAYS OF THE4
ACCEPTANCE BY A RESIDENTIAL SELLER OF THE LOCAL GOVERNMENT 'S5
OFFER TO PURCHASE THE QUALIFYING PROPERTY AND THE EXECUTION OF6
THE NECESSARY AGREEMENTS IN CONNECTION WITH ACCEPTING THE7
OFFER.8
(b) I
F A RESIDENTIAL SELLER REJECTS AN OFFER MADE BY THE9
LOCAL GOVERNMENT EXERCISING ITS RIGHT OF FIRST REFUSAL , THE10
RESIDENTIAL SELLER SHALL PROVIDE A WRITTEN EXPLANATION OF THE11
REJECTION AND SHALL INVITE THE LOCAL GOVERNMENT TO MAKE A12
SUBSEQUENT OFFER WITHIN FOURTEEN DAYS BY IDENTIFYING THE TERMS13
AND CONDITIONS THAT MUST BE INCLUDED IN THE SUBSEQUENT OFFER IN14
ORDER FOR THE RESIDENTIAL SELLER TO POTENTIALLY ACCEPT THE15
SUBSEQUENTLY MADE OFFER BY THE LOCAL GOVERNMENT AND THE LOCAL16
GOVERNMENT MAY RE -EXERCISE ITS RIGHT OF FIRST REFUSAL IN17
ACCORDANCE WITH THIS SECTION BY PROVIDING NOTICE OF THE ITS INTENT18
TO PRESERVE ITS RIGHT OF FIRST REFUSAL IN ACCORDANCE WITH19
SUBSECTION (4)(a) OF THIS SECTION.20
(6) Extension of time and tolling. (a) T
HE PERIODS SET FORTH IN21
SUBSECTION (5)(a) OF THIS SECTION MAY BE EXTENDED AND ANY TERMS22
OR CONDITIONS OF SALE MAY BE MODIFIED BY WRITTEN AGREEMENT23
BETWEEN THE LOCAL GOVERNMENT AND THE RESIDENTIAL SELLER .24
(b) T
HE LOCAL GOVERNMENT OR ITS ASSIGNEE IS ENTITLED TO25
TOLLING OF THE PERIODS SET FORTH IN SUBSECTION (5)(a) OF THIS26
SECTION IN ANY OF THE FOLLOWING CIRCUMSTANCES :27
HB24-1175
-17- (I) IF THERE IS A REASONABLE DELAY NOT WITHIN THE CONTROL1
OF THE LOCAL GOVERNMENT OR ITS ASSIGNEE IN OBTAINING FI NANCING OR2
A REQUIRED INSPECTION OR SURVEY OF THE QUALIFYING PROPERTY , THE3
PERIOD IS TOLLED FOR THE DURATION OF THE DELAY ; AND4
(II) I
F THE LOCAL GOVERNMENT , ITS ASSIGNEE, THE ATTORNEY5
GENERAL, OR A MISSION-DRIVEN ORGANIZATION FILES A NONFRIVOLOUS6
CIVIL ACTION ALLEGING A VIOLATION OF THIS SECTION , THE PERIOD IS7
TOLLED UNTIL THE ACTION REACHES FINAL RESOLUTION OR THE PARTIES8
REACH A RESOLUTION, INCLUDING THE RESOLUTION OF ANY APPEALS , BY9
SIGNING A SETTLEMENT AGREEMENT .10
(7) Tenant qualifications. (a) T
HE LOCAL GOVERNMENT OR ITS11
ASSIGNEE SHALL MAINTAIN AT THE QUALIFYING PROPERTY E QUAL OR12
GREATER AFFORDABILITY LEVELS TO THE LEVELS PROVIDED AT THE TIME13
IT IS ACQUIRED BY THE LOCAL GOVERNMENT BOTH WITH RESPECT TO THE14
NUMBER OF AFFORDABLE UNITS AND TENANT QUALIFICATIONS FOR A15
GIVEN AREA MEDIAN INCOME . TENANT QUALIFICATIONS MUST COMPLY16
WITH FAIR HOUSING LAWS AND AFFORDABILITY REQUIREMENTS OF ANY17
NEW FUNDING SOURCES.18
(b) N
OTWITHSTANDING THE REQUIREMENTS AROUND LONG -TERM19
AFFORDABLE HOUSING SET FORTH IN THIS SECTION OR THE REQUIREMENTS20
IN SUBSECTION (7)(a) OF THIS SECTION, RESIDENTS AT THE QUALIFYING21
PROPERTY AT THE TIME IT IS ACQUIRED BY THE LOCAL GOVERNMENT22
PURSUANT TO THIS SECTION MAY CONTINUE TO RESIDE AT THE QUALIFYING23
PROPERTY IRRESPECTIVE OF THEIR INCOME LEVEL FOR AT LEAST THE24
DURATION OF THEIR TENANCY AGREEMENT PURSUANT TO THE TENANCY25
AGREEMENT'S TERMS IN EFFECT AT THE TIME THE LOCAL GOVERNMENT26
ACQUIRES THE QUALIFYING PROPERTY . A LOCAL GOVERNMENT OR ITS27
HB24-1175
-18- ASSIGNEE MAY ONLY DECLINE TO RENEW A TENANT 'S LEASE IN ORDER TO1
COMPLY WITH GREATER AFFORDABILITY RESTRICTIONS AT THE PROPERTY2
IN ACCORDANCE WITH SUBSECTION (7)(a) OF THIS SECTION OR IF THE3
RESIDENT IS DEMONSTRABLY VIOLATING ANY TERMS OF THE LEASE .4
29-4-1203. Right of first offer - eligibility - process - notice -5
definition - repeal. (1) Definition of qualifying property. A
S USED IN6
THIS SECTION, UNLESS THE CONTEXT OTHERWISE REQUIRES , "QUALIFYING7
PROPERTY" MEANS A MULTIFAMILY RESIDENTIAL OR MIXED -USE RENTAL8
PROPERTY CONSISTING OF NOT MORE THAN ONE HUNDRED UNITS AND NOT9
LESS THAN FIVE UNITS IN URBAN COUNTIES AND THREE UNITS IN RURAL OR10
RURAL RESORT COUNTIES , AS SUCH COUNTIES ARE CLASSIFIED IN11
ACCORDANCE WITH THE DIVISION OF HOUSING 'S MOST RECENT12
CLASSIFICATIONS PURSUANT TO SECTION 29-4-1107 (1)(d), AND13
EXCLUDING EXISTING AFFORDABLE HOUSING AND A MOBILE HOME PARK14
AS DEFINED IN SECTION 38-12-201.5 (6).15
(2) Local government's right of first offer. (a) I
N ACCORDANCE16
WITH THIS PART 12, THE LOCAL GOVERNMENT FOR THE JURISDICTION IN17
WHICH A QUALIFYING PROPERTY IS LOCATED HAS A RIGHT OF FIRST OFFER18
TO MAKE AN OFFER TO PURCHASE THE QUALIFYING PROPERTY BEFORE THE19
QUALIFYING PROPERTY IS LISTED FOR SALE TO THIRD PARTIES .20
(b) A
RESIDENTIAL SELLER SHALL NOT LIST FOR SALE TO THIRD21
PARTIES A QUALIFYING PROPERTY UNLESS NOTICE HAS BEEN PROVIDED IN22
ACCORDANCE WITH SUBSECTION (3) OF THIS SECTION AND FOURTEEN DAYS23
HAS ELAPSED SINCE SUCH NOTICE WAS RECEIVED IN ACCORDANCE WITH24
SUBSECTION (3)(c) OF THIS SECTION.25
(c) T
HE LOCAL GOVERNMENT'S RIGHT OF FIRST OFFER CONCERNING26
THE QUALIFYING PROPERTY IS LIMITED TO PRESERVING OR CONVERTING27
HB24-1175
-19- THE QUALIFYING PROPERTY TO LONG -TERM AFFORDABLE HOUSING OR A1
MIXED-INCOME DEVELOPMENT DIRECTLY OR THROUGH ANOTHER ENTITY2
TO WHICH THE LOCAL GOVERNMENT ASSIGNS ITS RIGHTS PURSUANT TO3
SUBSECTION (2)(e) OF THIS SECTION OR TRANSFERS THE QUALIFYING4
PROPERTY. IF A QUALIFYING PROPERTY IS CLASSIFIED AS MIXED-USE, THE5
LOCAL GOVERNMENT'S OFFER MUST INCLUDE ANY COMMERCIAL PORTION6
OF THE QUALIFYING PROPERTY BUT ONLY THE RESIDENTIAL PORTION OF7
THE QUALIFYING PROPERTY IS SUBJECT TO AFFORDABILITY8
REQUIREMENTS.9
(d) T
HE LOCAL GOVERNMENT , IN EXERCISING ITS RIGHT OF FIRST10
OFFER, MAY PARTNER WITH A NONPROFIT ENTITY , A PRIVATE ENTITY, OR11
ANOTHER GOVERNMENTAL ENTITY TO CO -FINANCE, LEASE, OR MANAGE12
THE QUALIFYING PROPERTY FOR THE PUBLIC PURPOSE OF MAINTAINING THE13
QUALIFYING PROPERTY AS LONG -TERM AFFORDABLE HOUSING OR A14
MIXED-INCOME DEVELOPMENT IF THE LOCAL GOVERNMENT OR ITS15
ASSIGNEE MAINTAINS OWNERSHIP OF THE QUALIFYING PROPERTY .16
(e) A
T ANY TIME, THE LOCAL GOVERNMENT MAY ASSIGN THE17
RIGHT OF FIRST OFFER REGARDING A QUALIFYING PROPERTY TO A HOUSING18
AUTHORITY THAT IS WITHIN THE LOCAL GOVERNMENT 'S JURISDICTION, A19
REGIONAL HOUSING AUTHORITY THAT SERVES THE LOCAL GOVERNMENT 'S20
JURISDICTION, OR THE COLORADO HOUSING AND FINANCE AUTHORITY ,21
SUBJECT TO THE REQUIREMENTS THAT THE QUALIFYING PROPERTY IS USED22
TO PRESERVE OR BE CONVERTED TO LONG-TERM AFFORDABLE HOUSING OR23
A MIXED-INCOME DEVELOPMENT AND THAT ALL OTHER PROVISIONS OF24
THIS PART 12 APPLY TO THE ASSIGNEE. UPON ASSIGNMENT, THE ASSIGNEE25
ASSUMES ALL LIABILITY OF THE LOCAL GOVERNMENT REGARDING THE26
EXERCISE OF THE RIGHT OF FIRST OFFER AND IS RESPONSIBLE FOR27
HB24-1175
-20- PERFORMING ALL REQUIREMENTS PURSUANT TO THIS PART 12 WITH1
RESPECT TO A QUALIFYING PROPERTY AS IF THE ASSIGNEE WERE THE2
LOCAL GOVERNMENT .3
(3) Notice by residential seller. (a) B
EFORE A RESIDENTIAL4
SELLER LISTS A QUALIFYING PROPERTY FOR SALE , THE RESIDENTIAL5
SELLER SHALL PROVIDE NOTICE TO THE GOVERNING BODY OF THE LOCAL6
GOVERNMENT IN WHICH THE QUALIFYING PROPERTY IS LOCATED THAT THE7
RESIDENTIAL SELLER INTENDS TO SELL THE QUALIFYING PROPERTY .8
(b) T
HE NOTICE REQUIRED PURSUANT TO THIS SUBSECTION (3)9
MUST INCLUDE:10
(I) A
GENERAL DESCRIPTION OF THE QUALIFYING PROPERTY TO BE11
PURCHASED, INCLUDING THE ADDRESS AND NAME OF THE PROPERTY , IF12
ANY, AND ANY ADDITIONAL DESCRIPTIONS OF THE QUALIFYING PROPERTY13
ON FILE WITH THE OFFICE OF THE ASSESSOR IN THE COUNTY IN WHICH THE14
QUALIFYING PROPERTY IS LOCATED ;15
(II) T
HE RESIDENTIAL SELLER'S ADDRESS AND, IF AVAILABLE,16
ELECTRONIC MAILING ADDRESS TO RECEIVE NOTICES FROM THE LOCAL17
GOVERNMENT;18
(III) A
NY INFORMATION ON THE QUALIFYING PROPERTY AND THE19
OPERATION OF THE QUALIFYING PROPERTY THAT THE RESIDENTIAL SELLER20
WOULD COMMONLY INCLUDE IN MARKETING MATERIALS , INCLUDING THE21
AMOUNT OF RENT CHARGED TO TENANTS AT THE QUALIFYING PROPERTY ,22
VACANCY RATE, GROSS AND NET OPERATING EXPENSES AND INCOME , AND23
AMENITIES AT THE QUALIFYING PROPERTY ; AND24
(IV) A
NY MARKETING MATERIALS THE RESIDENTIAL SELLER HAS25
PREPARED AND ANTICIPATES USING IN CONNECTION WITH LISTING THE26
QUALIFYING PROPERTY FOR SALE.27
HB24-1175
-21- (c) THE NOTICE GIVEN PURSUANT TO THIS SUBSECTION (3) MUST BE1
DELIVERED TO THE CLERK OF THE GOVERNING BODY OF THE LOCAL2
GOVERNMENT BY ELECTRONIC MAIL ; EXCEPT THAT, IF THERE IS NOT AN3
ELECTRONIC MAILING ADDRESS AVAILABLE FOR THE CLERK , THEN BY4
HAND DELIVERY, UNITED STATES FIRST CLASS MAIL, OR OVERNIGHT5
DELIVERY. THE NOTICE IS DEEMED RECEIVED ON THE DATE IT IS SENT BY6
ELECTRONIC MAIL, THE DATE IT IS HAND DELIVERED, THE DATE AFTER THE7
DAY IT IS DEPOSITED FOR DELIVERY BY OVERNIGHT DELIVERY , OR THE8
DATE THAT IS TWO BUSINESS DAYS AFTER THE DAY IT IS DEPOSITED IN THE9
U
NITED STATES MAIL.10
(d) T
HE LOCAL GOVERNMENT MAY SHARE THE INFORMATION11
CONTAINED IN THE NOTICES REQUIRED PURSUANT TO THIS SUBSECTION (3)12
WITH ITS OFFICERS, EMPLOYEES, AGENTS, AND PROSPECTIVE ASSIGNEES OR13
PROSPECTIVE ENTITIES THAT THE LOCAL GOVERNMENT PARTNERS WITH14
PURSUANT TO SUBSECTIONS (2)(d) AND (2)(e) OF THIS SECTION FOR THE15
PURPOSES OF EVALUATING OR OBTAINING FINANCING FOR THE16
PROSPECTIVE TRANSACTION. THE INFORMATION CONTAINED IN THE NOTICE17
MUST BE KEPT CONFIDENTIAL IF THE RESIDENTIAL SELLER SO REQUESTS18
AND IS CONFIDENTIAL INFORMATION NOT SUBJECT TO PUBLIC DISCLOSURE ;19
EXCEPT THAT THE EXISTENCE OF THE NOTICE , THE LOCATION OF THE20
QUALIFYING PROPERTY, AND THE IDENTITY OF THE RESIDENTIAL SELLER21
ARE NOT CONFIDENTIAL AND ARE SUBJECT TO PUBLIC DISCLOSURE .22
(e) A
FTER NOTICE IS PROVIDED IN ACCORDANCE WITH THIS23
SUBSECTION (3) AND IF THE REQUIREMENTS OF THIS SECTION HAVE BEEN24
MET, A RESIDENTIAL SELLER HAS NO OBLIGATION TO PROVIDE ADDITIONAL25
NOTICE TO THE LOCAL GOVERNMENT OR OTHERWISE REOFFER THE26
QUALIFYING PROPERTY TO THE LOCAL GOVERNMENT PURSUANT TO ANY27
HB24-1175
-22- PROVISIONS OF THIS SECTION UNLESS A TRANSACTION FOR THE SALE OF1
THE QUALIFYING PROPERTY DOES NOT CLOSE WITHIN TWELVE MONTHS OF2
EITHER REJECTION BY THE RESIDENTIAL SELLER OF THE LOCAL3
GOVERNMENT'S OFFER MADE IN ACCORDANCE WITH SUBSECTION (4)(a)(I)4
OF THIS SECTION OR TERMINATION OF NEGOTIATIONS BETWEEN THE5
RESIDENTIAL SELLER AND THE LOCAL GOVERNMENT , WHICHEVER IS6
EARLIER.7
(4) Notice by the local government. (a) A
LOCAL GOVERNMENT8
HAS FOURTEEN CALENDAR DAYS FROM THE DATE OF RECEIVING THE9
NOTICE REQUIRED BY SUBSECTION (3)(a) OF THIS SUBSECTION TO PROVIDE10
A WRITTEN RESPONSE TO THE RESIDENTIAL SELLER THAT EITHER :11
(I) M
AKES AN OFFER TO PURCHASE THE QUALIFYING PROPERTY12
SETTING FORTH THE PRICE, TERMS, AND CONDITIONS OF THE OFFER AND13
STATING AN INTENT TO PERFORM DUE DILIGENCE AND ENTER INTO A14
CONTRACT TO PURCHASE THE QUALIFYING PROPERTY WITHIN FORTY -FIVE15
DAYS OF THE DATE THAT THE RESIDENTIAL SELLER PROVIDED THE NOTICE16
REQUIRED BY SUBSECTION (3)(a) OF THIS SECTION TO THE LOCAL17
GOVERNMENT; OR18
(II) W
AIVES ANY RIGHT OF THE LOCAL GOVERNMENT TO PURCHASE19
THE QUALIFYING PROPERTY.20
(b) I
F THE LOCAL GOVERNMENT DOES NOT PROVIDE A RESPONSE OR21
OTHERWISE DECLINES TO MAKE AN OFFER IN ACCORDANCE WITH22
SUBSECTION (4)(a) OF THIS SECTION, THE LOCAL GOVERNMENT'S RIGHT OF23
FIRST OFFER IS WAIVED AND THE SELLER MAY LIST THE QUALIFYING24
PROPERTY FOR SALE AND PROCEED WITH SALE OF THE QUALIFYING25
PROPERTY TO ANY THIRD-PARTY BUYER.26
(5) Process after offer is made. (a) T
HE RESIDENTIAL SELLER HAS27
HB24-1175
-23- FOURTEEN CALENDAR DAYS TO NOTIFY THE LOCAL GOVERNMENT THAT IT1
EITHER ACCEPTS OR REJECTS THE LOCAL GOVERNMENT 'S OFFER MADE2
PURSUANT TO SUBSECTION (4)(a)(I) OF THIS SECTION. DURING THIS3
PERIOD, THE RESIDENTIAL SELLER MAY INITIATE NEGOTIATIONS IN GOOD4
FAITH WITH THE LOCAL GOVERNMENT WHICH MAY INCLUDE DISCUSSING5
ALTERNATIVE PRICE, TERMS, OR CONDITIONS FOR THE PURCHASE OF THE6
QUALIFYING PROPERTY.7
(b) I
F THE RESIDENTIAL SELLER ACCEPTS THE LOCAL8
GOVERNMENT'S OFFER OR ACCEPTS AN OFFER NEGOTIATED WITH THE9
LOCAL GOVERNMENT , THE LOCAL GOVERNMENT HAS THIRTY CALENDAR10
DAYS AFTER THE DATE OF THE RESIDENTIAL SELLER'S ACCEPTANCE OF THE11
OFFER TO CLOSE THE TRANSACTION .12
(c) I
F AT ANY TIME PRIOR TO THE RESIDENTIAL SELLER AND THE13
LOCAL GOVERNMENT ENTERING INTO A CONTRACT FOR THE PURCHASE OF14
THE QUALIFYING PROPERTY BY THE LOCAL GOVERNMENT , THE LOCAL15
GOVERNMENT PROPOSES PRICE , TERMS, CONDITIONS, OR TIMING THAT ARE16
UNACCEPTABLE FOR ANY REASON TO THE RESIDENTIAL SELLER OR IF THE17
LOCAL GOVERNMENT MISSES ANY DEADLINES SET FORTH IN THIS SECTION ,18
THE RESIDENTIAL SELLER MAY REJECT THE LOCAL GOVERNMENT 'S OFFER,19
TERMINATE NEGOTIATIONS WITH THE LOCAL GOVERNMENT , AND PROCEED20
TO LIST THE QUALIFYING PROPERTY FOR SALE AND PROCEED WITH SALE OF21
THE QUALIFYING PROPERTY TO ANY THIRD -PARTY BUYER.22
(6) Notice by the local government to residents of the23
qualifying property. (a) (I) T
HE LOCAL GOVERNMENT SHALL PROVIDE24
NOTICE TO THE RESIDENTS OF A QUALIFYING PROPERTY UPON THE25
ACCEPTANCE BY A RESIDENTIAL SELLER OF THE LOCAL GOVERNMENT 'S26
OFFER TO PURCHASE THE QUALIFYING PROPERTY AND THE EXECUTION OF27
HB24-1175
-24- THE NECESSARY AGREEMENTS IN CONNECTION WITH ACCEPTANCE OF THE1
OFFER.2
(II) T
HE LOCAL GOVERNMENT SHALL PROVIDE A SECOND NOTICE3
TO THE RESIDENTS OF A QUALIFYING PROPERTY UPON CLOSING ON THE4
QUALIFYING PROPERTY AND EXECUTING THE NECESSARY AGREEMENTS TO5
FINALIZE THE SALE OF THE QUALIFYING PROPERTY TO THE LOCAL6
GOVERNMENT. THE NOTICE MUST INCLUDE CONTACT INFORMATION FOR7
THE ENTITY THAT WILL PROVIDE MANAGEMENT SERVICES TO THE8
QUALIFYING PROPERTY.9
(b) T
HE LOCAL GOVERNMENT SHALL MAIL THE NOTICES REQUIRED10
PURSUANT TO SUBSECTION (6)(a) OF THIS SECTION TO THE RESIDENTS OF11
A QUALIFYING PROPERTY USING THE MOST RECENT ADDRESS OF EACH12
RESIDENT PROVIDED BY THE RESIDENTIAL SELLER UPON REQUEST BY THE13
LOCAL GOVERNMENT. THE LOCAL GOVERNMENT SHALL ALSO POST A COPY14
OF THE NOTICES IN A CONSPICUOUS PLACE IN THE QUALIFYING PROPERTY .15
T
HE MAILED AND POSTED NOTICES MUST BE PROVIDED IN ENGLISH,16
S
PANISH, AND ANY OTHER LANGUAGE KNOWN TO BE SPOKEN BY17
RESIDENTS AT THE QUALIFYING PROPERTY .18
(7) Repeal. T
HIS SECTION IS REPEALED, EFFECTIVE DECEMBER 31,19
2029.20
29-4-1204. General provisions applicable to a local21
government's right of first refusal and right of first offer.22
(1) N
OTHING IN THIS PART 12 REQUIRES A LOCAL GOVERNMENT TO23
EXERCISE ITS RIGHT OF FIRST REFUSAL SET FORTH IN SECTION 29-4-120224
OR ITS RIGHT OF FIRST OFFER SET FORTH IN SECTION 29-4-1203 AND A25
LOCAL GOVERNMENT MUST PROMPTLY NOTIFY A RESIDENTIAL SELLER OF26
ITS INTENT NOT TO EXERCISE ITS RIGHT OF FIRST OFFICE AS SET FORTH IN27
HB24-1175
-25- SECTION 29-4-1203 (4)(a)(II).1
(2) A
NY ACTION BY THE LOCAL GOVERNMENT REQUIRED OR2
PERMITTED PURSUANT TO THIS PART 12 MAY BE PERFORMED , AS IS3
APPLICABLE AND TO THE EX TENT PERMITTED BY LAW , BY THE COUNTY4
MANAGER OF A COUNTY , THE MAYOR OR CITY MANAGER OF A CITY OR5
TOWN, OR ANOTHER OFFICER DESIGNATED BY THE GOVERNING BODY OF6
THE LOCAL GOVERNMENT .7
(3) A
NY ACTIONS OF AN AGENT WORKING ON BEHALF OF A8
RESIDENTIAL SELLER FOR PURPOSES OF THIS PART 12 ARE ATTRIBUTABLE9
TO THE RESIDENTIAL SELLER. NOTWITHSTANDING ANY OTHER PROVISION10
OF THIS PART 12 TO THE CONTRARY, A POLITICAL SUBDIVISION OR A11
HOUSING AUTHORITY IN THE STATE THAT ENGAGES IN ACTIVITIES TO12
CREATE OR PRESERVE LONG -TERM AFFORDABLE HOUSING FOR AN13
APPLICABLE QUALIFYING PROPERTY IS NOT CONSIDERED AN AGENT14
WORKING ON BEHALF OF A RESIDENTIAL SELLER FOR PURPOSES OF THIS15
PART 12.16
(4) N
OTHING WITHIN THIS PART 12 LIMITS THE LOCAL17
GOVERNMENT'S ABILITY TO CONDEMN AN APPLICABLE QUALIFYING18
PROPERTY ACQUIRED PURSUANT TO THIS PART 12 TO THE EXTENT19
PERMITTED BY APPLICABLE LAW .20
(5) I
F A LOCAL GOVERNMENT HAS ADOPTED LONG -TERM21
AFFORDABILITY REQUIREMENTS THAT ARE GREATER THAN THE22
REQUIREMENTS SET FORTH IN THIS PART 12, THE LOCAL GOVERNMENT 'S23
REQUIREMENTS APPLY TO THIS PART 12.24
29-4-1205. Exemptions - repeal. (1) T
HIS PART 12 DOES NOT25
APPLY TO ANY SALE, TRANSFER, OR CONVEYANCE OF AN APPLICABLE26
QUALIFYING PROPERTY BY A RESIDENTIAL SELLER :27
HB24-1175
-26- (a) MADE TO, IF WHOLLY OWNED BY THE RESIDENTIAL SELLER , A1
PARTNERSHIP, LIMITED LIABILITY COMPANY, OR CORPORATION, OR MADE2
FOR TAX OR ESTATE PURPOSES BETWEEN CLOSELY HELD PARTNERS ,3
MEMBERS OF A LIMITED LIABILITY COMPANY , OR MEMBERS OF A4
CORPORATION;5
(b) M
ADE TO THE STATE, A LOCAL GOVERNMENT, THE COLORADO6
HOUSING AND FINANCE AUTHORITY , ANY PUBLIC HOUSING AUTHORITY ,7
AND ANY OTHER POLITICAL SUBDIVISION OF THE STATE ;8
(c) M
ADE TO A NOT-FOR-PROFIT, MISSION-DRIVEN AFFORDABLE9
HOUSING PROVIDER THAT HAS PROVIDED NOTICE OF INTENT TO PURCHASE10
THE APPLICABLE QUALIFYING PROPERTY , HAS A HISTORY OF DEVELOPING11
AFFORDABLE HOUSING , AND COMMITS TO PROVIDING TO TE NANTS A12
MAJORITY OF UNITS THAT SATISFY THE AFFORDABILITY REQUIREMENTS13
FOR LONG-TERM AFFORDABLE HOUSING ; OR14
(d) I
F THE APPLICABLE QUALIFYING PROPERTY IS SOLD ,15
TRANSFERRED, OR CONVEYED IN A FORECLOSURE ACTION OR BY A DEED IN16
LIEU OF FORECLOSURE OR IF THE APPLICABLE QUALIFYING PROPERTY IS17
SOLD, TRANSFERRED, OR CONVEYED BY A PARTY THAT ACQUIRES THE18
APPLICABLE QUALIFYING PROPERTY IN A FORECLOSURE ACTION OR BY A19
DEED IN LIEU OF FORECLOSURE.20
(2) T
HE RIGHT OF FIRST REFUSAL SET FORTH IN SECTION 29-4-120221
DOES NOT APPLY TO ANY SALE , TRANSFER, OR CONVEYANCE OF A22
QUALIFYING PROPERTY, AS DEFINED IN SECTION 29-4-1202 (1), BY A23
RESIDENTIAL SELLER:24
(a) I
F, AT THE TIME OF THE EFFECTIVE DATE OF THIS PART 12, THE25
QUALIFYING PROPERTY HAS A PREEXISTING AGREEMENT THAT BESTOWS26
A RIGHT OF FIRST REFUSAL OR OTHER CONTINGENT PROPERTY RIGHT27
HB24-1175
-27- REGARDING THE QUALIFYING PROPERTY TO A THIRD PARTY ; EXCEPT THAT,1
UPON EXPIRATION OF THE AGREEMENT , THE PROVISIONS OF THIS PART 122
APPLY TO ANY SALE, TRANSFER, OR CONVEYANCE OF THE QUALIFYING3
PROPERTY BY THE RESIDENTIAL SELLER ; OR4
(b) I
F THE RESIDENTIAL SELLER IS IN THE PROCESS OF OR HAS5
SUCCESSFULLY RESYNDICATED OR RECAPITALIZED THE QUALIFYING6
PROPERTY IN CONNECTION WITH FEDERAL OR LOCAL FINANCIAL7
ASSISTANCE, ENSURING THAT THE QUALIFYING PROPERTY WILL CONTINUE8
AS EXISTING AFFORDABLE HOUSING DELIVERING EQUAL OR GREATER9
AFFORDABILITY TO RESIDENTS, BOTH IN NUMBER OF AFFORDABLE UNITS10
AND RENTS, AND THE RESIDENTIAL SELLER PROVIDES NOTICE AND11
DEMONSTRABLE EVIDENCE OF THIS TO THE LOCAL GOVERNMENT .12
(3) (a) T
HE RIGHT OF FIRST OFFER SET FORTH IN SECTION13
29-4-1203
DOES NOT APPLY TO ANY SALE, TRANSFER, OR CONVEYANCE OF14
A QUALIFYING PROPERTY, AS DEFINED IN SECTION 29-4-1203 (1), BY A15
RESIDENTIAL SELLER:16
(I) M
ADE TO A FAMILY MEMBER , AS DEFINED IN SECTION17
8-13.3-503
(11), OF THE RESIDENTIAL SELLER;18
(II) M
ADE TO A TRUST IF THE BENEFICIARY OF THE TRUST IS THE19
SPOUSE, PARTNER IN A CIVIL UNION, LEGALLY RECOGNIZED CHILD , OR20
OTHER FAMILY MEMBER OF THE RESIDENTIAL SELLER ;21
(III) M
ADE PURSUANT TO A WILL , DESCENT, OR INTESTATE22
DISTRIBUTION;23
(IV) M
ADE PURSUANT TO AN ACTION IN EMINENT DOMAIN ;24
(V) M
ADE PURSUANT TO A COURT ORDER ;25
(VI) M
ADE BETWEEN JOINT TENANTS OR TENANTS IN COMMON ; OR26
(VII) I
F THE FIRST CERTIFICATE OF OCCUPANCY FOR THE27
HB24-1175
-28- QUALIFYING PROPERTY WAS ISSUED WITHIN TWENTY YEARS PRECEDING1
THE DATE THAT THE RESIDENTIAL SELLER WILL LIST THE QUALIFYING2
PROPERTY FOR SALE.3
(b) T
HIS SUBSECTION (3) IS REPEALED, EFFECTIVE DECEMBER 31,4
2029.5
29-4-1206. Remedies for noncompliance.6
(1) (a) N
OTWITHSTANDING SUBSECTION (1)(c) OF THIS SECTION AND7
SUBJECT TO THE AVAILABILITY OF RESOURCES , IT IS THE RESPONSIBILITY8
OF THE ATTORNEY GENERAL'S OFFICE TO ENFORCE THE PROVISIONS OF THIS9
PART 12, AND THE ATTORNEY GENERAL MAY INTERVENE IN ANY ACTION10
BROUGHT PURSUANT TO SUBSECTION (1)(c) OF THIS SECTION.11
(b) T
HE APPLICABLE RIGHT ACCORDED BY THIS PART 12 TO THE12
LOCAL GOVERNMENT WITH RESPECT TO AN APPLICABLE QUALIFYING13
PROPERTY IS A PROPERTY INTEREST.14
(c) T
HE ATTORNEY GENERAL'S OFFICE, THE LOCAL GOVERNMENT,15
THE LOCAL GOVERNMENT 'S ASSIGNEE, OR A MISSION -DRIVEN16
ORGANIZATION ON BEHALF OF THE STATE MAY BRING A CIVIL ACTION17
AGAINST A RESIDENTIAL SELLER OR A PERSON CLAIMING AN INTEREST IN18
AN APPLICABLE QUALIFYING PROPERTY THROUGH A RESIDENTIAL SELLER19
FOR ANY VIOLATION OF THIS PART 12.20
(2) A
COURT MAY GRANT INJUNCTIVE RELIEF FOR ANY VIOLATIONS21
OF THIS PART 12 BY A RESIDENTIAL SELLER OR A PERSON CLAIMING AN22
INTEREST IN AN APPLICABLE QUALIFYING PROPERTY THROUGH A23
RESIDENTIAL SELLER OCCURRING AFTER A TRIGGERING EVENT PURSUANT24
TO SECTION 29-4-1202 (3)(b)(I) OR AFTER A RESIDENTIAL SELLER LISTS AN25
APPLICABLE QUALIFYING PROPERTY FOR SALE OR TAKES ANY OTHER26
ACTION TO SELL AN APPLICABLE QUALIFYING PROPERTY WITHOUT27
HB24-1175
-29- COMPLYING WITH THE REQUIREMENTS OF SECTION 29-4-1203.1
(3) I
F A COURT FINDS THAT A RESIDENTIAL SELLER IS IN MATERIAL2
VIOLATION OF THIS PART 12, IN ADDITION TO ANY OTHER AVAILABLE3
REMEDY, THE COURT SHALL AWARD A STATUTORY PENALTY OF NOT LESS4
THAN THIRTY THOUSAND DOLLARS .5
(4) A
COURT MAY ALSO AWARD DAMAGES , REASONABLE6
ATTORNEY FEES, AND COSTS TO A PREVAILING PARTY ; EXCEPT THAT,7
NOTWITHSTANDING ANY AGREEMENT TO THE CONTRARY , IN AN ACTION8
BROUGHT OR JOINED BY THE ATTORNEY GENERAL 'S OFFICE, THE LOCAL9
GOVERNMENT, THE LOCAL GOVERNMENT 'S ASSIGNEE, OR A10
MISSION-DRIVEN ORGANIZATION, A COURT SHALL NOT AWARD ATTORNEY11
FEES TO A RESIDENTIAL SELLER OR PERSON CLAIMING AN INTEREST IN AN12
APPLICABLE QUALIFYING PROPERTY THROUGH A RESIDENTIAL SELLER13
UNLESS THE COURT FINDS THAT THE COMPLAINT FILED BY THE ATTORNEY14
GENERAL'S OFFICE, THE LOCAL GOVERNMENT, THE LOCAL GOVERNMENT'S15
ASSIGNEE, OR A MISSION-DRIVEN ORGANIZATION IS FRIVOLOUS .16
(5) T
HE REMEDIES PROVIDED IN THIS SECTION ARE INDEPENDENT17
OF AND DO NOT AFFECT ANY OTHER REMEDIES THAT MAY BE AVAILABLE18
PURSUANT TO A CIVIL ACTION OR THE RIGHTS OF ANY PARTY TO ANY19
TRANSACTION CONTEMPLATED PURSUANT TO THIS PART 12.20
29-4-1207. Termination of right of first offer. T
HE RIGHT OF21
FIRST OFFER ESTABLISHED IN THIS PART 12 TERMINATES ON DECEMBER 31,22
2029.23
SECTION 2. In Colorado Revised Statutes, 24-31-101, amend24
(1)(i)(XVII) and (1)(i)(XVIII); and add (1)(i)(XIX) as follows:25
24-31-101. Powers and duties of attorney general. (1) The26
attorney general:27
HB24-1175
-30- (i) May independently initiate and bring civil and criminal actions1
to enforce state laws, including actions brought pursuant to:2
(XVII) The "Rental Application Fairness Act", part 9 of article 123
of title 38; and4
(XVIII) The "Reproductive Health Equity Act", part 4 of article5
6 of title 25;
AND6
(XIX) P
ART 12 OF ARTICLE 4 OF TITLE 29.7
SECTION 3. Act subject to petition - effective date -8
applicability. (1) This act takes effect at 12:01 a.m. on the day following9
the expiration of the ninety-day period after final adjournment of the10
general assembly; except that, if a referendum petition is filed pursuant11
to section 1 (3) of article V of the state constitution against this act or an12
item, section, or part of this act within such period, then the act, item,13
section, or part will not take effect unless approved by the people at the14
general election to be held in November 2024 and, in such case, will take15
effect on the date of the official declaration of the vote thereon by the16
governor.17
(2) This act applies to all qualifying properties for the right of first18
refusal that are listed for sale on or after the effective date of this act but19
for which a residential seller has not accepted an offer to purchase the20
qualifying property and executed the necessary agreements in connection21
with accepting the offer and to all qualifying properties for the right of22
first offer on or after the effective date of this act that do not have active23
listings as of the effective date of this act.24
HB24-1175
-31-