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Colorado House Bill HB1175

Colorado 2024 Regular Session

Colorado House Bill HB1175 Compare Versions

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1+Second 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. 24-0096.02 Megan McCall x4215
18 HOUSE BILL 24-1175
2-BY REPRESENTATIVE(S) Boesenecker and Sirota, Amabile, Bacon,
3-Brown, Clifford, deGruy Kennedy, Epps, Froelich, Garcia, Hernandez,
4-Herod, Jodeh, Joseph, Kipp, Lindsay, Mabrey, Marvin, McCormick, Ricks,
5-Rutinel, Velasco, Vigil, Weissman, Willford, McCluskie, Daugherty,
6-Duran, Lieder, Ortiz, Titone;
7-also SENATOR(S) Winter F. and Jaquez Lewis, Bridges, Cutter, Exum,
8-Hinrichsen.
9+House Committees Senate Committees
10+Transportation, Housing & Local Government Local Government & Housing
11+A BILL FOR AN ACT
912 C
10-ONCERNING A LOCAL GOVERNMENT RIGHT OF FIRST REFUSAL OR OFFER TO
11-PURCHASE QUALIFYING MULTIFAMILY PROPERTY FOR THE PURPOSE OF
12-PROVIDING LONG
13--TERM AFFORDABLE HOUSING OR MIXED -INCOME
14-DEVELOPMENT
15-.
16-
17-Be it enacted by the General Assembly of the State of Colorado:
18-SECTION 1. In Colorado Revised Statutes, add part 12 to article
19-4 of title 29 as follows:
20-PART 12
21-LOCAL GOVERNMENT RIGHT OF FIRST REFUSAL OR FIRST
22-OFFER TO PURCHASE MULTIFAMILY HOUSING
13+ONCERNING A LOCAL GOVERNMENT RIGHT OF FIRST REFUSAL OR101
14+OFFER TO PURCHASE QUALIFYING MULTIFAMILY PROPERTY FOR102
15+THE PURPOSE OF PROVIDING LONG -TERM AFFORDABLE HOUSING103
16+OR MIXED-INCOME DEVELOPMENT .104
17+Bill Summary
18+(Note: This summary applies to this bill as introduced and does
19+not reflect any amendments that may be subsequently adopted. If this bill
20+passes third reading in the house of introduction, a bill summary that
21+applies to the reengrossed version of this bill will be available at
22+http://leg.colorado.gov
23+.)
24+The bill creates 2 property rights for local governments to certain
25+types of multifamily rental properties: A right of first refusal and a right
26+of first offer. The right of first offer is temporary and terminates on
27+SENATE
28+3rd Reading Unamended
29+May 8, 2024
30+SENATE
31+Amended 2nd Reading
32+May 7, 2024
33+HOUSE
34+3rd Reading Unamended
35+April 8, 2024
36+HOUSE
37+Amended 2nd Reading
38+April 5, 2024
39+HOUSE SPONSORSHIP
40+Boesenecker and Sirota, Amabile, Bacon, Brown, Clifford, deGruy Kennedy, Epps,
41+Froelich, Garcia, Hernandez, Herod, Jodeh, Joseph, Kipp, Lindsay, Mabrey, Marvin,
42+McCluskie, McCormick, Ricks, Rutinel, Velasco, Vigil, Weissman, Willford
43+SENATE SPONSORSHIP
44+Winter F. and Jaquez Lewis, Bridges, Cutter, Exum, Hinrichsen
45+Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
46+Capital letters or bold & italic numbers indicate new material to be added to existing law.
47+Dashes through the words or numbers indicate deletions from existing law. December 31, 2029. For multifamily rental properties that are existing
48+affordable housing, a local government has a right of first refusal to
49+match an acceptable offer for the purchase of such property, subject to the
50+local government's commitment to using the property as long-term
51+affordable housing. Existing affordable housing is housing that is
52+currently receiving federal or local financial assistance.
53+The bill requires the seller of such property to give notice to the
54+local government at least 2 years before the first expiration of an existing
55+affordability restriction on the property and again when the seller takes
56+certain actions as a precursor to selling the property. Upon receiving the
57+notice indicating intent to sell the property or of a potential sale of the
58+property, the local government has 14 calendar days to preserve its right
59+of first refusal and an additional 60 calendar days to make an offer and
60+must agree to close on the property within 120 calendar days of the
61+acceptance of the local government's offer. If the price, terms, and
62+conditions of an acceptable offer that has been communicated to the local
63+government materially change, the seller must provide notice of the
64+change within 7 days and the local government may exercise or
65+re-exercise its right of first refusal. If the residential seller rejects an offer
66+by the local government, the seller must provide a written explanation of
67+the reasons and invite the local government to make a subsequent offer
68+within 14 days.
69+For all other multifamily rental properties that are 20 years or older
70+and have not more than 100 units and not less than 5 units in urban
71+counties and 3 units in rural and rural resort counties, a local government
72+has a right of first offer. A seller of such property must provide notice of
73+intent to sell the property to the local government before the seller lists
74+the property for sale. After receipt of the notice, the local government has
75+14 days to respond by either making an offer to purchase the property and
76+stating an intent to perform due diligence and enter into a contract to
77+purchase the property within 45 days of the date that the residential
78+seller's notice was received or waiving its right to purchase the property.
79+The local government's offer is subject to the property being used or
80+converted for the purpose of providing long-term affordable housing or
81+mixed-income development. If the local government does not provide a
82+response in the 14-day period, the right of first offer is waived and the
83+residential seller can proceed with listing and selling the property to any
84+third-party buyer. The residential seller has 14 days to accept or reject the
85+local government's offer and, if the offer is accepted, the local
86+government has 30 days to close the transaction.
87+In exercising its right of first refusal or first offer, the local
88+government may partner with certain other entities for financing of the
89+transaction and may also assign either right to certain other entities that
90+are then subject to all the rights and requirements of the local government
91+in exercising either right.
92+1175
93+-2- The bill allows certain sales of property to be exempt from either
94+the right of first refusal, the right of first offer, or both. The bill also
95+allows the local government to waive its right of first refusal to purchase
96+property qualifying for the right if the local government elects to disclaim
97+its rights to any proposed transaction or for any duration of time.
98+The bill also requires the attorney general's office to enforce its
99+provisions and grants the attorney general's office, the local government,
100+or a mission-driven organization standing to bring a civil action for
101+violations of the right of first refusal or first offer established by the bill.
102+If a court finds that a seller has materially violated the law with respect
103+to the right of first refusal or first offer, respectively, the court must award
104+a statutory penalty of not less than $30,000.
105+Be it enacted by the General Assembly of the State of Colorado:1
106+SECTION 1. In Colorado Revised Statutes, add part 12 to article2
107+4 of title 29 as follows:3
108+PART 124
109+LOCAL GOVERNMENT RIGHT OF FIRST REFUSAL OR FIRST5
110+OFFER TO PURCHASE MULTIFAMILY HOUSING6
23111 29-4-1201. Definitions. A
24-S USED IN THIS PART 12, UNLESS THE
25-NOTE: This bill has been prepared for the signatures of the appropriate legislative
26-officers and the Governor. To determine whether the Governor has signed the bill
27-or taken other action on it, please consult the legislative status sheet, the legislative
28-history, or the Session Laws.
29-________
30-Capital letters or bold & italic numbers indicate new material added to existing law; dashes
31-through words or numbers indicate deletions from existing law and such material is not part of
32-the act. CONTEXT OTHERWISE REQUIRES :
33-(1) "A
34-FFORDABLE HOUSING FINANCIAL ASSISTANCE " MEANS LOANS,
35-GRANTS, EQUITY, BONDS, OR TAX CREDITS PROVIDED TO A MULTIFAMILY
36-RENTAL PROPERTY FROM ANY SOURCE TO SUPPORT THE CREATION
37-,
38-PRESERVATION, OR REHABILITATION OF AFFORDABLE HOUSING THAT , AS A
39-CONDITION OF FUNDING
40-, ENCUMBERS THE PROPERTY WITH A RESTRICTED USE
41-COVENANT OR SIMILAR RECORDED AGREEMENT TO ENSURE AFFORDABILITY
42-.
43-(2) "A
44-PPLICABLE QUALIFYING PROPERTY " MEANS EITHER
45-"QUALIFYING PROPERTY" AS DEFINED IN SECTION 29-4-1202 (1), OR
46-"QUALIFYING PROPERTY" AS DEFINED IN SECTION 29-4-1203 (1).
47-(3) "A
48-PPLICABLE RIGHT" MEANS EITHER A LOCAL GOVERNMENT 'S
49-RIGHT OF FIRST REFUSAL AS SET FORTH IN SECTION
50-29-4-1202, OR RIGHT OF
51-FIRST OFFER AS SET FORTH IN SECTION
52-29-4-1203.
53-(4) "A
54-REA MEDIAN INCOME" MEANS THE MEDIAN INCOME OF THE
55-COUNTY IN WHICH A QUALIFYING PROPERTY IS LOCATED IN RELATION TO
56-HOUSEHOLD SIZE
57-, AS ESTABLISHED ANNUALLY BY THE UNITED STATES
58-DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
59-.
60-(5) "C
61-OLORADO HOUSING AND FINANCE AUTHORITY " MEANS THE
62-COLORADO HOUSING AND FINANCE AUTHORITY CREATED IN SECTION
63-29-4-704 (1).
64-(6) "E
65-XISTING AFFORDABLE HOUSING " MEANS HOUSING THAT IS
66-SUBJECT TO ONE OR MORE RESTRICTED USE COVENANTS OR SIMILAR
67-RECORDED AGREEMENTS TO ENSURE AFFORDABILITY AND THAT IS
68-CONSISTENT WITH AFFORDABLE HOUSING FINANCIAL ASSISTANCE
69-REQUIREMENTS
70-. "EXISTING AFFORDABLE HOUSING " DOES NOT INCLUDE
71-PROPERTIES FOR WHICH ALL RESTRICTED USE COVENANTS OR AFFORDABILITY
72-REQUIREMENTS HAVE EXPIRED AS OF
73-JUNE 1, 2024.
74-(7) "L
75-OCAL GOVERNMENT" MEANS:
112+S USED IN THIS PART 12, UNLESS THE7
113+CONTEXT OTHERWISE REQUIRES : 8
114+(1) "AFFORDABLE HOUSING FINANCIAL ASSISTANCE" MEANS9
115+LOANS, GRANTS, EQUITY, BONDS, OR TAX CREDITS PROVIDED TO A10
116+MULTIFAMILY RENTAL PROPERTY FROM ANY SOURCE TO SUPPORT THE11
117+CREATION, PRESERVATION, OR REHABILITATION OF AFFORDABLE HOUSING12
118+THAT, AS A CONDITION OF FUNDING, ENCUMBERS THE PROPERTY WITH A13
119+RESTRICTED USE COVENANT OR SIMILAR RECORDED AGREEMENT TO14
120+ENSURE AFFORDABILITY.15
121+(2) "APPLICABLE QUALIFYING PROPERTY " MEANS EITHER16
122+"
123+QUALIFYING PROPERTY" AS DEFINED IN SECTION 29-4-1202 (1), OR17
124+"
125+QUALIFYING PROPERTY" AS DEFINED IN SECTION 29-4-1203 (1).18
126+(3) "APPLICABLE RIGHT" MEANS EITHER A LOCAL GOVERNMENT 'S19
127+1175-3- RIGHT OF FIRST REFUSAL AS SET FORTH IN SECTION 29-4-1202, OR RIGHT1
128+OF FIRST OFFER AS SET FORTH IN SECTION 29-4-1203.2
129+(4) "AREA MEDIAN INCOME" MEANS THE MEDIAN INCOME OF THE3
130+COUNTY IN WHICH A QUALIFYING PROPERTY IS LOCATED IN RELATION TO4
131+HOUSEHOLD SIZE, AS ESTABLISHED ANNUALLY BY THE UNITED STATES5
132+DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT.6
133+(5) "COLORADO HOUSING AND FINANCE AUTHORITY " MEANS THE7
134+C
135+OLORADO HOUSING AND FINANCE AUTHORITY CREATED IN SECTION8
136+29-4-704
137+ (1).9
138+ 10
139+(6) "EXISTING AFFORDABLE HOUSING " MEANS HOUSING THAT IS11
140+SUBJECT TO ONE OR MORE RESTRICTED USE COVENANTS OR SIMILAR12
141+RECORDED AGREEMENTS TO ENSURE AFFORDABILITY AND THAT IS13
142+CONSISTENT WITH AFFORDABLE HOUSING FINANCIAL ASSISTANCE14
143+REQUIREMENTS. "EXISTING AFFORDABLE HOUSING " DOES NOT INCLUDE15
144+PROPERTIES FOR WHICH ALL RESTRICTED USE COVENANTS OR16
145+AFFORDABILITY REQUIREMENTS HAVE EXPIRED AS OF JUNE 1, 2024.17
146+ 18
147+(7) "LOCAL GOVERNMENT" MEANS:19
76148 (a)
77- A CITY, CITY AND COUNTY, OR TOWN IF THE APPLICABLE
78-QUALIFYING PROPERTY IS LOCATED WITHIN THE INCORPORATED AREA OF A
79-CITY
80-, A CITY AND COUNTY, OR A TOWN; AND
81-PAGE 2-HOUSE BILL 24-1175 (b) A COUNTY IF THE APPLICABLE QUALIFYING PROPERTY IS
82-LOCATED WITHIN THE UNINCORPORATED AREA OF A COUNTY
83-.
84-(8) "L
85-OCAL OR REGIONAL HOUSING AUTHORITY " MEANS A HOUSING
86-AUTHORITY CREATED PURSUANT TO SECTION
87-29-4-204 (1), 29-4-306 (1),
88-29-4-402,
89- OR 29-4-503 (1).
90-(9) (a) "L
91-ONG-TERM AFFORDABLE HOUSING " MEANS HOUSING FOR
92-WHICH THE LOCAL GOVERNMENT ENSURES THAT AFFORDABILITY LEVELS AT
93-AN APPLICABLE QUALIFYING PROPERTY ARE ON AVERAGE EQUAL TO OR
94-GREATER THAN PREEXISTING LEVELS AT THE APPLICABLE QUALIFYING
95-PROPERTY AND THAT THE AVERAGE ANNUAL RENTS AT THE APPLICABLE
96-QUALIFYING PROPERTY DO NOT EXCEED THE RENT FOR HOUSEHOLDS OF A
97-GIVEN SIZE AT A GIVEN AREA MEDIAN INCOME
98-, AS ESTABLISHED ANNUALLY
99-BY THE
100-UNITED STATES DEPARTMENT OF HOUSING AND URBAN
101-DEVELOPMENT
102-, FOR A MINIMUM OF FORTY YEARS , AND FOR WHICH THE
103-LOCAL GOVERNMENT AGREES NOT TO RAISE RENT FOR ANY UNIT IN THE
104-APPLICABLE QUALIFYING PROPERTY BY MORE THAN THE RENT INCREASE CAP
105-;
106-EXCEPT THAT THE RENT INCREASE CAP DOES NOT APPLY TO UNITS OF
107-HOUSING THAT ARE SUBJECT TO RENT OR INCOME LIMITS ESTABLISHED
108-PURSUANT TO LOCAL
109-, STATE, FEDERAL, OR POLITICAL SUBDIVISION
110-AFFORDABLE HOUSING PROGRAM GUIDELINES
111-.
112-(b) N
113-OTHING IN THIS SUBSECTION (9) PREVENTS A LOCAL
114-GOVERNMENT FROM PROVIDING AFFORDABILITY REQUIREMENTS BEYOND
115-FORTY YEARS OR FOR UNITS TO BE AFFORDABLE TO RENTERS WITH INCOMES
116-BELOW EXISTING AFFORDABILITY LEVELS
117-, IN WHICH CASE THE LOCAL
118-GOVERNMENT
119-'S REQUIREMENTS APPLY FOR PURPOSES OF THE DEFINITION OF
120-"LONG-TERM AFFORDABLE HOUSING" AS SET FORTH IN SUBSECTION (9)(a) OF
121-THIS SECTION
122-.
149+ A CITY, CITY AND COUNTY, OR TOWN IF THE APPLICABLE20
150+QUALIFYING PROPERTY IS LOCATED WITHIN THE INCORPORATED AREA OF21
151+A CITY, A CITY AND COUNTY, OR A TOWN; AND22
152+(b)
153+ A COUNTY IF THE APPLICABLE QUALIFYING PROPERTY IS23
154+LOCATED WITHIN THE UNINCORPORATED AREA OF A COUNTY .24
155+ 25
156+(8) "LOCAL OR REGIONAL HOUSING AUTHORITY" MEANS A26
157+HOUSING AUTHORITY CREATED PURSUANT TO SECTION 29-4-204 (1),27
158+1175
159+-4- 29-4-306 (1), 29-4-402, OR 29-4-503 (1).1
160+(9) (a) "LONG-TERM AFFORDABLE HOUSING" MEANS HOUSING FOR2
161+WHICH THE LOCAL GOVERNMENT ENSURES THAT AFFORDABILITY LEVELS3
162+AT AN APPLICABLE QUALIFYING PROPERTY ARE ON AVERAGE EQUAL TO OR4
163+GREATER THAN PREEXISTING LEVELS AT THE APPLICABLE QUALIFYING5
164+PROPERTY AND THAT THE AVERAGE ANNUAL RENTS AT THE APPLICABLE6
165+QUALIFYING PROPERTY DO NOT EXCEED THE RENT FOR HOUSEHOLDS OF A7
166+GIVEN SIZE AT A GIVEN AREA MEDIAN INCOME, AS ESTABLISHED8
167+ANNUALLY BY THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN9
168+DEVELOPMENT, FOR A MINIMUM OF FORTY YEARS, AND FOR WHICH THE10
169+LOCAL GOVERNMENT AGREES NOT TO RAISE RENT FOR ANY UNIT IN THE11
170+APPLICABLE QUALIFYING PROPERTY BY MORE THAN THE RENT INCREASE12
171+CAP; EXCEPT THAT THE RENT INCREASE CAP DOES NOT APPLY TO UNITS OF13
172+HOUSING THAT ARE SUBJECT TO RENT OR INCOME LIMITS ESTABLISHED14
173+PURSUANT TO LOCAL, STATE, FEDERAL, OR POLITICAL SUBDIVISION15
174+AFFORDABLE HOUSING PROGRAM GUIDELINES .16
175+(b) NOTHING IN THIS SUBSECTION (9) PREVENTS A LOCAL17
176+GOVERNMENT FROM PROVIDING AFFORDABILITY REQUIREMENTS BEYOND18
177+FORTY YEARS OR FOR UNITS TO BE AFFORDABLE TO RENTERS WITH19
178+INCOMES BELOW EXISTING AFFORDABILITY LEVELS , IN WHICH CASE THE20
179+LOCAL GOVERNMENT'S REQUIREMENTS APPLY FOR PURPOSES OF THE21
180+DEFINITION OF "LONG-TERM AFFORDABLE HOUSING" AS SET FORTH IN22
181+SUBSECTION (9)(a) OF THIS SECTION.23
123182 (10) (a) "M
124183 ATCHED OFFER" MEANS AN OFFER OF PURCHASE FOR A
125-QUALIFYING PROPERTY
126-, AS DEFINED IN SECTION 29-4-1202 (1), FOR A PRICE
127-AND WITH OTHER MATERIAL TERMS AND CONDITIONS THAT ARE AT LEAST AS
128-FAVORABLE TO THOSE IN AN ARM
129-'S-LENGTH, THIRD-PARTY OFFER THAT A
130-RESIDENTIAL SELLER HAS RECEIVED AND IS WILLING TO ACCEPT FOR THE
131-SALE OF THE QUALIFYING PROPERTY
132-; EXCEPT THAT, TO THE EXTENT THAT
133-THERE ARE ANY PROVISIONS IN THE ARM
134-'S-LENGTH, THIRD-PARTY OFFER
135-THAT THE LOCAL GOVERNMENT IS PROHIBITED BY LAW FROM CONTRACTING
136-FOR
137-, THE LOCAL GOVERNMENT IS NOT REQUIRED TO INCLUDE SUCH
138-PAGE 3-HOUSE BILL 24-1175 PROVISIONS IN ITS OFFER FOR ITS OFFER TO BE A MATCHED OFFER .
184+24
185+QUALIFYING PROPERTY, AS DEFINED IN SECTION 29-4-1202 (1), FOR A25
186+PRICE AND WITH OTHER MATERIAL TERMS AND CONDITIONS THAT ARE AT26
187+LEAST AS FAVORABLE TO THOSE IN AN ARM'S-LENGTH, THIRD-PARTY OFFER27
188+1175
189+-5- THAT A RESIDENTIAL SELLER HAS RECEIVED AND IS WILLING TO ACCEPT1
190+FOR THE SALE OF THE QUALIFYING PROPERTY ; EXCEPT THAT, TO THE2
191+EXTENT THAT THERE ARE ANY PROVISIONS IN THE ARMS -LENGTH, THIRD3
192+PARTY OFFER THAT THE LOCAL GOVERNMENT IS PROHIBITED BY LAW FROM4
193+CONTRACTING FOR, THE LOCAL GOVERNMENT IS NOT REQUIRED TO5
194+INCLUDE SUCH PROVISIONS IN ITS OFFER FOR ITS OFFER TO BE A MATCHED6
195+OFFER.7
139196 (b) "M
140197 ATCHED OFFER" ALSO MEANS, IN THE ABSENCE OF AN
141-ARM
142-'S-LENGTH, THIRD-PARTY OFFER, AN OFFER OF PURCHASE FOR A
143-QUALIFYING PROPERTY
144-, AS DEFINED IN SECTION 29-4-1202 (1), FOR A PRICE
145-AND WITH OTHER MATERIAL TERMS AND CONDITIONS COMPARABLE TO
146-THOSE FOR WHICH THE RESIDENTIAL SELLER WOULD SELL
147-, AND A WILLING
148-BUYER WOULD PURCHASE
149-, THE QUALIFYING PROPERTY.
198+8
199+ARM'S-LENGTH, THIRD-PARTY OFFER, AN OFFER OF PURCHASE FOR A9
200+QUALIFYING PROPERTY, AS DEFINED IN SECTION 29-4-1202 (1), FOR A10
201+PRICE AND WITH OTHER MATERIAL TERMS AND CONDITIONS COMPARABLE11
202+TO THOSE FOR WHICH THE RESIDENTIAL SELLER WOULD SELL , AND A12
203+WILLING BUYER WOULD PURCHASE , THE QUALIFYING PROPERTY.13
150204 (11) "M
151205 ATERIAL TERMS AND CONDITIONS " MEANS, GENERALLY,
152-SIGNIFICANT TERMS AND CONDITIONS OF A CONTRACT SUCH AS SALE PRICE ,
153-EARNEST MONEY, REPRESENTATIONS, WARRANTIES, PROPERTY DESCRIPTION,
154-AND PERFORMANCE UNDER THE CONTRACT AND , IF A RESIDENTIAL SELLER
155-HAS RECEIVED AN OFFER FROM A THIRD
156--PARTY BUYER THAT IS ENTIRELY A
157-CASH OFFER FOR THE THIRD
158--PARTY TO PURCHASE THE QUALIFYING
206+14
207+SIGNIFICANT TERMS AND CONDITIONS OF A CONTRACT SUCH AS SALE15
208+PRICE, EARNEST MONEY, REPRESENTATIONS, WARRANTIES, PROPERTY16
209+DESCRIPTION, AND PERFORMANCE UNDER THE CONTRACT AND , IF A17
210+RESIDENTIAL SELLER HAS RECEIVED AN OFFER FROM A THIRD -PARTY18
211+BUYER THAT IS ENTIRELY A CASH OFFER FOR THE THIRD -PARTY TO19
212+PURCHASE THE QUALIFYING PROPERTY , THE LOCAL GOVERNMENT , IN20
213+ACCORDANCE WITH SECTION 29-4-1202 (5)(a)(II), MUST AGREE TO CLOSE21
214+ON THE QUALIFYING PROPERTY WITHIN THE SAME TIME PERIOD AS SET22
215+FORTH IN THE THIRD-PARTY BUYER'S OFFER FOR PURPOSES OF A MATCHED23
216+OFFER. "MATERIAL TERMS AND CONDITIONS " EXCLUDES, BUT IS NOT24
217+LIMITED TO EXCLUDING, THE TYPE OF FINANCING OR PAYMENT METHOD OR25
218+THE PERIOD FOR CLOSING.26
219+(12) "MIXED-INCOME PROJECT" MEANS AN AFFORDABLE HOUSING27
220+1175
221+-6- DEVELOPMENT IN WHICH A PERCENTAGE OF UNITS HAVE RESTRICTED1
222+AVAILABILITY TO HOUSEHOLDS AT OR BELOW GIVEN AREA MEDIAN INCOME2
223+LEVELS, PROPORTIONAL TO THE DEMONSTRATED HOUSING NEEDS OF THE3
224+LOCAL COMMUNITY. THE PERCENTAGE OF INCOME RESTRICTED UNITS AND4
225+AFFORDABILITY LEVELS MUST COMPLY WITH LAWS ENACTED BY LOCAL5
226+GOVERNMENTS PROMOTING THE DEVELOPMENT OF NEW AFFORDABLE6
227+HOUSING UNITS PURSUANT TO SECTION 29-20-104 (1).7
228+(13) "RENT INCREASE CAP" MEANS A PERCENTAGE OF THE8
229+CURRENT ANNUAL RENT FOR AN APPLICABLE QUALIFYING PROPERTY THAT9
230+IS EQUAL TO THE GREATER OF:10
231+(a) T
232+HE AVERAGE ANNUAL PERCENTAGE CHANGE FOR THE11
233+PREVIOUS TWELVE MONTHS AT THE TIME OF THE CALCULATION IN THE12
234+U
235+NITED STATES DEPARTMENT OF LABOR 'S BUREAU OF LABOR STATISTICS13
236+CONSUMER PRICE INDEX FOR DENVER-AURORA-LAKEWOOD FOR ALL14
237+ITEMS AND ALL URBAN CONSUMERS , OR ITS SUCCESSOR INDEX; OR15
238+(b) T
239+HREE PERCENTAGE POINTS.16
240+(14)
241+ "RESIDENTIAL SELLER" MEANS THE FEE SIMPLE OWNER OF AN17
242+APPLICABLE QUALIFYING PROPERTY . IF THERE IS MORE THAN ONE FEE18
243+SIMPLE OWNER OF AN APPLICABLE QUALIFYING PROPERTY , EACH FEE19
244+SIMPLE OWNER IS REFERRED TO IN THIS PART 12 JOINTLY AND SEVERALLY20
245+AS THE "RESIDENTIAL SELLER".21
246+ 22
247+29-4-1202. Right of first refusal - eligibility - process - notice23
248+- tolling - definition. (1) Definition of qualifying property. A
249+S USED IN24
250+THIS SECTION, UNLESS THE CONTEXT OTHERWISE REQUIRES , "QUALIFYING25
251+PROPERTY" MEANS A MULTIFAMILY RESIDENTIAL OR MIXED -USE RENTAL26
159252 PROPERTY
160-, THE LOCAL GOVERNMENT , IN ACCORDANCE WITH SECTION
161-29-4-1202 (5)(a)(II), MUST AGREE TO CLOSE ON THE QUALIFYING PROPERTY
162-WITHIN THE SAME TIME PERIOD AS SET FORTH IN THE THIRD
163--PARTY BUYER'S
164-OFFER FOR PURPOSES OF A MATCHED OFFER
165-. "MATERIAL TERMS AND
166-CONDITIONS
167-" EXCLUDES, BUT IS NOT LIMITED TO EXCLUDING, THE TYPE OF
168-FINANCING OR PAYMENT METHOD OR THE PERIOD FOR CLOSING
169-.
170-(12) "M
171-IXED-INCOME PROJECT" MEANS AN AFFORDABLE HOUSING
172-DEVELOPMENT IN WHICH A PERCENTAGE OF UNITS HAVE RESTRICTED
173-AVAILABILITY TO HOUSEHOLDS AT OR BELOW GIVEN AREA MEDIAN INCOME
174-LEVELS
175-, PROPORTIONAL TO THE DEMONSTRATED HOUSING NEEDS OF THE
176-LOCAL COMMUNITY
177-. THE PERCENTAGE OF INCOME RESTRICTED UNITS AND
178-AFFORDABILITY LEVELS MUST COMPLY WITH LAWS ENACTED BY LOCAL
179-GOVERNMENTS PROMOTING THE DEVELOPMENT OF NEW AFFORDABLE
180-HOUSING UNITS PURSUANT TO SECTION
181-29-20-104 (1).
182-(13) "R
183-ENT INCREASE CAP" MEANS A PERCENTAGE OF THE CURRENT
184-ANNUAL RENT FOR AN APPLICABLE QUALIFYING PROPERTY THAT IS EQUAL TO
185-THE GREATER OF
186-:
253+CONSISTING OF NOT LESS THAN FIVE UNITS THAT IS EXISTING27
254+1175
255+-7- AFFORDABLE HOUSING, EXCLUDING A MOBILE HOME PARK AS DEFINED IN1
256+SECTION 38-12-201.5 (6). FOR THE PURPOSE OF DETERMINING WHETHER2
257+A PROPERTY CONSISTS OF AT LEAST THE MINIMUM NUMBER OF UNITS SET3
258+FORTH IN THIS SUBSECTION (1) FOR A QUALIFYING PROPERTY, AN4
259+ACCESSORY DWELLING UNIT DOES NOT COUNT AS A UNIT .5
260+(2) Local government's right of first refusal. (a) I
261+N6
262+ACCORDANCE WITH THIS PART 12, THE LOCAL GOVERNMENT FOR THE7
263+JURISDICTION IN WHICH A QUALIFYING PROPERTY IS LOCATED HAS A RIGHT8
264+OF FIRST REFUSAL TO PURCHASE THE QUALIFYING PROPERTY WITH
265+ A9
266+MATCHED OFFER.10
267+(b) (I) A
268+NY PURCHASE AND SALE AGREEMENT FOR THE11
269+CONVEYANCE OF A QUALIFYING PROPERTY BY A RESIDENTIAL SELLER IS12
270+CONTINGENT UPON THE RIGHT OF FIRST REFUSAL SET FORTH IN THIS13
271+SECTION.14
272+(II) I
273+F THE LOCAL GOVERNMENT PROVIDES NOTICE PURSUANT TO15
274+SUBSECTION (4)(a)(I) OF THIS SECTION TO A RESIDENTIAL SELLER THAT16
275+THE LOCAL GOVERNMENT MAY EXERCISE ITS RIGHT OF FIRST REFUSAL , THE17
276+RESIDENTIAL SELLER SHALL NOT PROCEED WITH THE SALE OF THE18
277+QUALIFYING PROPERTY TO ANY OTHER PARTY AND THE LOCAL19
278+GOVERNMENT SHALL HAVE A RIGHT TO MAKE
279+ A MATCHED OFFER.20
280+(III) F
281+OR THE PURPOSE OF DETERMINING WHETHER AN OFFER BY
282+21
283+THE LOCAL GOVERNMENT IS A MATCHED OFFER , IT IS IMMATERIAL HOW22
284+THE OFFER WOULD BE FINANCED IF THE LOCAL GOVERNMENT HAS SECURED23
285+THE FINANCING OR DEMONSTRATES APPROVAL OF THE FINANCING IN24
286+CONNECTION WITH MAKING THE OFFER , NOTWITHSTANDING ANY25
287+REQUIREMENT OF APPROPRIATION BY A GOVERNING BODY FOR THE26
288+FINANCING. FOR PURPOSES OF THIS SECTION, A RESIDENTIAL SELLER SHALL27
289+1175
290+-8- NEGOTIATE IN GOOD FAITH WITH THE LOCAL GOVERNMENT THAT MAKES1
291+A MATCHED OFFER. THIS INCLUDES, BUT IS NOT LIMITED TO, EVALUATING2
292+AN OFFER FROM THE LOCAL GOVERNMENT OR ITS ASSIGNEE WITHOUT3
293+CONSIDERATION OF:4
187294 (A) T
188-HE AVERAGE ANNUAL PERCENTAGE CHANGE FOR THE PREVIOUS
189-TWELVE MONTHS AT THE TIME OF THE CALCULATION IN THE
190-UNITED STATES
191-DEPARTMENT OF LABOR
192-'S BUREAU OF LABOR STATISTICS CONSUMER PRICE
193-INDEX FOR
194-DENVER-AURORA-LAKEWOOD FOR ALL ITEMS AND ALL URBAN
195-CONSUMERS
196-, OR ITS SUCCESSOR INDEX; OR
197-PAGE 4-HOUSE BILL 24-1175 (b) THREE PERCENTAGE POINTS.
198-(14) "R
199-ESIDENTIAL SELLER" MEANS THE FEE SIMPLE OWNER OF AN
200-APPLICABLE QUALIFYING PROPERTY
201-. IF THERE IS MORE THAN ONE FEE SIMPLE
202-OWNER OF AN APPLICABLE QUALIFYING PROPERTY
203-, EACH FEE SIMPLE OWNER
204-IS REFERRED TO IN THIS PART
205-12 JOINTLY AND SEVERALLY AS THE
206-"RESIDENTIAL SELLER".
207-29-4-1202. Right of first refusal - eligibility - process - notice -
208-tolling - definition. (1) Definition of qualifying property. A
209-S USED IN
210-THIS SECTION
211-, UNLESS THE CONTEXT OTHERWISE REQUIRES , "QUALIFYING
212-PROPERTY
213-" MEANS A MULTIFAMILY RESIDENTIAL OR MIXED -USE RENTAL
214-PROPERTY CONSISTING OF NOT LESS THAN FIVE UNITS THAT IS EXISTING
215-AFFORDABLE HOUSING
216-, EXCLUDING A MOBILE HOME PARK AS DEFINED IN
217-SECTION
218-38-12-201.5 (6). FOR THE PURPOSE OF DETERMINING WHETHER A
219-PROPERTY CONSISTS OF AT LEAST THE MINIMUM NUMBER OF UNITS SET
220-FORTH IN THIS SUBSECTION
221-(1) FOR A QUALIFYING PROPERTY, AN ACCESSORY
222-DWELLING UNIT DOES NOT COUNT AS A UNIT
223-.
224-(2) Local government's right of first refusal. (a) I
225-N ACCORDANCE
226-WITH THIS PART
227-12, THE LOCAL GOVERNMENT FOR THE JURISDICTION IN
228-WHICH A QUALIFYING PROPERTY IS LOCATED HAS A RIGHT OF FIRST REFUSAL
229-TO PURCHASE THE QUALIFYING PROPERTY WITH A MATCHED OFFER
230-.
231-(b) (I) A
232-NY PURCHASE AND SALE AGREEMENT FOR THE CONVEYANCE
233-OF A QUALIFYING PROPERTY BY A RESIDENTIAL SELLER IS CONTINGENT UPON
234-THE RIGHT OF FIRST REFUSAL SET FORTH IN THIS SECTION
235-.
236-(II) I
237-F THE LOCAL GOVERNMENT PROVIDES NOTICE PURSUANT TO
238-SUBSECTION
239- (4)(a)(I) OF THIS SECTION TO A RESIDENTIAL SELLER THAT THE
240-LOCAL GOVERNMENT MAY EXERCISE ITS RIGHT OF FIRST REFUSAL
241-, THE
242-RESIDENTIAL SELLER SHALL NOT PROCEED WITH THE SALE OF THE
243-QUALIFYING PROPERTY TO ANY OTHER PARTY AND THE LOCAL GOVERNMENT
244-SHALL HAVE A RIGHT TO MAKE A MATCHED OFFER
245-.
246-(III) F
247-OR THE PURPOSE OF DETERMINING WHETHER AN OFFER BY THE
248-LOCAL GOVERNMENT IS A MATCHED OFFER
249-, IT IS IMMATERIAL HOW THE
250-OFFER WOULD BE FINANCED IF THE LOCAL GOVERNMENT HAS SECURED THE
251-FINANCING OR DEMONSTRATES APPROVAL OF THE FINANCING IN CONNECTION
252-WITH MAKING THE OFFER
253-, NOTWITHSTANDING ANY REQUIREMENT OF
254-PAGE 5-HOUSE BILL 24-1175 APPROPRIATION BY A GOVERNING BODY FOR THE FINANCING . FOR PURPOSES
255-OF THIS SECTION
256-, A RESIDENTIAL SELLER SHALL NEGOTIATE IN GOOD FAITH
257-WITH THE LOCAL GOVERNMENT THAT MAKES A MATCHED OFFER
258-. THIS
259-INCLUDES
260-, BUT IS NOT LIMITED TO, EVALUATING AN OFFER FROM THE LOCAL
261-GOVERNMENT OR ITS ASSIGNEE WITHOUT CONSIDERATION OF
262-:
263-(A) T
264-HE PERIOD FOR CLOSING;
295+HE PERIOD FOR CLOSING;5
265296 (B) T
266-HE TYPE OF FINANCING OR PAYMENT METHOD ;
297+HE TYPE OF FINANCING OR PAYMENT METHOD ;6
267298 (C) W
268-HETHER OR NOT THE OFFER IS CONTINGENT ON A PARTICULAR
269-FINANCING OR PAYMENT METHOD
270-; EXCEPT THAT THE LOCAL GOVERNMENT
271-MUST BE ABLE TO DEMONSTRATE THAT ITS FINANCING OR PAYMENT METHOD
272-HAS BEEN APPROVED
273-, NOTWITHSTANDING ANY REQUIREMENT OF
274-APPROPRIATION BY A GOVERNING BODY FOR THE FI NANCING OR PAYMENT
275-METHOD
276-; AND
277-(D) WHETHER OR NOT THE OFFER IS CONTINGENT ON AN APPRAISAL ,
278-INSPECTION, REVIEW OF TITLE, OBTAINING TITLE INSURANCE, OR OTHER
279-CUSTOMARY CONDITIONS FOR THE SALE OF SIMILAR PROPERTY
280-.
299+HETHER OR NOT THE OFFER IS CONTINGENT ON A7
300+PARTICULAR FINANCING OR PAYMENT METHOD ;
301+EXCEPT THAT THE LOCAL8
302+GOVERNMENT MUST BE ABLE TO DEMONSTRATE THAT ITS FINANCING OR9
303+PAYMENT METHOD HAS BEEN APPROVED, NOTWITHSTANDING ANY10
304+REQUIREMENT OF APPROPRIATION BY A GOVERNING BODY FOR THE11
305+FINANCING OR PAYMENT METHOD ; AND12
306+(D) W
307+HETHER OR NOT THE OFFER IS CONTINGENT ON AN13
308+APPRAISAL, INSPECTION, REVIEW OF TITLE, OBTAINING TITLE INSURANCE,14
309+OR OTHER CUSTOMARY CONDITIONS FOR THE SALE OF SIMILAR PROPERTY .15
281310 (IV) A
282- RESIDENTIAL SELLER SHALL NOT COLLUDE WITH A POTENTIAL
283-BUYER FOR THE PRIMARY PURPOSE OF INFLATING A SALES PRICE ABOVE THE
284-MARKET PRICE OF A QUALIFYING PROPERTY
285-.
311+ RESIDENTIAL SELLER SHALL NOT COLLUDE WITH A16
312+POTENTIAL BUYER FOR THE PRIMARY PURPOSE OF INFLATING A SALES17
313+PRICE ABOVE THE MARKET PRICE OF A QUALIFYING PROPERTY .18
286314 (c) T
287-HE LOCAL GOVERNMENT 'S RIGHT OF FIRST REFUSAL
288-CONCERNING THE QUALIFYING PROPERTY IS LIMITED TO PRESERVING OR
289-CONVERTING THE QUALIFYING PROPERTY TO LONG
290--TERM AFFORDABLE
291-HOUSING DIRECTLY OR THR OUGH ANOTHER ENTITY TO WHICH THE LOCAL
292-GOVERNMENT ASSIGNS ITS RIGHTS PURS UANT SUBSECTION
293- (2)(f) OF THIS
294-SECTION OR TRANSFERS THE QUALIFYING PROPERTY
295-.
315+HE LOCAL GOVERNMENT 'S RIGHT OF FIRST REFUSAL19
316+CONCERNING THE QUALIFYING PROPERTY IS LIMITED TO PRESERVING OR20
317+CONVERTING THE QUALIFYING PROPERTY TO LONG -TERM AFFORDABLE21
318+HOUSING DIRECTLY OR THROUGH ANOTHER ENTITY TO WHICH THE LOCAL22
319+GOVERNMENT ASSIGNS ITS RIGHTS PURSUANT SUBSECTION (2)(f) OF THIS23
320+SECTION OR TRANSFERS THE QUALIFYING PROPERTY .24
296321 (d) I
297322 F A QUALIFYING PROPERTY IS CLASSIFIED AS MIXED-USE, THE
298-LOCAL GOVERNMENT
299-'S OFFER MUST INCLUDE ANY COMMERCIAL PORTION OF
300-THE QUALIFYING PROPERTY
301-, BUT ONLY THE RESIDENTIAL PORTION OF THE
302-QUALIFYING PROPERTY IS SUBJECT TO AFFORDABILITY REQUIREMENTS
303-.
323+25
324+LOCAL GOVERNMENT'S OFFER MUST INCLUDE ANY COMMERCIAL PORTION26
325+OF THE QUALIFYING PROPERTY, BUT ONLY THE RESIDENTIAL PORTION OF27
326+1175
327+-9- THE QUALIFYING PROPERTY IS SUBJECT TO AFFORDABILITY1
328+REQUIREMENTS.2
304329 (e) T
305-HE LOCAL GOVERNMENT , IN EXERCISING ITS RIGHT OF FIRST
306-REFUSAL
307-, MAY PARTNER WITH A NONPROFIT ENTITY , A PRIVATE ENTITY, A
308-QUASI
309--GOVERNMENTAL ENTITY , OR ANOTHER GOVERNMENTAL ENTITY TO
310-PAGE 6-HOUSE BILL 24-1175 CO-FINANCE, LEASE, OR MANAGE THE QUALIFYING PROPERTY FOR THE
311-PUBLIC PURPOSE OF MAINTAINING THE QUALIFYING PROPERTY AS
312-LONG
313--TERM AFFORDABLE HOUSING AS L ONG AS THE LOCAL GOVERNMENT OR
314-ITS ASSIGNEE MAINTAINS OWNERSHIP OF THE QUALIFYING PROPERTY EITHER
315-DIRECTLY OR THROUGH A SPECIAL PURPOSE ENTITY OR AFFILIATE
316-.
330+HE LOCAL GOVERNMENT , IN EXERCISING ITS RIGHT OF FIRST3
331+REFUSAL, MAY PARTNER WITH A NONPROFIT ENTITY , A PRIVATE ENTITY,
332+A4
333+QUASI-GOVERNMENTAL ENTITY, OR ANOTHER GOVERNMENTAL ENTITY TO5
334+CO-FINANCE, LEASE, OR MANAGE THE QUALIFYING PROPERTY FOR THE6
335+PUBLIC PURPOSE OF MAINTAINING THE QUALIFYING PROPERTY AS7
336+LONG-TERM AFFORDABLE HOUSING AS LONG AS THE LOCAL GOVERNMENT8
337+OR ITS ASSIGNEE MAINTAINS OWNERSHIP OF THE QUALIFYING PROPERTY9
338+EITHER DIRECTLY OR THROUGH A SPECIAL PURPOSE ENTITY OR AFFILIATE.10
317339 (f) A
318-T ANY TIME, THE LOCAL GOVERNMENT MAY ASSIGN THE RIGHT
319-OF FIRST REFUSAL WITH RESPECT TO A SPECIFIC QUALIFYING PROPERTY OR
320-WITH RESPECT TO ALL QUALIFYING PROPERTIES IN THE LOCAL
321-GOVERNMENT
322-'S JURISDICTION TO A HOUSING AUTHORITY THAT IS WITHIN THE
323-LOCAL GOVERNMENT
324-'S JURISDICTION, A REGIONAL HOUSING AUTHORITY
325-THAT SERVES THE LOCAL GOVERNMENT
326-'S JURISDICTION, OR THE COLORADO
327-HOUSING AND FINANCE AUTHORITY
328-, SUBJECT TO THE REQUIREMENTS THAT
329-THE QUALIFYING PROPERTY IS USED TO PRESERVE OR BE CONVERTED TO
330-LONG
331--TERM AFFORDABLE HOUSING AND THAT ALL OTHER PROVISIONS OF
332-THIS PART
333-12 APPLY TO THE ASSIGNEE. IF THE PROPOSED ASSIGNEE ACCEPTS
334-THE ASSIGNMENT OF THE RIGHT OF FIRST REFUSAL IN WRITING
335-, UPON
336-ASSIGNMENT
337-, THE ASSIGNEE ASSUMES ALL LIABILITY OF THE LOCAL
338-GOVERNMENT REGARDING THE EXERCISE OF THE RIGHT OF FIRST REFUSAL
339-AND IS RESPONSIBLE FOR PERFORMING ALL REQUIREMENTS PURSUANT TO
340-THIS PART
341-12 WITH RESPECT TO A QUALIFYING PROPERTY AS IF THE ASSIGNEE
342-WERE THE LOCAL GOVERNMENT
343-. THE LOCAL GOVERNMENT MUST PROVIDE
344-NOTICE OF ANY ASSIGNMENT AS FOLLOWS
345-:
346-(I) I
347-F THE LOCAL GOVERNMENT HAS ASSIGNED ITS RIGHT OF FIRST
348-REFUSAL WITH RESPECT TO ALL PROPERTIES WITHIN ITS JURISDICTION
349-, THE
350-LOCAL GOVERNMENT MUST POST A NOTICE IN A CONSPICUOUS LOCATION ON
351-ITS WEBSITE INDICATING THAT THE LOCAL GOVERNMENT HAS ASSIGNED ITS
352-RIGHT OF FIRST REFUSAL AND LISTING THE ASSIGNEE
353-'S NAME AND CONTACT
354-INFORMATION TO RECEIVE NOTICES REQUIRED PURSUANT TO THIS SECTION
355-.
340+T ANY TIME, THE LOCAL GOVERNMENT MAY ASSIGN THE RIGHT11 OF FIRST REFUSAL WITH RESPECT TO A SPECIFIC QUALIFYING PROPERTY OR12
341+WITH RESPECT TO ALL QUALIFYING PROPERTIES IN THE LOCAL13
342+GOVERNMENT'S JURISDICTION TO A HOUSING AUTHORITY THAT IS WITHIN14
343+THE LOCAL GOVERNMENT 'S JURISDICTION, A REGIONAL HOUSING15
344+AUTHORITY THAT SERVES THE LOCAL GOVERNMENT 'S JURISDICTION, OR16
345+THE COLORADO HOUSING AND FINANCE AUTHORITY , SUBJECT TO THE17
346+REQUIREMENTS THAT THE QUALIFYING PROPERTY IS USED TO PRESERVE OR18
347+BE CONVERTED TO LONG -TERM AFFORDABLE HOUSING AND THAT ALL19
348+OTHER PROVISIONS OF THIS PART 12 APPLY TO THE ASSIGNEE. IF THE20
349+PROPOSED ASSIGNEE ACCEPTS THE ASSIGNMENT OF THE RIGHT OF FIRST21
350+REFUSAL IN WRITING, UPON ASSIGNMENT, THE ASSIGNEE ASSUMES ALL22
351+LIABILITY OF THE LOCAL GOVERNMENT REGARDING THE EXERCISE OF THE23
352+RIGHT OF FIRST REFUSAL AND IS RESPONSIBLE FOR PERFORMING ALL24
353+REQUIREMENTS PURSUANT TO THIS PART 12 WITH RESPECT TO A25
354+QUALIFYING PROPERTY AS IF THE ASSIGNEE WERE THE LOCAL26
355+GOVERNMENT. THE LOCAL GOVERNMENT MUST PROVIDE NOTICE OF ANY27
356+1175
357+-10- ASSIGNMENT AS FOLLOWS:1
358+(I) IF THE LOCAL GOVERNMENT HAS ASSIGNED ITS RIGHT OF FIRST2
359+REFUSAL WITH RESPECT TO ALL PROPERTIES WITHIN ITS JURISDICTION, THE3
360+LOCAL GOVERNMENT MUST POST A NOTICE IN A CONSPICUOUS LOCATION4
361+ON ITS WEBSITE INDICATING THAT THE LOCAL GOVERNMENT HAS ASSIGNED5
362+ITS RIGHT OF FIRST REFUSAL AND LISTING THE ASSIGNEE 'S NAME AND6
363+CONTACT INFORMATION TO RECEIVE NOTICES REQUIRED PURSUANT TO7
364+THIS SECTION. THE NOTICE POSTED IN ACCORDANCE WITH THIS8
365+SUBSECTION (2)(f)(I) MUST BE EFFECTIVE FOR AT LEAST THREE MONTHS9
366+AFTER IT IS POSTED AND MUST EXPLICITLY STATE THE DATE IT EXPIRES, IF10
367+ANY. ANY NOTICE POSTED BY THE LOCAL GOVERNMENT IN ACCORDANCE11
368+WITH THIS SUBSECTION (2)(f)(I) IS DEEMED CONSTRUCTIVE NOTICE TO THE12
369+RESIDENTIAL SELLER.13
370+(II) IF THE LOCAL GOVERNMENT HAS NOT POSTED NOTICE IN14
371+ACCORDANCE WITH SUBSECTION (2)(f)(I) OF THIS SECTION AND ASSIGNS15
372+ITS RIGHT OF FIRST REFUSAL WITH RESPECT TO ALL QUALIFYING16
373+PROPERTIES IN ITS JURISDICTION OR WITH RESPECT TO A QUALIFYING17
374+PROPERTY THAT IS THE SUBJECT OF THE NOTICE PROVIDED BY A18
375+RESIDENTIAL SELLER IN ACCORDANCE WITH SUBSECTION (3)(b) OF THIS19
376+SECTION AFTER RECEIPT OF SUCH NOTICE, THE LOCAL GOVERNMENT SHALL20
377+IMMEDIATELY NOTIFY THE RESIDENTIAL SELLER OF THE ASSIGNMENT AND21
378+OF THE ASSIGNEE'S ADDRESS TO RECEIVE ANY NOTICES THE RESIDENTIAL22
379+SELLER IS REQUIRED TO SEND IN ACCORDANCE WITH THIS SECTION ; EXCEPT23
380+THAT, IF THE SALE OF THE QUALIFYING PROPERTY THAT IS THE SUBJECT OF24
381+THE NOTICE PROVIDED BY THE RESIDENTIAL SELLER IN ACCORDANCE WITH25
382+SUBSECTION (3)(b) OF THIS SECTION HAS CONCLUDED, THEN NO NOTICE BY26
383+THE LOCAL GOVERNMENT OF THE ASSIGNMENT IS REQUIRED .27
384+1175
385+-11- 1
386+(g) (I) THE GOVERNING BODY OF A LOCAL GOVERNMENT HAS THE2
387+RIGHT TO WAIVE THE RIGHT OF FIRST REFUSAL PROVIDED IN THIS SECTION.3
388+(II) (A) IF THE GOVERNING BODY OF A LOCAL GOVERNMENT HAS4
389+WAIVED ITS RIGHT OF FIRST REFUSAL, IT SHALL POST A NOTICE IN A5
390+CONSPICUOUS LOCATION ON ITS WEBSITE INDICATING THAT THERE IS A6
391+WAIVER AND THAT RESIDENTIAL SELLERS WITH QUALIFYING PROPERTIES7
392+WITHIN ITS JURISDICTION DO NOT HAVE AN OBLIGATION TO COMPLY WITH8
393+THIS SECTION. THE LOCAL GOVERNMENT SHALL ALSO PROVIDE WRITTEN9
394+NOTICE TO THE COLORADO HOUSING AND FINANCE AUTHORITY OF THE10
395+WAIVER.11
396+(B) THE NOTICE POSTED OR PROVIDED IN ACCORDANCE WITH12
397+SUBSECTION (2)(g)(II)(A) OF THIS SECTION MUST BE EFFECTIVE FOR AT13
398+LEAST THREE MONTHS AFTER IT IS POSTED OR PROVIDED, AS APPLICABLE,14
399+AND MUST EXPLICITLY STATE THE DATE IT EXPIRES , IF ANY.15
400+(C) FAILURE TO POST OR PROVIDE NOTICE PURSUANT TO THIS16
401+SUBSECTION (2)(g)(II) DOES NOT OTHERWISE AFFECT THE LOCAL17
402+GOVERNMENT'S RIGHT OF FIRST REFUSAL.18
403+(3) Notices by residential seller. (a) (I) (A) NOT LESS THAN TWO19
404+YEARS BEFORE THE FINAL EXPIRATION OF THE LAST REMAINING 20
405+AFFORDABILITY RESTRICTION INCUMBENT TO A QUALIFYING PROPERTY 'S21
406+FUNDING SOURCES, A RESIDENTIAL SELLER SHALL PROVIDE NOTICE TO THE22
407+COLORADO HOUSING AND FINANCE AUTHORITY AND THE GOVERNING23
408+BODY OF THE LOCAL GOVERNMENT IN WHICH THE QUALIFYING PROPERTY24
409+IS LOCATED OF THE EXPIRATION OF SUCH RESTRICTION. THE NOTICE MUST25
410+INCLUDE THE DATE OF EXPIRATION OF THE LAST REMAINING26
411+AFFORDABILITY RESTRICTION AND CONTACT INFORMATION FOR THE27
412+1175
413+-12- RESIDENTIAL SELLER.1
414+(B) NOTWITHSTANDING SUBSECTION (3)(a)(I)(A) OF THIS SECTION,2
415+WHETHER NOTICE IS PROVIDED PURSUANT TO SUBSECTION (3)(a)(I)(A) OF3
416+THIS SECTION IS NOT RELEVANT TO DETERMINING A RESIDENTIAL SELLER'S4
417+OR LOCAL GOVERNMENT'S COMPLIANCE WITH THE REQUIREMENTS OF THIS5
418+PART 12 AND IS NOT SUBJECT TO ANY PROVISIONS SET FORTH IN SECTION6
419+29-4-1206. PROVISION OF THE NOTICE REQUIRED BY SUBSECTION7
420+(3)(a)(I)(A) OF THIS SECTION IS NOT A TRIGGERING EVENT PURSUANT TO8
421+SUBSECTION (3)(b)(I) OF THIS SECTION.9
422+(II) N
423+OT LESS THAN SIX MONTHS BEFORE THE FINAL EXPIRATION10
424+OF
425+THE LAST REMAINING AFFORDABILITY RESTRICTION INCUMBENT TO11
426+A QUALIFYING PROPERTY'S FUNDING SOURCES, A RESIDENTIAL SELLER12
427+SHALL PROVIDE NOTICE TO THE COLORADO HOUSING AND FINANCE13
428+AUTHORITY AND THE GOVERNING BODY OF THE LOCAL GOVERNMENT IN14
429+WHICH THE QUALIFYING PROPERTY IS LOCATED OF THE EXPIRATION OF15
430+SUCH RESTRICTION. THE NOTICE MUST INDICATE WHETHER THE16
431+RESIDENTIAL SELLER ANTICIPATES THAT IT WILL RECAPITALIZE AND17
432+CONTINUE TO OPERATE THE QUALIFYING PROPERTY AT AFFORDABILITY18
433+LEVELS AT LEAST ON AVERAGE EQUAL TO WHAT HAS BEEN PROVIDED AT19
434+THE QUALIFYING PROPERTY, RETAIN OWNERSHIP OF THE QUALIFYING20
435+PROPERTY AND LET AFFORDABILITY REQUIREMENTS EXPIRE, OR SELL THE21
436+QUALIFYING PROPERTY UPON EXPIRATION OF THE RESTRICTIONS .22
437+(III) THE NOTICES PROVIDED TO THE COLORADO HOUSING AND23
438+FINANCE AUTHORITY PURSUANT TO THIS SUBSECTION (3)(a) DO NOT24
439+CREATE AN OBLIGATION OR REQUIREMENT FOR THE COLORADO HOUSING25
440+AND FINANCE AUTHORITY TO TAKE ACTION WITH RESPECT TO THE26
441+QUALIFYING PROPERTY OR TO PROVIDE ANY ENFORCEMENT OR27
442+1175
443+-13- COMPLIANCE MONITORING OF ANY REQUIREMENTS OF THIS PART 12.1
444+(b) (I) W
445+ITHIN FOURTEEN CALENDAR DAYS OF A TRIGGERING2
446+EVENT, A RESIDENTIAL SELLER SHALL PROVIDE NOTICE IN ACCORDANCE3
447+WITH THIS SUBSECTION (3)(b) AND SUBSECTION (3)(d) OF THIS SECTION TO4
448+THE GOVERNING BODY OF THE LOCAL GOVERNMENT IN WHICH THE5
449+QUALIFYING PROPERTY IS
450+LOCATED AND SHALL MAKE A GOOD FAITH6
451+EFFORT TO ENSURE THE NOTICE IS RECEIVED BY THE LOCAL GOVERNMENT.7
452+A
453+ TRIGGERING EVENT IS THE FIRST TO OCCUR OF ANY OF THE FOLLOWING
454+8
455+EVENTS WHEN THE RESIDENTIAL SELLER :9
456+(A) M
457+ATERIALLY DEPARTS FROM ANY REPRESENTATION MADE IN10
458+THE NOTICES REQUIRED PURSUANT TO SUBSECTION (3)(a) OF THIS SECTION11
459+AFTER AFFORDABILITY RESTRICTIONS EXPIRE IN A MANNER THAT12
460+INDICATES AN INTENT TO SELL THE QUALIFYING PROPERTY ;13
461+
462+14
463+(B) SIGNS A LETTER OF INTENT, OPTION TO SELL OR BUY, OR OTHER15
464+CONDITIONAL WRITTEN AGREEMENT WITH A POTENTIAL BUYER FOR THE16
465+SALE OR TRANSFER OF THE QUALIFYING PROPERTY , WHICH INCLUDES THE17
466+ESTIMATED PRICE, TERMS, AND CONDITIONS OF THE PROPOSED SALE OR18
467+TRANSFER, EVEN IF THE PRICE, TERMS, OR CONDITIONS ARE SUBJECT TO19
468+CHANGE;20
469+ 21
470+(C) LISTS THE QUALIFYING PROPERTY FOR SALE; OR22
471+(D) MAKES A CONDITIONAL ACCEPTANCE OF AN OFFER FOR THE23
472+SALE OR TRANSFER OF THE QUALIFYING PROPERTY .24
473+ 25
474+(II) T
475+HE NOTICE REQUIRED PURSUANT TO THIS SUBSECTION (3)(b)26
476+MUST INCLUDE:27
477+1175
478+-14- (A) A GENERAL DESCRIPTION OF THE QUALIFYING PROPERTY TO BE1
479+SOLD, INCLUDING THE ADDRESS AND NAME OF THE PROPERTY , IF ANY, AND2
480+ANY ADDITIONAL DESCRIPTIONS OF THE QUALIFYING PROPERTY ON FILE3
481+WITH THE OFFICE OF THE ASSESSOR IN THE COUNTY IN WHICH THE4
482+QUALIFYING PROPERTY IS LOCATED ;5
483+(B) T
484+HE RESIDENTIAL SELLER'S ADDRESS AND, IF AVAILABLE,6
485+ELECTRONIC MAILING ADDRESS TO RECEIVE NOTICES FROM THE LOCAL7
486+GOVERNMENT;8
487+
488+9
489+(C) THE PRICE, TERMS, AND CONDITIONS OF AN ACCEPTABLE OFFER10
490+THE RESIDENTIAL SELLER HAS RECEIVED TO SELL THE QUALIFYING11
491+PROPERTY OR THE PRICE, TERMS, AND CONDITIONS FOR WHICH THE12
492+RESIDENTIAL SELLER INTENDS TO SELL THE QUALIFYING PROPERTY ;13
493+(D) ANY TERMS OR CONDITIONS WHICH , IF NOT MET, WOULD BE14
494+SUFFICIENT GROUNDS, IN THE RESIDENTIAL SELLER'S DISCRETION AND IN15
495+COMPLIANCE WITH THIS PART 12 AND ANY OTHER APPLICABLE LAW , TO16
496+REJECT AN OFFER; AND17
497+(E) IF THE RESIDENTIAL SELLER HAS ENTERED INTO A CONTINGENT18
498+PURCHASE AND SALE AGREEMENT WITH A PROSPECTIVE BUYER , A COPY OF19
499+THE AGREEMENT.20
500+(III) T
501+HE PRICE, TERMS, AND CONDITIONS REQUIRED TO BE STATED21
502+IN THE NOTICE PURSUANT TO SUBSECTION (3)(b)(II)(C)
503+ OF THIS SECTION22
504+MUST BE UNIVERSAL AND APPLICABLE TO ALL POTENTIAL BUYERS AND23
505+MUST NOT BE SPECIFIC TO OR PROHIBITIVE OF THE LOCAL GOVERNMENT24
506+MAKING A SUCCESSFUL OFFER TO PURCHASE THE QUALIFYING PROPERTY ,25
507+MUST NOT BE UNLAWFUL , AND MUST NOT INHIBIT THE EXERCISE OF THE26
508+RIGHT OF FIRST REFUSAL PROVIDED FOR IN THIS SECTION.27
509+1175
510+-15- (c) IF THE PRICE REQUIRED TO BE LISTED IN THE RESIDENTIAL1
511+SELLER'S NOTICE PURSUANT TO SUBSECTION (3)(b)(II)(C) OF THIS SECTION2
512+IS REDUCED BY FIVE PERCENT OR MORE OR THE TERMS OR CONDITIONS AS3
513+REQUIRED TO BE PROVIDED IN THE RESIDENTIAL SELLER 'S NOTICE4
514+PURSUANT TO SUBSECTION (3)(b)(II)(D) OF THIS SECTION MATERIALLY5
515+CHANGE, THE RESIDENTIAL SELLER SHALL WITHIN SEVEN DAYS OF THE6
516+CHANGE PROVIDE NOTICE TO THE LOCAL GOVERNMENT OF THE C HANGE7
517+AND THE LOCAL GOVERNMENT MAY EXERCISE , OR RE-EXERCISE, ITS RIGHT8
518+OF FIRST REFUSAL IN ACCORDANCE WITH THIS SECTION .9
519+(d) T
520+HE NOTICES GIVEN PURSUANT TO THIS SUBSECTION (3) MUST10
521+BE DELIVERED
522+TO THE APPLICABLE REPRESENTATIVE OF THE COLORADO11
523+HOUSING AND FINANCE AUTHORITY AND TO THE CLERK OF THE GOVERNING12
524+BODY OF THE LOCAL GOVERNMENT, AS APPLICABLE, BY ELECTRONIC MAIL;13
525+EXCEPT THAT, IF THERE IS NOT AN ELECTRONIC MAILING ADDRESS14
526+AVAILABLE FOR THE APPLICABLE REPRESENTATIVE OR THE CLERK, THEN15
527+BY HAND DELIVERY, UNITED STATES FIRST CLASS MAIL, OR OVERNIGHT16
528+DELIVERY.17
529+ (e) THE LOCAL GOVERNMENT , EXCEPT AS OTHERWISE18
530+GOVERNED BY LAW OR COURT ORDER , SHALL SIGN A NONDISCLOSURE19
531+AGREEMENT WITH THE RESIDENTIAL SELLER AND , ONCE THE20
532+NONDISCLOSURE AGREEMENT IS EXECUTED , MAY SHARE THE INFORMATION21
533+CONTAINED IN THE NOTICES REQUIRED PURSUANT TO SUBSECTIONS (3)(b)22
534+AND (3)(c) OF THIS SECTION WITH ITS OFFICERS AND EMPLOYEES . IF THE23
535+LOCAL GOVERNMENT SHARES THE NOTICES REQUIRED PURSUANT TO24
536+SUBSECTIONS (3)(b) AND (3)(c) OF THIS SECTION WITH PROSPECTIVE25
537+ENTITIES THAT THE LOCAL GOVERNMENT PARTNERS WITH PURSUANT TO26
538+SUBSECTION (2)(e) OF THIS SECTION OR PROSPECTIVE ASSIGNEES27
539+1175
540+-16- PURSUANT TO SUBSECTION (2)(f) OF THIS SECTION FOR THE PURPOSES OF1
541+EVALUATING OR OBTAINING FINANCING FOR THE PROSPECTIVE2
542+TRANSACTION, THOSE ENTITIES THAT RECEIVE THE NOTICE MUST EACH3
543+SIGN A NONDISCLOSURE AGREEMENT FOR THE RESPECTIVE ENTITY WITH4
544+THE RESIDENTIAL SELLER . AN ENTITY THAT HAS EXECUTED A5
545+NONDISCLOSURE AGREEMENT PURSUANT TO THIS SUBSECTION (3)(e), MAY6
546+SHARE THE INFORMATION CONTAINED IN THE NOTICES REQUIRED7
547+PURSUANT TO SUBSECTIONS (3)(b) AND (3)(c) OF THIS SECTION WITH ITS8
548+OFFICERS, EMPLOYEES, AND ATTORNEYS AND WITH ITS ADVISORS AND9
549+PROSPECTIVE FINANCING PROVIDERS IF THE ADVISORS AND PROSPECTIVE10
550+FINANCING PROVIDERS ARE BOUND BY THE NONDISCLOSURE AGREEMENT11
551+OR BY A SIMILAR CONTRACTUAL , LEGAL, OR FIDUCIARY OBLIGATION OF12
552+CONFIDENTIALITY FOR THE PURPOSES OF EVALUATING OR OBTAINING13
553+FINANCING FOR THE PROSPECTIVE TRANSACTION . THE INFORMATION14
554+CONTAINED IN THE NOTICES REQUIRED UNDER SUBSECTIONS (3)(b) AND15
555+(3)(c)
556+ OF THIS SECTION, EXCEPT FOR THE PROPERTY ADDRESS AND ANY
557+16
558+INFORMATION THAT IS PUBLICLY RECORDED , IS CONFIDENTIAL17
559+INFORMATION NOT SUBJECT TO PUBLIC DISCLOSURE .18
560+(4) (a) Notice by the local government to the residential seller.19
561+(I) T
562+HE LOCAL GOVERNMENT SHALL
563+MAKE A GOOD FAITH EFFORT TO20
564+PROVIDE NOTICE TO THE RESIDENTIAL SELLER AS SOON AS POSSIBLE BUT21
565+NOT LATER THAN FOURTEEN CALENDAR DAYS OF RECEIPT OF THE NOTICE22
566+REQUIRED PURSUANT TO SUBSECTION (3)(b) OR (3)(c) OF THIS SECTION OF23
567+THE LOCAL GOVERNMENT 'S INTENT, WITH RESPECT TO THE QUALIFYING24
568+PROPERTY THAT IS THE SUBJECT OF THE NOTICE, TO EITHER PRESERVE ITS25
569+RIGHT OF FIRST REFUSAL PROVIDED IN THIS SECTION OR WAIVE ITS RIGHT26
570+OF FIRST REFUSAL. THE NOTICE MUST BE DELIVERED BY ELECTRONIC MAIL;27
571+1175
572+-17- EXCEPT THAT, IF THE RESIDENTIAL SELLER HAS NOT PROVIDED AN1
573+ELECTRONIC MAILING ADDRESS , THEN BY HAND DELIVERY , UNITED2
574+S
575+TATES FIRST CLASS MAIL, OR OVERNIGHT DELIVERY TO THE ADDRESS3
576+PROVIDED BY THE RESIDENTIAL SELLER PURSUANT TO SUBSECTION4(3)(b)(II)(B) OF THIS SECTION.5
577+(II) T
578+HE NOTICE GIVEN PURSUANT TO SUBSECTION (4)(a)(I) OF THIS6
579+SECTION IS NONBINDING ON THE LOCAL GOVERNMENT .7
580+(III) I
581+F NO NOTICE IS GIVEN BY THE LOCAL GOVERNMENT , IF THE8
582+LOCAL GOVERNMENT FAILS TO MAKE AN OFFER WITHIN THE TIME PERIOD9
583+PROVIDED IN SUBSECTION (5) OF THIS SECTION, OR IF THE OFFER IS10
584+OTHERWISE NOT MADE IN ACCORDANCE WITH SUBSECTION (5) OF THIS11
585+SECTION, THE RESIDENTIAL SELLER MAY PROCEED WITH THE SALE OF THE12
586+QUALIFYING PROPERTY TO ANY BUYER . 13
587+(IV) IF THE LOCAL GOVERNMENT INTENDS TO ASSIGN ITS RIGHT OF14
588+FIRST REFUSAL IN ACCORDANCE WITH SUBSECTION (2)(f) OF THIS SECTION,15
589+THE LOCAL GOVERNMENT MUST DISCLOSE THE POTENTIAL ASSIGNEE IN16
590+THE NOTICE REQUIRED PURSUANT TO SUBSECTION (4)(a)(I) OF THIS17
591+SECTION AND PROVIDE A COPY OF THE NOTICE TO THE PROPOSED18
592+ASSIGNEE, FOR THE PROPOSED ASSIGNEE 'S CONSIDERATION IN19
593+DETERMINING WHETHER TO ACCEPT THE ASSIGNMENT .20
594+ 21
595+(b) Notice by the local government to the Colorado housing22
596+and finance authority. I
597+N CONNECTION WITH THE LOCAL GOVERNMENT
598+23
599+PROVIDING NOTICE TO THE RESIDENTIAL SELLER IN ACCORDANCE WITH24
600+SUBSECTION (4)(a)(I) OF THIS SECTION, THE LOCAL GOVERNMENT SHALL25
601+ALSO PROVIDE THE NOTICE TO THE COLORADO HOUSING AND FINANCE26
602+AUTHORITY INDICATING IF THE LOCAL GOVERNMENT INTENDS TO EITHER27
603+1175
604+-18- PRESERVE OR WAIVE ITS RIGHT OF FIRST REFUSAL WITH RESPECT TO THE1
605+QUALIFYING PROPERTY THAT IS THE SUBJECT OF THE NOTICE PROVIDED2
606+PURSUANT TO SUBSECTION (3)(b) OF THIS SECTION AND IDENTIFYING ANY3
607+POTENTIAL ASSIGNEE THAT THE LOCAL GOVERNMENT INTENDS TO ASSIGN4
608+ITS RIGHT OF FIRST REFUSAL TO . THE NOTICE REQUIRED BY THIS5
609+SUBSECTION (4)(b) IS NONBINDING ON THE LOCAL GOVERNMENT .6
610+(5) Process to exercise right of first refusal. (a) (I) EXCEPT AS7
611+OTHERWISE PROVIDED IN SUBSECTION (6) OF THIS SECTION, THE LOCAL8
612+GOVERNMENT HAS THIRTY CALENDAR DAYS FROM PROVIDING NOTICE9
613+PURSUANT TO SUBSECTION (4)(a)(I) OF THIS SECTION TO MAKE AN OFFER10
614+TO PURCHASE THE QUALIFYING PROPERTY AND SHALL AGREE TO CLOSE ON11
615+THE QUALIFYING PROPERTY AND EXECUTE THE NECESSARY AGREEMENTS12
616+TO FINALIZE THE SALE OF THE QUALIFYING PROPERTY TO THE LOCAL13
617+GOVERNMENT WITHIN SIXTY CALENDAR DAYS OF THE ACCEPTANCE BY A14
618+RESIDENTIAL SELLER OF THE LOCAL GOVERNMENT 'S OFFER TO PURCHASE15
619+THE QUALIFYING PROPERTY AND THE EXECUTION OF THE NECESSARY16
620+AGREEMENTS IN CONNECTION WITH ACCEPTING THE OFFER .17
621+(II) NOTWITHSTANDING SUBSECTION (5)(a)(I) OF THIS SECTION18
622+AND EXCEPT AS OTHERWISE PROVIDED IN SUBSECTION (6) OF THIS SECTION,19
623+IF A RESIDENTIAL SELLER HAS RECEIVED AN OFFER FROM A THIRD-PARTY20
624+BUYER THAT IS AN ENTIRELY CASH OFFER FOR THE THIRD-PARTY BUYER TO21
625+PURCHASE THE QUALIFYING PROPERTY , THE LOCAL GOVERNMENT SHALL22
626+AGREE TO CLOSE ON THE QUALIFYING PROPERTY AND EXECUTE THE23
627+NECESSARY AGREEMENTS TO FINALIZE THE SALE OF THE QUALIFYING24
628+PROPERTY TO THE LOCAL GOVERNMENT WITHIN THE SAME TIME PERIOD AS25
629+IS SET FORTH IN THE THIRD-PARTY BUYER'S OFFER.26
630+(b) I
631+F A RESIDENTIAL SELLER REJECTS AN OFFER MADE BY THE27
632+1175
633+-19- LOCAL GOVERNMENT EXERCISING ITS RIGHT OF FIRST REFUSAL , THE1
634+RESIDENTIAL SELLER SHALL PROVIDE A WRITTEN EXPLANATION OF THE2
635+REJECTION AND SHALL INVITE THE LOCAL GOVERNMENT TO MAKE ONE3
636+SUBSEQUENT OFFER WITHIN FOURTEEN DAYS BY IDENTIFYING THE4
637+MATERIAL TERMS AND CONDITIONS THAT MUST BE INCLUDED IN THE5
638+SUBSEQUENT OFFER IN ORDER FOR THE RESIDENTIAL SELLER TO6
639+POTENTIALLY ACCEPT THE SUBSEQUENTLY MADE OFFER BY THE LOCAL7
640+GOVERNMENT. THE RESIDENTIAL SELLER SHALL HAVE FOURTEEN DAYS8
641+FROM THE DATE OF THE LOCAL GOVERNMENT 'S SUBSEQUENT OFFER TO9
642+EITHER ACCEPT OR REJECT THE SUBSEQUENT OFFER , AND IF THE LOCAL10
643+GOVERNMENT'S SUBSEQUENT OFFER IS REJECTED BY THE RESIDENTIAL11
644+SELLER, THE RESIDENTIAL SELLER SHALL PROVIDE A WRITTEN12
645+EXPLANATION OF THE REJECTION AND THE RESIDENTIAL SELLER 'S13
646+REJECTION OF THE SUBSEQUENT OFFER CONSTITUTES TERMINATION OF THE14
647+LOCAL GOVERNMENT 'S RIGHT OF FIRST REFUSAL TO PURCHASE THE15
648+QUALIFYING PROPERTY, SUBJECT TO THE LOCAL GOVERNMENT 'S RIGHT TO16
649+EXERCISE, OR RE-EXERCISE ITS RIGHT OF FIRST REFUSAL PURSUANT TO17
650+SUBSECTION (3)(c) OF THIS SECTION IF THE CONDITION SET FORTH IN18
651+SUBSECTION (3)(c) OF THIS SECTION OCCURS.19
652+(c) W
653+ITHIN SEVEN CALENDAR DAYS OF CLOSING ON THE SALE OF
654+20
655+THE QUALIFYING PROPERTY TO THE LOCAL GOVERNMENT , THE21
656+RESIDENTIAL SELLER SHALL MAIL NOTICE TO EACH RESIDENT OF THE22
657+QUALIFYING PROPERTY OF THE SALE OF THE QUALIFYING PROPERTY TO THE23
658+LOCAL GOVERNMENT. THE RESIDENTIAL SELLER SHALL ALSO POST A COPY24
659+OF THE NOTICE IN A CONSPICUOUS PLACE IN THE QUALIFYING PROPERTY .25
356660 T
357-HE NOTICE POSTED IN ACCORDANCE WITH THIS SUBSECTION (2)(f)(I) MUST
358-BE EFFECTIVE FOR AT LEAST THREE MONTHS AFTER IT IS POSTED AND MUST
359-EXPLICITLY STATE THE DATE IT EXPIRES
360-, IF ANY. ANY NOTICE POSTED BY THE
361-LOCAL GOVERNMENT IN ACCORDANCE WITH THIS SUBSECTION
362- (2)(f)(I) IS
363-DEEMED CONSTRUCTIVE NOTICE TO THE RESIDENTIAL SELLER
364-.
365-(II) I
366-F THE LOCAL GOVERNMENT HAS NOT POSTED NOTICE IN
367-ACCORDANCE WITH SUBSECTION
368- (2)(f)(I) OF THIS SECTION AND ASSIGNS ITS
369-RIGHT OF FIRST REFUSAL WITH RESPECT TO ALL QUALIFYING PROPERTIES IN
370-ITS JURISDICTION OR WITH RESPECT TO A QUALIFYING PROPERTY THAT IS THE
371-PAGE 7-HOUSE BILL 24-1175 SUBJECT OF THE NOTICE PROVIDED BY A RESIDENTIAL SELLER IN
372-ACCORDANCE WITH SUBSECTION
373- (3)(b) OF THIS SECTION AFTER RECEIPT OF
374-SUCH NOTICE
375-, THE LOCAL GOVERNMENT SHALL IMMEDIATELY NOTIFY THE
376-RESIDENTIAL SELLER OF THE ASSIGNMENT AND OF THE ASSIGNEE
377-'S ADDRESS
378-TO RECEIVE ANY NOTICES THE RESIDENTIAL SELLER IS REQUIRED TO SEND IN
379-ACCORDANCE WITH THIS SECTION
380-; EXCEPT THAT, IF THE SALE OF THE
381-QUALIFYING PROPERTY THAT IS THE SUBJECT OF THE NOTICE PROVIDED BY
382-THE RESIDENTIAL SELLER IN ACCORDANCE WITH SUBSECTION
383- (3)(b) OF THIS
384-SECTION HAS CONCLUDED
385-, THEN NO NOTICE BY THE LOCAL GOVERNMENT OF
386-THE ASSIGNMENT IS REQUIRED
387-.
388-(g) (I) T
389-HE GOVERNING BODY OF A LOCAL GOVERNMENT HAS THE
390-RIGHT TO WAIVE THE RIGHT OF FIRST REFUSAL PROVIDED IN THIS SECTION
391-.
392-(II) (A) I
393-F THE GOVERNING BODY OF A LOCAL GOVERNMENT HAS
394-WAIVED ITS RIGHT OF FIRST REFUSAL
395-, IT SHALL POST A NOTICE IN A
396-CONSPICUOUS LOCATION ON ITS WEBSITE INDICATING THAT THERE IS A
397-WAIVER AND THAT RESIDENTIAL SELLERS WITH QUALIFYING PROPERTIES
398-WITHIN ITS JURISDICTION DO NOT HAVE AN OBLIGATION TO COMPLY WITH
399-THIS SECTION
400-. THE LOCAL GOVERNMENT SHALL ALSO PROVIDE WRITTEN
401-NOTICE TO THE
402-COLORADO HOUSING AND FINANCE AUTHORITY OF THE
403-WAIVER
404-.
405-(B) T
406-HE NOTICE POSTED OR PROVIDED IN ACCORDANCE WITH
407-SUBSECTION
408- (2)(g)(II)(A) OF THIS SECTION MUST BE EFFECTIVE FOR AT
409-LEAST THREE MONTHS AFTER IT IS POSTED OR PROVIDED
410-, AS APPLICABLE,
411-AND MUST EXPLICITLY STATE THE DATE IT EXPIRES , IF ANY.
412-(C) F
413-AILURE TO POST OR PROVIDE NOTICE PURSUANT TO THIS
414-SUBSECTION
415- (2)(g)(II) DOES NOT OTHERWISE AFFECT THE LOCAL
416-GOVERNMENT
417-'S RIGHT OF FIRST REFUSAL.
418-(3) Notices by residential seller. (a) (I) (A) N
419-OT LESS THAN TWO
420-YEARS BEFORE THE FINAL EXPIRATION OF THE LAST REMAINING
421-AFFORDABILITY RESTRICTION INCUMBENT TO A QUALIFYING PROPERTY
422-'S
423-FUNDING SOURCES
424-, A RESIDENTIAL SELLER SHALL PROVIDE NOTICE TO THE
425-COLORADO HOUSING AND FINANCE AUTHORITY AND THE GOVERNING BODY
426-OF THE LOCAL GOVERNMENT IN WHICH THE QUALIFYING PROPERTY IS
427-LOCATED OF THE EXPIRATION OF SUCH RESTRICTION
428-. THE NOTICE MUST
429-INCLUDE THE DATE OF EXPIRATION OF THE LAST REMAINING AFFORDABILITY
430-PAGE 8-HOUSE BILL 24-1175 RESTRICTION AND CONTACT INFORMATION FOR THE RESIDENTIAL SELLER .
661+HE MAILED AND POSTED NOTICES MUST BE PROVIDED IN ENGLISH,
662+26
663+S
664+PANISH, AND ANY OTHER LANGUAGE KNOWN TO BE SPOKEN BY
665+27
666+1175
667+-20- RESIDENTS AT THE QUALIFYING PROPERTY AND MUST INCLUDE CONTACT1
668+INFORMATION FOR THE LOCAL GOVERNMENT , OR ITS ASSIGNEE, IF2
669+APPLICABLE, FOR RESIDENTS TO DIRECT QUESTIONS AND INPUT TO .3
670+(6) Extension of time. THE TIME PERIODS SET FORTH IN THIS4
671+SECTION MAY BE EXTENDED AND ANY TERMS OR CONDITIONS OF SALE MAY5
672+BE MODIFIED BY WRITTEN AGREEMENT BETWEEN THE LOCAL GOVERNMENT6
673+AND THE RESIDENTIAL SELLER OR, IF THE LOCAL GOVERNMENT HAS7
674+ASSIGNED ITS RIGHT OF FIRST REFUSAL , THE LOCAL GOVERNMENT'S8
675+ASSIGNEE AND THE RESIDENTIAL SELLER .9
676+ 10
677+(7) Certificate of compliance. WITHIN FOURTEEN CALENDAR11
678+DAYS OF RECEIPT OF NOTICE REQUIRED BY EITHER SUBSECTION (3)(b) OR12
679+(3)(c) OF THIS SECTION OR, IF THE LOCAL GOVERNMENT INTENDS TO13
680+EXERCISE ITS RIGHT OF FIRST REFUSAL, WITHIN FOURTEEN CALENDAR14
681+DAYS OF EITHER ACCEPTANCE BY A RESIDENTIAL SELLER OF THE LOCAL15
682+GOVERNMENT'S OFFER OR REJECTION BY A RESIDENTIAL SELLER OF THE16
683+LOCAL GOVERNMENT'S OFFER IN ACCORDANCE WITH SUBSECTION (5)(b) OF17
684+THIS SECTION, THE LOCAL GOVERNMENT OR ITS ASSIGNEE SHALL EXECUTE18
685+AND RECORD A CERTIFICATE OF COMPLIANCE IN THE REAL PROPERTY19
686+RECORDS OF THE COUNTY IN WHICH THE QUALIFYING PROPERTY IS20
687+SITUATED. THE CERTIFICATE OF COMPLIANCE MUST INCLUDE THE NAME OF21
688+THE RESIDENTIAL SELLER, A LEGAL DESCRIPTION OF THE QUALIFYING22
689+PROPERTY, AND A STATEMENT THAT THE RESIDENTIAL SELLER HAS23
690+COMPLIED WITH ALL APPLICABLE PROVISIONS OF THIS SECTION . THE24
691+RECORDED CERTIFICATE OF COMPLIANCE IS PRIMA FACIE EVIDENCE OF THE25
692+RESIDENTIAL SELLER'S COMPLIANCE WITH THIS SECTION AND MAY BE26
693+RELIED UPON BY A RESIDENTIAL SELLER, ANY PERSON CLAIMING AN27
694+1175
695+-21- INTEREST IN THE QUALIFYING PROPERTY THROUGH A RESIDENTIAL SELLER,1
696+AND A TITLE INSURANCE ENTITY, AS DEFINED IN SECTION 10-11-102 (11).2
697+(8) Tenant qualifications. (a) T HE LOCAL GOVERNMENT OR ITS3
698+ASSIGNEE SHALL MAINTAIN AT THE QUALIFYING PROPERTY AFFORDABILITY4
699+LEVELS THAT ARE ON AVERAGE EQUAL TO OR GREATER THAN THE LEVELS5
700+PROVIDED AT THE TIME IT IS ACQUIRED BY THE LOCAL GOVERNMENT BOTH6
701+WITH RESPECT TO THE NUMBER OF AFFORDABLE UNITS AND THE AREA7
702+MEDIAN INCOMES USED TO DETERMINE RENT AND INCOME LIMITS. TENANT8
703+QUALIFICATIONS MUST COMPLY WITH FAIR HOUSING LAWS AND9
704+AFFORDABILITY REQUIREMENTS OF ANY NEW FUNDING SOURCES .10
431705 (b) N
432-OTWITHSTANDING SUBSECTION (3)(a)(I)(A) OF THIS SECTION,
433-WHETHER NOTICE IS PROVIDED PURSUANT TO SUBSECTION (3)(a)(I)(A) OF
434-THIS SECTION IS NOT RELEVANT TO DETERMINING A RESIDENTIAL SELLER
435-'S
436-OR LOCAL GOVERNMENT
437-'S COMPLIANCE WITH THE REQUIREMENTS OF THIS
438-PART
439-12 AND IS NOT SUBJECT TO ANY PROVISIONS SET FORTH IN SECTION
440-29-4-1206. PROVISION OF THE NOTICE REQUIRED BY SUBSECTION
441-(3)(a)(I)(A) OF THIS SECTION IS NOT A TRIGGERING EVENT PURSUANT TO
442-SUBSECTION
443- (3)(b)(I) OF THIS SECTION.
444-(II) N
445-OT LESS THAN SIX MONTHS BEFORE THE FINAL EXPIRATION OF
446-THE LAST REMAINING AFFORDABILITY RESTRICTION INCUMBENT TO A
447-QUALIFYING PROPERTY
448-'S FUNDING SOURCES, A RESIDENTIAL SELLER SHALL
449-PROVIDE NOTICE TO THE
450-COLORADO HOUSING AND FINANCE AUTHORITY AND
451-THE GOVERNING BODY OF THE LOCAL GOVERNMENT IN WHICH THE
452-QUALIFYING PROPERTY IS LOCATED OF THE EXPIRATION OF SUCH
453-RESTRICTION
454-. THE NOTICE MUST INDICATE WHETHER THE RESIDENTIAL
455-SELLER ANTICIPATES THAT IT WILL RECAPITALIZE AND CONTINUE TO
456-OPERATE THE QUALIFYING PROPERTY AT AFFORDABILITY LEVELS AT LEAST
457-ON AVERAGE EQUAL TO WHAT HAS BEEN PROVIDED AT THE QUALIFYING
458-PROPERTY
459-, RETAIN OWNERSHIP OF THE QUALIFYING PROPERTY AND LET
460-AFFORDABILITY REQUIREMENTS EXPIRE
461-, OR SELL THE QUALIFYING PROPERTY
462-UPON EXPIRATION OF THE RESTRICTIONS
463-.
464-(III) T
465-HE NOTICES PROVIDED TO THE COLORADO HOUSING AND
466-FINANCE AUTHORITY PURSUANT TO THIS SUBSECTION
467- (3)(a) DO NOT CREATE
468-AN OBLIGATION OR REQUIREMENT FOR THE
469-COLORADO HOUSING AND
470-FINANCE AUTHORITY TO TAKE ACTION WITH RESPECT TO THE QUALIFYING
471-PROPERTY OR TO PROVIDE ANY ENFORCEMENT OR COMPLIANCE MONITORING
472-OF ANY REQUIREMENTS OF THIS PART
473-12.
474-(b) (I) W
475-ITHIN FOURTEEN CALENDAR DAYS OF A TRIGGERING EVENT ,
476-A RESIDENTIAL SELLER SHALL PROVIDE NOTICE IN ACCORDANCE WITH THIS
477-SUBSECTION
478- (3)(b) AND SUBSECTION (3)(d) OF THIS SECTION TO THE
479-GOVERNING BODY OF THE LOCAL GOVERNMENT IN WHICH THE QUALIFYING
480-PROPERTY IS LOCATED AND SHALL MAKE A GOOD FAITH EFFORT TO ENSURE
481-THE NOTICE IS RECEIVED BY THE LOCAL GOVERNMENT
482-. A TRIGGERING EVENT
483-IS THE FIRST TO OCCUR OF ANY OF THE FOLLOWING EVENTS WHEN THE
484-RESIDENTIAL SELLER
485-:
486-PAGE 9-HOUSE BILL 24-1175 (A) MATERIALLY DEPARTS FROM ANY REPRESENTATION MADE IN
487-THE NOTICES REQUIRED PURSUANT TO SUBSECTION
488- (3)(a) OF THIS SECTION
489-AFTER AFFORDABILITY RESTRICTIONS EXPIRE IN A MANNER THAT INDICATES
490-AN INTENT TO SELL THE QUALIFYING PROPERTY
491-;
492-(B) S
493-IGNS A LETTER OF INTENT, OPTION TO SELL OR BUY, OR OTHER
494-CONDITIONAL WRITTEN AGREEMENT WITH A POTENTIAL BUYER FOR THE SALE
495-OR TRANSFER OF THE QUALIFYING PROPERTY
496-, WHICH INCLUDES THE
497-ESTIMATED PRICE
498-, TERMS, AND CONDITIONS OF THE PROPOSED SALE OR
499-TRANSFER
500-, EVEN IF THE PRICE, TERMS, OR CONDITIONS ARE SUBJECT TO
501-CHANGE
502-;
503-(C) L
504-ISTS THE QUALIFYING PROPERTY FOR SALE; OR
505-(D) MAKES A CONDITIONAL ACCEPTANCE OF AN OFFER FOR THE SALE
506-OR TRANSFER OF THE QUALIFYING PROPERTY
507-.
706+OTWITHSTANDING THE REQUIREMENTS AROUND LONG -TERM11
707+AFFORDABLE HOUSING SET FORTH IN THIS SECTION OR THE REQUIREMENTS12
708+IN SUBSECTION
709+(8)(a) OF THIS SECTION, RESIDENTS AT THE QUALIFYING13
710+PROPERTY AT THE TIME IT IS ACQUIRED BY THE LOCAL GOVERNMENT14
711+PURSUANT TO THIS SECTION MAY CONTINUE TO RESIDE AT THE QUALIFYING15
712+PROPERTY IRRESPECTIVE OF THEIR INCOME LEVEL FOR AT LEAST THE16
713+DURATION OF THEIR TENANCY AGREEMENT PURSUANT TO THE TENANCY17
714+AGREEMENT'S TERMS IN EFFECT AT THE TIME THE LOCAL GOVERNMENT18
715+ACQUIRES THE QUALIFYING PROPERTY . A LOCAL GOVERNMENT OR ITS19
716+ASSIGNEE MAY ONLY DECLINE TO RENEW A TENANT 'S LEASE IN ORDER TO20
717+COMPLY WITH GREATER AFFORDABILITY RESTRICTIONS AT THE21
718+QUALIFYING PROPERTY IN ACCORDANCE WITH SUBSECTION (8)(a) OF THIS22
719+SECTION OR IF THE RESIDENT IS DEMONSTRABLY VIOLATING ANY TERMS OF23
720+THE LEASE.24
721+(9) Application of a local government's right of first refusal25
722+laws. NOTHING IN THIS PART 12 RESTRICTS OR SUPERSEDES THE26
723+AUTHORITY OF A LOCAL GOVERNMENT TO ENACT LAWS FOR ITS27
724+1175
725+-22- JURISDICTION PROVIDING FOR THE LOCAL GOVERNMENT'S RIGHT OF FIRST1
726+REFUSAL TO PURCHASE PROPERTY FOR AFFORDABLE HOUSING THAT AT A2
727+MINIMUM COMPLY WITH THIS PART 12 AND IN THE EVENT OF CONFLICT3
728+BETWEEN A PROVISION IN THIS PART 12 AND A LOCAL GOVERNMENT'S4
729+LAWS, THE PROVISION MORE FAVORABLE TO THE LOCAL GOVERNMENT5
730+APPLIES; EXCEPT THAT THE PROVISIONS OF SUBSECTION (7) OF THIS6
731+SECTION AND THE PROVISIONS SET FORTH IN SECTION 29-4-1206 APPLY7
732+NOTWITHSTANDING ANY LAW ENACTED BY A LOCAL GOVERNMENT8
733+REGARDING THE LOCAL GOVERNMENT 'S RIGHT OF FIRST REFUSAL.9
734+29-4-1203. Right of first offer - eligibility - process - notice -10
735+definition. (1) Definition of qualifying property. A S USED IN THIS11
736+SECTION, UNLESS THE CONTEXT OTHERWISE REQUIRES , "QUALIFYING12
737+PROPERTY" MEANS A MULTIFAMILY RESIDENTIAL OR MIXED -USE RENTAL13
738+PROPERTY CONSISTING OF NOT MORE THAN ONE HUNDRED UNITS AND NOT14
739+LESS THAN FIFTEEN UNITS AND EXCLUDING EXISTING AFFORDABLE15
740+HOUSING AND A MOBILE HOME PARK AS DEFINED IN SECTION 38-12-201.516
741+(6). FOR THE PURPOSE OF DETERMINING WHETHER A PROPERTY CONSISTS17
742+OF AT LEAST THE MINIMUM NUMBER OF UNITS SET FORTH IN THIS18
743+SUBSECTION (1) FOR A QUALIFYING PROPERTY, AN ACCESSORY DWELLING19
744+UNIT DOES NOT COUNT AS A UNIT.20
745+(2) Local government's right of first offer. (a) I
746+N ACCORDANCE21
747+WITH THIS PART 12, THE LOCAL GOVERNMENT FOR THE JURISDICTION IN22
748+WHICH A QUALIFYING PROPERTY IS LOCATED HAS A RIGHT OF FIRST OFFER23
749+TO MAKE AN OFFER TO PURCHASE THE QUALIFYING PROPERTY BEFORE THE24
750+QUALIFYING PROPERTY IS LISTED FOR SALE TO THIRD PARTIES .25 26
751+(b) THE LOCAL GOVERNMENT'S RIGHT OF FIRST OFFER CONCERNING27
752+1175
753+-23- THE QUALIFYING PROPERTY IS LIMITED TO PRESERVING OR C ONVERTING1
754+THE QUALIFYING PROPERTY TO LONG -TERM AFFORDABLE HOUSING OR A2
755+MIXED-INCOME DEVELOPMENT DIRECTLY OR THROUGH ANOTHER ENTITY3
756+TO WHICH THE LOCAL GOVERNMENT ASSIGNS ITS RIGHTS PURSUANT TO4
757+SUBSECTION (2)(d) OF THIS SECTION OR TRANSFERS THE QUALIFYING5
758+PROPERTY. IF A QUALIFYING PROPERTY IS CLASSIFIED AS MIXED-USE, THE6
759+LOCAL GOVERNMENT'S OFFER MUST INCLUDE ANY COMMERCIAL PORTION7
760+OF THE QUALIFYING PROPERTY, BUT ONLY THE RESIDENTIAL PORTION OF8
761+THE QUALIFYING PROPERTY IS SUBJECT TO AFFORDABILITY9
762+REQUIREMENTS.10
763+(c) THE LOCAL GOVERNMENT , IN EXERCISING ITS RIGHT OF FIRST11
764+OFFER, MAY PARTNER WITH A NONPROFIT ENTITY , A PRIVATE ENTITY, A12
765+QUASI-GOVERNMENTAL ENTITY, OR ANOTHER GOVERNMENTAL ENTITY TO13
766+CO-FINANCE, LEASE, OR MANAGE THE QUALIFYING PROPERTY FOR THE14
767+PUBLIC PURPOSE OF MAINTAINING THE QUALIFYING PROPERTY AS15
768+LONG-TERM AFFORDABLE HOUSING OR A MIXED -INCOME DEVELOPMENT IF16
769+THE LOCAL GOVERNMENT OR ITS ASSIGNEE MAINTAINS OWNERSHIP OF THE17
770+QUALIFYING PROPERTY EITHER DIRECTLY OR THROUGH A SPECIAL PURPOSE18
771+ENTITY OR AFFILIATE.19
772+(d) AT ANY TIME, THE LOCAL GOVERNMENT MAY ASSIGN THE20
773+RIGHT OF FIRST OFFER REGARDING A QUALIFYING PROPERTY TO A LOCAL21
774+OR REGIONAL HOUSING AUTHORITY OR THE COLORADO HOUSING AND22
775+FINANCE AUTHORITY, SUBJECT TO THE REQUIREMENTS THAT THE23
776+QUALIFYING PROPERTY IS USED TO PRESERVE OR BE CONVERTED TO24
777+LONG-TERM AFFORDABLE HOUSING OR A MIXED -INCOME DEVELOPMENT25
778+AND THAT ALL OTHER PROVISIONS OF THIS PART 12 APPLY TO THE26
779+ASSIGNEE. THE ASSIGNEE MUST IMMEDIATELY NOTIFY THE RESIDENTIAL27
780+1175
781+-24- SELLER OF ANY ASSIGNMENT PURSUANT TO THIS SUBSECTION (2)(d), AND1
782+THE NOTICE MUST INCLUDE THE ASSIGNEE'S ADDRESS TO RECEIVE ANY2
783+NOTICES THAT THE RESIDENTIAL SELLER IS REQUIRED TO SEND IN3
784+ACCORDANCE WITH THIS SECTION. THE LOCAL GOVERNMENT REMAINS4
785+LIABLE FOR OBLIGATIONS PURSUANT TO THIS PART 12 ACCRUING PRIOR TO5
786+THE ASSIGNMENT AND UPON ASSIGNMENT, THE ASSIGNEE ASSUMES ALL6
787+LIABILITY OF THE LOCAL GOVERNMENT REGARDING THE EXERCISE OF THE7
788+RIGHT OF FIRST OFFER AND IS RESPONSIBLE FOR PERFORMING ALL8
789+REQUIREMENTS PURSUANT TO THIS PART 12, IN EACH CASE ACCRUING9
790+FROM AND AFTER THE ASSIGNMENT, WITH RESPECT TO A QUALIFYING10
791+PROPERTY AS IF THE ASSIGNEE WERE THE LOCAL GOVERNMENT . 11
792+(e) (I) THE GOVERNING BODY OF A LOCAL GOVERNMENT HAS THE12
793+RIGHT TO WAIVE THE RIGHT OF FIRST OFFER PROVIDED IN THIS SECTION .13
794+(II) (A) IF THE GOVERNING BODY OF A LOCAL GOVERNMENT HAS14
795+WAIVED ITS RIGHT OF FIRST OFFER, IT SHALL POST A NOTICE IN A15
796+CONSPICUOUS LOCATION ON ITS WEBSITE INDICATING THAT THERE IS A16
797+WAIVER AND THAT RESIDENTIAL SELLERS WITH QUALIFYING PROPERTIES17
798+WITHIN ITS JURISDICTION DO NOT HAVE AN OBLIGATION TO COMPLY WITH18
799+THIS SECTION.19
800+(B) THE NOTICE POSTED IN ACCORDANCE WITH SUBSECTION20
801+(2)(e)(II)(A) OF THIS SECTION MUST BE EFFECTIVE FOR AT LEAST THREE21
802+MONTHS AFTER IT IS POSTED AND MUST EXPLICITLY STATE THE DATE IT22
803+EXPIRES, IF ANY.23
804+(C) FAILURE TO POST NOTICE PURSUANT TO THIS SUBSECTION24
805+(2)(e)(II) DOES NOT OTHERWISE AFFECT THE LOCAL GOVERNMENT 'S RIGHT25
806+OF FIRST OFFER.26
807+(f) NOTWITHSTANDING ANYTHING IN THIS SECTION TO THE27
808+1175
809+-25- CONTRARY, AT ANY TIME PRIOR TO THE RESIDENTIAL SELLER AND THE1
810+LOCAL GOVERNMENT ENTERING INTO A CONTRACT FOR THE PURCHASE OF2
811+THE QUALIFYING PROPERTY BY THE LOCAL GOVERNMENT, THE3
812+RESIDENTIAL SELLER MAY REJECT THE LOCAL GOVERNMENT'S OFFER AND4
813+OTHERWISE TERMINATE NEGOTIATIONS WITH THE LOCAL GOVERNMENT .5
814+(g) IF THE LOCAL GOVERNMENT WAIVES OR IS DEEMED TO HAVE6
815+WAIVED ITS RIGHT OF FIRST OFFER IN ACCORDANCE WITH THIS SECTION OR7
816+IF A RESIDENTIAL SELLER REJECTS THE LOCAL GOVERNMENT'S OFFER IN8
817+ACCORDANCE WITH SUBSECTION (2)(f) OF THIS SECTION, THE RESIDENTIAL9
818+SELLER HAS NO OBLIGATION TO PROVIDE INITIAL OR ADDITIONAL NOTICE,10
819+AS APPLICABLE, TO THE LOCAL GOVERNMENT OR OTHERWISE OFFER OR11
820+RE-OFFER, AS APPLICABLE, THE QUALIFYING PROPERTY TO THE LOCAL12
821+GOVERNMENT PURSUANT TO ANY PROVISION OF THIS SECTION UNLESS A13
822+TRANSACTION FOR THE SALE OF THE QUALIFYING PROPERTY DOES NOT14
823+CLOSE WITHIN TWELVE MONTHS OF EITHER THE LOCAL GOVERNMENT'S15
824+WAIVER OR DEEMED WAIVER OR REJECTION BY THE RESIDENTIAL SELLER16
825+OF THE LOCAL GOVERNMENT'S OFFER, WHICHEVER IS EARLIER; EXCEPT17
826+THAT, IF THE CONTRACT FOR SALE TO A THIRD PARTY HAS A DURATION18
827+LONGER THAN TWELVE MONTHS, THEN THE TWELVE MONTH PERIOD IS19
828+EXTENDED TO MATCH THE TERM OF THE CONTRACT .20
829+(3) Notice requirements generally. (a) (I) ANY NOTICES21
830+REQUIRED TO BE PROVIDED TO THE LOCAL GOVERNMENT PURSUANT TO22
831+THIS SECTION MUST BE DELIVERED TO THE CLERK OF THE GOVERNING23
832+BODY OF THE LOCAL GOVERNMENT BY ELECTRONIC MAIL; EXCEPT THAT IF24
833+THERE IS NOT AN ELECTRONIC MAILING ADDRESS AVAILABLE FOR THE25
834+CLERK, THEN BY HAND DELIVERY, UNITED STATES FIRST CLASS MAIL, OR26
835+OVERNIGHT DELIVERY.27
836+1175
837+-26- (II) NOTWITHSTANDING SUBSECTION (3)(a)(I) OF THIS SECTION, IF1
838+THE LOCAL GOVERNMENT ASSIGNS ITS RIGHT OF FIRST OFFER AND THE2
839+ASSIGNEE PROVIDES NOTICE OF THE ASSIGNMENT TO THE RESIDENTIAL3
840+SELLER PURSUANT TO SUBSECTION (2)(d) OF THIS SECTION, THEN UPON4
841+AND AFTER RECEIPT OF NOTICE OF THE ASSIGNMENT, THE RESIDENTIAL5
842+SELLER SHALL SEND BY ELECTRONIC MAIL ANY REQUIRED NOTICES6
843+PURSUANT TO THIS SECTION TO THE ADDRESS SPECIFIED BY THE ASSIGNEE;7
844+EXCEPT THAT, IF THERE IS NOT AN ELECTRONIC MAILING ADDRESS8
845+PROVIDED BY THE ASSIGNEE, THEN BY HAND DELIVERY, UNITED STATES9
846+FIRST CLASS MAIL, OR OVERNIGHT DELIVERY.10
847+(b) ANY NOTICES PROVIDED TO THE RESIDENTIAL SELLER11
848+PURSUANT TO THIS SECTION MUST BE DELIVERED TO THE PHYSICAL12
849+ADDRESS PROVIDED BY THE RESIDENTIAL SELLER IN ACCORDANCE WITH13
850+SUBSECTION (5)(a)(II) OF THIS SECTION OR, UPON ELECTION BY THE14
851+RESIDENTIAL SELLER, BY ELECTRONIC MAIL TO THE ELECTRONIC MAILING15
852+ADDRESS PROVIDED BY THE RESIDENTIAL SELLER TO THE LOCAL16
853+GOVERNMENT.17
854+(c) ANY NOTICE PROVIDED PURSUANT TO THIS SECTION IS DEEMED18
855+DELIVERED ON THE DATE IT IS SENT BY ELECTRONIC MAIL, THE DATE IT IS19
856+HAND DELIVERED, THE DATE AFTER THE DAY IT IS DEPOSITED FOR20
857+DELIVERY BY OVERNIGHT DELIVERY, OR THE DATE THAT IS TWO BUSINESS21
858+DAYS AFTER THE DAY IT IS DEPOSITED IN THE UNITED STATES MAIL, AS22
859+APPLICABLE.23
860+(4) Notice by residential seller, local government's intent, and24
861+nondisclosure agreement. (a) B EFORE A RESIDENTIAL SELLER ENTERS25
862+INTO AN AGREEMENT WITH A LICENSED BROKER TO SOLICIT AND PROCURE26
863+PURCHASERS FOR A QUALIFYING PROPERTY OR OTHERWISE LISTS A27
864+1175
865+-27- QUALIFYING PROPERTY FOR SALE ON THE MULTIPLE LISTING SERVICE, THE1
866+RESIDENTIAL SELLER SHALL PROVIDE NOTICE TO THE GOVERNING BODY OF2
867+THE LOCAL GOVERNMENT IN WHICH THE QUALIFYING PROPERTY IS3
868+LOCATED THAT THE RESIDENTIAL SELLER INTENDS TO SELL THE4
869+QUALIFYING PROPERTY.5
870+(b) THE LOCAL GOVERNMENT HAS SEVEN CALENDAR DAYS FROM6
871+THE DATE OF RECEIVING THE NOTICE REQUIRED BY SUBSECTION (4)(a) OF7
872+THIS SECTION TO PROVIDE A WRITTEN RESPONSE TO THE RESIDENTIAL8
873+SELLER INDICATING THAT THE LOCAL GOVERNMENT EITHER :9
874+(I) IS INTERESTED IN RECEIVING DUE DILIGENCE INFORMATION ON10
875+THE QUALIFYING PROPERTY SO THAT IT CAN EVALUATE WHETHER IT11
876+WANTS TO MAKE AN OFFER TO PURCHASE THE QUALIFYING PROPERTY ,12
877+WHICH RESPONSE MUST CONTAIN A NONDISCLOSURE AGREEMENT IN A13
878+FORM ACCEPTABLE TO THE RESIDENTIAL SELLER THAT THE LOCAL14
879+GOVERNMENT HAS EXECUTED, EXCEPT AS OTHERWISE GOVERNED BY LAW15
880+OR COURT ORDER; OR16
881+(II) WAIVES ANY RIGHT OF THE LOCAL GOVERNMENT TO PURCHASE17
882+THE QUALIFYING PROPERTY.18
883+(c) IF THE LOCAL GOVERNMENT DOES NOT RESPOND WITHIN THE19
884+SEVEN-DAY PERIOD REQUIRED BY SUBSECTION (4)(b) OF THIS SECTION, IT20
885+IS DEEMED TO HAVE WAIVED ITS RIGHT OF FIRST OFFER WITH RESPECT TO21
886+THE QUALIFYING PROPERTY.22
887+(5) Residential seller's notice of terms. (a) IF THE LOCAL23
888+GOVERNMENT PROVIDES NOTICE IN ACCORDANCE WITH SUBSECTION (4)(b)24
889+OF THIS SECTION, THE RESIDENTIAL SELLER HAS FIVE CALENDAR DAYS25
890+FROM RECEIPT OF THE NOTICE TO PROVIDE A NOTICE TO THE LOCAL26
891+GOVERNMENT THAT INCLUDES :27
892+1175
893+-28- (I) THE ADDRESS AND NAME OF THE QUALIFYING PROPERTY, IF1
894+ANY, AND THE LEGAL DESCRIPTION OF THE QUALIFYING PROPERTY ;2
508895 (II) T
509-HE NOTICE REQUIRED PURSUANT TO THIS SUBSECTION (3)(b)
510-MUST INCLUDE:
511-(A) A
512- GENERAL DESCRIPTION OF THE QUALIFYING PROPERTY TO BE
513-SOLD
514-, INCLUDING THE ADDRESS AND NAME OF THE PROPERTY , IF ANY, AND
515-ANY ADDITIONAL DESCRIPTIONS OF THE QUALIFYING PROPERTY ON FILE WITH
516-THE OFFICE OF THE ASSESSOR IN THE COUNTY IN WHICH THE QUALIFYING
517-PROPERTY IS LOCATED
518-;
519-(B) T
520-HE RESIDENTIAL SELLER'S ADDRESS AND, IF AVAILABLE,
521-ELECTRONIC MAILING ADDRESS TO RECEIVE NOTICES FROM THE LOCAL
522-GOVERNMENT
523-;
524-(C) T
525-HE PRICE, TERMS, AND CONDITIONS OF AN ACCEPTABLE OFFER
526-THE RESIDENTIAL SELLER HAS RECEIVED TO SELL THE QUALIFYING PROPERTY
527-OR THE PRICE
528-, TERMS, AND CONDITIONS FOR WHICH THE RESIDENTIAL SELLER
529-INTENDS TO SELL THE QUALIFYING PROPERTY
530-;
531-(D) A
532-NY TERMS OR CONDITIONS WHICH , IF NOT MET, WOULD BE
533-SUFFICIENT GROUNDS
534-, IN THE RESIDENTIAL SELLER'S DISCRETION AND IN
535-COMPLIANCE WITH THIS PART
536-12 AND ANY OTHER APPLICABLE LAW , TO
537-REJECT AN OFFER
538-; AND
539-PAGE 10-HOUSE BILL 24-1175 (E) IF THE RESIDENTIAL SELLER HAS ENTERED INTO A CONTINGENT
540-PURCHASE AND SALE AGREEMENT WITH A PROSPECTIVE BUYER
541-, A COPY OF
542-THE AGREEMENT
543-.
544-(III) T
545-HE PRICE, TERMS, AND CONDITIONS REQUIRED TO BE STATED
546-IN THE NOTICE PURSUANT TO SUBSECTION
547- (3)(b)(II)(C) OF THIS SECTION
548-MUST BE UNIVERSAL AND APPLICABLE TO ALL POTENTIAL BUYERS AND MUST
549-NOT BE SPECIFIC TO OR PROHIBITIVE OF THE LOCAL GOVERNMENT MAKING
550-A SUCCESSFUL OFFER TO PURCHASE THE QUALIFYING PROPERTY
551-, MUST NOT
552-BE UNLAWFUL
553-, AND MUST NOT INHIBIT THE EXERCISE OF THE RIGHT OF FIRST
554-REFUSAL PROVIDED FOR IN THIS SECTION
555-.
556-(c) I
557-F THE PRICE REQUIRED TO BE LISTED IN THE RESIDENTIAL
558-SELLER
559-'S NOTICE PURSUANT TO SUBSECTION (3)(b)(II)(C) OF THIS SECTION
560-IS REDUCED BY FIVE PERCENT OR MORE OR THE TERMS OR CONDITIONS AS
561-REQUIRED TO BE PROVIDED IN THE RESIDENTIAL SELLER
562-'S NOTICE PURSUANT
563-TO SUBSECTION
564- (3)(b)(II)(D) OF THIS SECTION MATERIALLY CHANGE , THE
565-RESIDENTIAL SELLER SHALL WITHIN SEVEN DAYS OF THE CHANGE PROVIDE
566-NOTICE TO THE LOCAL GOVERNMENT OF THE CHANGE AND THE LOCAL
567-GOVERNMENT MAY EXERCISE
568-, OR RE-EXERCISE, ITS RIGHT OF FIRST REFUSAL
569-IN ACCORDANCE WITH THIS SECTION
570-.
571-(d) T
572-HE NOTICES GIVEN PURSUANT TO THIS SUBSECTION (3) MUST BE
573-DELIVERED TO THE APPLICABLE REPRESENTATIVE OF THE
574-COLORADO
575-HOUSING AND FINANCE AUTHORITY AND TO THE CLERK OF THE GOVERNING
576-BODY OF THE LOCAL GOVERNMENT
577-, AS APPLICABLE, BY ELECTRONIC MAIL;
578-EXCEPT THAT, IF THERE IS NOT AN ELECTRONIC MAILING ADDRESS
579-AVAILABLE FOR THE APPLICABLE REPRESENTATIVE OR THE CLERK
580-, THEN BY
581-HAND DELIVERY
582-, UNITED STATES FIRST CLASS MAIL, OR OVERNIGHT
583-DELIVERY
584-.
585-(e) T
586-HE LOCAL GOVERNMENT, EXCEPT AS OTHERWISE GOVERNED BY
587-LAW OR COURT ORDER
588-, SHALL SIGN A NONDISCLOSURE AGREEMENT WITH
589-THE RESIDENTIAL SELLER AND
590-, ONCE THE NONDISCLOSURE AGREEMENT IS
591-EXECUTED
592-, MAY SHARE THE INFORMATION CONTAINED IN THE NOTICES
593-REQUIRED PURSUANT TO SUBSECTIONS
594- (3)(b) AND (3)(c) OF THIS SECTION
595-WITH ITS OFFICERS AND EMPLOYEES
596-. IF THE LOCAL GOVERNMENT SHARES
597-THE NOTICES REQUIRED PURSUANT TO SUBSECTIONS
598- (3)(b) AND (3)(c) OF
599-THIS SECTION WITH PROSPECTIVE ENTITIES THAT THE LOCAL GOVERNMENT
600-PARTNERS WITH PURSUANT TO SUBSECTION
601- (2)(e) OF THIS SECTION OR
602-PAGE 11-HOUSE BILL 24-1175 PROSPECTIVE ASSIGNEES PURSUANT TO SUBSECTION (2)(f) OF THIS SECTION
603-FOR THE PURPOSES OF EVALUATING OR OBTAINING FINANCING FOR THE
604-PROSPECTIVE TRANSACTION
605-, THOSE ENTITIES THAT RECEIVE THE NOTICE
606-MUST EACH SIGN A NONDISCLOSURE AGREEMENT FOR THE RESPECTIVE
607-ENTITY WITH THE RESIDENTIAL SELLER
608-. AN ENTITY THAT HAS EXECUTED A
609-NONDISCLOSURE AGREEMENT PURSUANT TO THIS SUBSECTION
610- (3)(e), MAY
611-SHARE THE INFORMATION CONTAINED IN THE NOTICES REQUIRED PURSUANT
612-TO SUBSECTIONS
613- (3)(b) AND (3)(c) OF THIS SECTION WITH ITS OFFICERS,
614-EMPLOYEES, AND ATTORNEYS AND WITH ITS ADVISORS AND PROSPECTIVE
615-FINANCING PROVIDERS IF THE ADVISORS AND PROSPECTIVE FINANCING
616-PROVIDERS ARE BOUND BY THE NONDISCLOSURE AGREEMENT OR BY A
617-SIMILAR CONTRACTUAL
618-, LEGAL, OR FIDUCIARY OBLIGATION OF
619-CONFIDENTIALITY FOR THE PURPOSES OF EVALUATING OR OBTAINING
620-FINANCING FOR THE PROSPECTIVE TRANSACTION
621-. THE INFORMATION
622-CONTAINED IN THE NOTICES REQUIRED UNDER SUBSECTIONS
623- (3)(b) AND
624-(3)(c) OF THIS SECTION, EXCEPT FOR THE PROPERTY ADDRESS AND ANY
625-INFORMATION THAT IS PUBLICLY RECORDED
626-, IS CONFIDENTIAL INFORMATION
627-NOT SUBJECT TO PUBLIC DISCLOSURE
628-.
629-(4) (a) Notice by the local government to the residential seller.
630-(I) T
631-HE LOCAL GOVERNMENT SHALL MAKE A GOOD FAITH EFFORT TO
632-PROVIDE NOTICE TO THE RESIDENTIAL SELLER AS SOON AS POSSIBLE BUT NOT
633-LATER THAN FOUR TEEN CALENDAR DAYS OF RECEIPT OF THE NOTICE
634-REQUIRED PURSUANT TO SUBSECTION
635- (3)(b) OR (3)(c) OF THIS SECTION OF
636-THE LOCAL GOVERNMENT
637-'S INTENT, WITH RESPECT TO THE QUALIFYING
638-PROPERTY THAT IS THE SUBJECT OF THE NOTICE
639-, TO EITHER PRESERVE ITS
640-RIGHT OF FIRST REFUSAL PROVIDED IN THIS SECTION OR WAIVE ITS RIGHT OF
641-FIRST REFUSAL
642-. THE NOTICE MUST BE DELIVERED BY ELECTRONIC MAIL ;
643-EXCEPT THAT, IF THE RESIDENTIAL SELLER HAS NOT PROVIDED AN
644-ELECTRONIC MAILING ADDRESS
645-, THEN BY HAND DELIVERY, UNITED STATES
646-FIRST CLASS MAIL
647-, OR OVERNIGHT DELIVERY TO THE ADDRESS PROVIDED BY
648-THE RESIDENTIAL SELLER PURSUANT TO SUBSECTION
649- (3)(b)(II)(B) OF THIS
650-SECTION
651-.
652-(II) T
653-HE NOTICE GIVEN PURSUANT TO SUBSECTION (4)(a)(I) OF THIS
654-SECTION IS NONBINDING ON THE LOCAL GOVERNMENT
655-.
656-(III) I
657-F NO NOTICE IS GIVEN BY THE LOCAL GOVERNMENT , IF THE
658-LOCAL GOVERNMENT FAILS TO MAKE AN OFFER WITHIN THE TIME PERIOD
659-PROVIDED IN SUBSECTION
660-(5) OF THIS SECTION, OR IF THE OFFER IS
661-PAGE 12-HOUSE BILL 24-1175 OTHERWISE NOT MADE IN ACCORDANCE WITH SUBSECTION (5) OF THIS
662-SECTION
663-, THE RESIDENTIAL SELLER MAY PROCEED WITH THE SALE OF THE
664-QUALIFYING PROPERTY TO ANY BUYER
665-.
666-(IV) I
667-F THE LOCAL GOVERNMENT INTENDS TO ASSIGN ITS RIGHT OF
668-FIRST REFUSAL IN ACCORDANCE WITH SUBSECTION
669- (2)(f) OF THIS SECTION,
670-THE LOCAL GOVERNMENT MUST DISCLOSE THE POTENTIAL ASSIGNEE IN THE
671-NOTICE REQUIRED PURSUANT TO SUBSECTION
672- (4)(a)(I) OF THIS SECTION AND
673-PROVIDE A COPY OF THE NOTICE TO THE PROPOSED ASSIGNEE
674-, FOR THE
675-PROPOSED ASSIGNEE
676-'S CONSIDERATION IN DETERMINING WHETHER TO
677-ACCEPT THE ASSIGNMENT
678-.
679-(b) Notice by the local government to the Colorado housing and
680-finance authority. I
681-N CONNECTION WITH THE LOCAL GOVERNMENT
682-PROVIDING NOTICE TO THE RESIDENTIAL SELLER IN ACCORDANCE WITH
683-SUBSECTION
684- (4)(a)(I) OF THIS SECTION, THE LOCAL GOVERNMENT SHALL
685-ALSO PROVIDE THE NOTICE TO THE
686-COLORADO HOUSING AND FINANCE
687-AUTHORITY INDICATING IF THE LOCAL GOVERNMENT INTENDS TO EITHER
688-PRESERVE OR WAIVE ITS RIGHT OF FIRST REFUSAL WITH RESPECT TO THE
689-QUALIFYING PROPERTY THAT IS THE SUBJECT OF THE NOTICE PROVIDED
690-PURSUANT TO SUBSECTION
691- (3)(b) OF THIS SECTION AND IDENTIFYING ANY
692-POTENTIAL ASSIGNEE THAT THE LOCAL GOVERNMENT INTENDS TO ASSIGN ITS
693-RIGHT OF FIRST REFUSAL TO
694-. THE NOTICE REQUIRED BY THIS SUBSECTION
695-(4)(b) IS NONBINDING ON THE LOCAL GOVERNMENT .
696-(5) Process to exercise right of first refusal. (a) (I) E
697-XCEPT AS
698-OTHERWISE PROVIDED IN SUBSECTION
699-(6) OF THIS SECTION, THE LOCAL
700-GOVERNMENT HAS THIRTY CALENDAR DAYS FROM PROVIDING NOTICE
701-PURSUANT TO SUBSECTION
702- (4)(a)(I) OF THIS SECTION TO MAKE AN OFFER TO
703-PURCHASE THE QUALIFYING PROPERTY AND SHALL AGREE TO CLOSE ON THE
704-QUALIFYING PROPERTY AND EXECUTE THE NECESSARY AGREEMENTS TO
705-FINALIZE THE SALE OF THE QUALIFYING PROPERTY TO THE LOCAL
706-GOVERNMENT WITHIN SIXTY CALENDAR DAYS OF THE ACCEPTANCE BY A
707-RESIDENTIAL SELLER OF THE LOCAL GOVERNMENT
708-'S OFFER TO PURCHASE THE
709-QUALIFYING PROPERTY AND THE EXECUTION OF THE NECESSARY
710-AGREEMENTS IN CONNECTION WITH ACCEPTING THE OFFER
711-.
712-(II) N
713-OTWITHSTANDING SUBSECTION (5)(a)(I) OF THIS SECTION AND
714-EXCEPT AS OTHERWISE PROVIDED IN SUBSECTION
715-(6) OF THIS SECTION, IF A
716-RESIDENTIAL SELLER HAS RECEIVED AN OFFER FROM A THIRD
717--PARTY BUYER
718-PAGE 13-HOUSE BILL 24-1175 THAT IS AN ENTIRELY CASH OFFER FOR THE THIRD -PARTY BUYER TO
719-PURCHASE THE QUALIFYING PROPERTY
720-, THE LOCAL GOVERNMENT SHALL
721-AGREE TO CLOSE ON THE QUALIFYING PROPERTY AND EXECUTE THE
722-NECESSARY AGREEMENTS TO FINALIZE THE SALE OF THE QUALIFYING
723-PROPERTY TO THE LOCAL GOVERNMENT WITHIN THE SAME TIME PERIOD AS
724-IS SET FORTH IN THE THIRD
725--PARTY BUYER'S OFFER.
896+HE RESIDENTIAL SELLER'S ADDRESS AND, IF AVAILABLE,3
897+ELECTRONIC MAILING ADDRESS TO RECEIVE NOTICES FROM THE LOCAL4
898+GOVERNMENT;5 (III) A RENT ROLL FOR THE QUALIFYING PROPERTY SHOWING6
899+THE AMOUNT OF RENT CHARGED TO TENANTS AT THE QUALIFYING7
900+PROPERTY;8
901+(IV) THE VACANCY RATE, OPERATING EXPENSES AND INCOME, AND9
902+COMMON AREA AMENITIES AT THE QUALIFYING PROPERTY ;10
903+(V) ANY MARKETING MATERIALS THAT THE RESIDENTIAL SELLER11
904+HAS PREPARED ON OR BEFORE THE DATE OF SUCH NOTICE AND12
905+ANTICIPATES USING IN CONNECTION WITH LISTING THE QUALIFYING13
906+PROPERTY FOR SALE;14
907+(VI) A CURRENT TITLE COMMITMENT ; AND15
908+(VII) THE RESIDENTIAL SELLER'S EXECUTED VERSION OF THE16
909+NONDISCLOSURE AGREEMENT .17
910+(b) SUBJECT TO AND PURSUANT TO THE NONDISCLOSURE18
911+AGREEMENT EXECUTED IN ACCORDANCE WITH SUBSECTION (4)(b) OF THIS19
912+SECTION, THE LOCAL GOVERNMENT MAY SHARE THE INFORMATION20
913+CONTAINED IN THE NOTICES REQUIRED PURSUANT TO THIS SUBSECTION (5)21
914+WITH ITS OFFICERS AND EMPLOYEES FOR THE PURPOSES OF EVALUATING OR22
915+OBTAINING FINANCING FOR THE PROSPECTIVE TRANSACTION . AGENTS OF23
916+THE LOCAL GOVERNMENT AND PROSPECTIVE ENTITIES THAT THE LOCAL24
917+GOVERNMENT PARTNERS WITH PURSUANT TO SUBSECTION (2)(c) OF THIS25
918+SECTION OR PROSPECTIVE ASSIGNEES PURSUANT TO SUBSECTION (2)(d) OF26
919+THIS SECTION MUST EACH SIGN A NONDISCLOSURE AGREEMENT FOR THE27
920+1175
921+-29- RESPECTIVE ENTITY. AN ENTITY THAT HAS EXECUTED A NONDISCLOSURE1
922+AGREEMENT MAY SHARE THE INFORMATION CONTAINED IN THE NOTICES2
923+REQUIRED PURSUANT TO THIS SUBSECTION (5) WITH ITS OFFICERS AND3
924+EMPLOYEES FOR THE PURPOSES OF EVALUATING OR OBTAINING FINANCING4
925+FOR THE PROSPECTIVE TRANSACTION . THE INFORMATION CONTAINED IN5
926+THE NOTICE MUST BE KEPT CONFIDENTIAL AND IS CONFIDENTIAL6
927+INFORMATION NOT SUBJECT TO PUBLIC DISCLOSURE . 7
928+(6) Notice by the local government. (a) A LOCAL GOVERNMENT8
929+HAS FOURTEEN CALENDAR DAYS FROM THE DATE OF RECEIVING THE9
930+NOTICE REQUIRED BY SUBSECTION (5)(a) OF THIS SUBSECTION TO PROVIDE10
931+A WRITTEN RESPONSE TO THE RESIDENTIAL SELLER THAT EITHER :11
932+(I) M
933+AKES AN OFFER TO PURCHASE THE QUALIFYING PROPERTY12 SETTING FORTH THE PRICE, TERMS, AND CONDITIONS OF THE OFFER; OR13
934+(II) W
935+AIVES ANY RIGHT OF THE LOCAL GOVERNMENT TO PURCHASE14
936+THE QUALIFYING PROPERTY.15(b) IF THE LOCAL GOVERNMENT DOES NOT PROVIDE A RESPONSE16
937+WITHIN THE FOURTEEN-DAY PERIOD SET FORTH IN SUBSECTION (6)(a) OF17
938+THIS SECTION, THE LOCAL GOVERNMENT'S RIGHT OF FIRST OFFER IS18
939+DEEMED WAIVED.19
940+(7) Process after offer is made. (a) T HE RESIDENTIAL SELLER HAS20
941+FOURTEEN CALENDAR DAYS AFTER RECEIPT OF THE LOCAL GOVERNMENT 'S21
942+OFFER MADE PURSUANT TO SUBSECTION (6)(a)(I) OF THIS SECTION TO22
943+NOTIFY THE LOCAL GOVERNMENT THAT IT EITHER ACCEPTS OR REJECTS23
944+THE OFFER. DURING THIS PERIOD, THE RESIDENTIAL SELLER MAY INITIATE24
945+NEGOTIATIONS IN GOOD FAITH WITH THE LOCAL GOVERNMENT WHICH MAY25
946+INCLUDE DISCUSSING ALTERNATIVE PRICE , TERMS, OR CONDITIONS FOR26
947+THE PURCHASE OF THE QUALIFYING PROPERTY . IF THE RESIDENTIAL27
948+1175
949+-30- SELLER DOES NOT PROVIDE NOTICE OF ITS ACCEPTANCE OR REJECTION OF1
950+THE LOCAL GOVERNMENT 'S OFFER IN THE FOURTEEN DAY PERIOD2
951+PURSUANT TO THIS SUBSECTION (7)(a), THE OFFER IS DEEMED REJECTED.3
726952 (b) I
727-F A RESIDENTIAL SELLER REJECTS AN OFFER MADE BY THE LOCAL
728-GOVERNMENT EXERCISING ITS RIGHT OF FIRST REFUSAL
729-, THE RESIDENTIAL
730-SELLER SHALL PROVIDE A WRITTEN EXPLANATION OF THE REJECTION AND
731-SHALL INVITE THE LOCAL GOVERNMENT TO MAKE ONE SUBSEQUENT OFFER
732-WITHIN FOURTEEN DAYS BY IDENTIFYING THE MATERIAL TERMS AND
733-CONDITIONS THAT MUST BE INCLUDED IN THE SUBSEQUENT OFFER IN ORDER
734-FOR THE RESIDENTIAL SELLER TO POTENTIALLY ACCEPT THE SUBSEQUENTLY
735-MADE OFFER BY THE LOCAL GOVERNMENT
736-. THE RESIDENTIAL SELLER SHALL
737-HAVE FOURTEEN DAYS FROM THE DATE OF THE LOCAL GOVERNMENT
738-'S
739-SUBSEQUENT OFFER TO EITHER ACCEPT OR REJECT THE SUBSEQUENT OFFER
740-,
741-AND IF THE LOCAL GOVERNMENT 'S SUBSEQUENT OFFER IS REJECTED BY THE
742-RESIDENTIAL SELLER
743-, THE RESIDENTIAL SELLER SHALL PROVIDE A WRITTEN
744-EXPLANATION OF THE REJECTION AND THE RESIDENTIAL SELLER
745-'S REJECTION
746-OF THE SUBSEQUENT OFFER CONSTITUTES TERMINATION OF THE LOCAL
747-GOVERNMENT
748-'S RIGHT OF FIRST REFUSAL TO PURCHASE THE QUALIFYING
749-PROPERTY
750-, SUBJECT TO THE LOCAL GOVERNMENT 'S RIGHT TO EXERCISE, OR
751-RE
752--EXERCISE ITS RIGHT OF FIRST REFUSAL PURSUANT TO SUBSECTION (3)(c)
753-OF THIS SECTION IF THE CONDITION SET FORTH IN SUBSECTION (3)(c) OF THIS
754-SECTION OCCURS
755-.
756-(c) W
757-ITHIN SEVEN CALENDAR DAYS OF CLOSING ON THE SALE OF THE
758-QUALIFYING PROPERTY TO THE LOCAL GOVERNMENT
759-, THE RESIDENTIAL
760-SELLER SHALL MAIL NOTICE TO EACH RESIDENT OF THE QUALIFYING
761-PROPERTY OF THE SALE OF THE QUALIFYING PROPERTY TO THE LOCAL
762-GOVERNMENT
763-. THE RESIDENTIAL SELLER SHALL ALSO POST A COPY OF THE
764-NOTICE IN A CONSPICUOUS PLACE IN THE QUALIFYING PROPERTY
765-. THE
766-MAILED AND POSTED NOTICES MUST BE PROVIDED IN
767-ENGLISH, SPANISH, AND
768-ANY OTHER LANGUAGE KNOWN TO BE SPOKEN BY RESIDENTS AT THE
769-QUALIFYING PROPERTY AND MUST INCLUDE CONTACT INFORMATION FOR THE
770-LOCAL GOVERNMENT
771-, OR ITS ASSIGNEE, IF APPLICABLE, FOR RESIDENTS TO
772-DIRECT QUESTIONS AND INPUT TO
773-.
774-(6) Extension of time. T
775-HE TIME PERIODS SET FORTH IN THIS
776-PAGE 14-HOUSE BILL 24-1175 SECTION MAY BE EXTENDED AND ANY TERMS OR CONDITIONS OF SALE MAY
777-BE MODIFIED BY WRITTEN AGREEMENT BETWEEN THE LOCAL GOVERNMENT
778-AND THE RESIDENTIAL SELLER OR
779-, IF THE LOCAL GOVERNMENT HAS
780-ASSIGNED ITS RIGHT OF FIRST REFUSAL
781-, THE LOCAL GOVERNMENT'S ASSIGNEE
782-AND THE RESIDENTIAL SELLER
783-.
784-(7) Certificate of compliance. W
785-ITHIN FOURTEEN CALENDAR DAYS
786-OF RECEIPT OF NOTICE REQUIRED BY EITHER SUBSECTION
787- (3)(b) OR (3)(c) OF
788-THIS SECTION OR
789-, IF THE LOCAL GOVERNMENT INTENDS TO EXERCISE ITS
790-RIGHT OF FIRST REFUSAL
791-, WITHIN FOURTEEN CALENDAR DAYS OF EITHER
792-ACCEPTANCE BY A RESIDENTIAL SELLER OF THE LOCAL GOVERNMENT
793-'S
794-OFFER OR REJECTION BY A RESIDENTIAL SELLER OF THE LOCAL
795-GOVERNMENT
796-'S OFFER IN ACCORDANCE WITH SUBSECTION (5)(b) OF THIS
797-SECTION
798-, THE LOCAL GOVERNMENT OR ITS ASSIGNEE SHALL EXECUTE AND
799-RECORD A CERTIFICATE OF COMPLIANCE IN THE REAL PROPERTY RECORDS OF
800-THE COUNTY IN WHICH THE QUALIFYING PROPERTY IS SITUATED
801-. THE
802-CERTIFICATE OF COMPLIANCE MUST INCLUDE THE NAME OF THE RESIDENTIAL
803-SELLER
804-, A LEGAL DESCRIPTION OF THE QUALIFYING PROPERTY , AND A
805-STATEMENT THAT THE RESIDENTIAL SELLER HAS COMPLIED WITH ALL
806-APPLICABLE PROVISIONS OF THIS SECTION
807-. THE RECORDED CERTIFICATE OF
808-COMPLIANCE IS PRIMA FACIE EVIDENCE OF THE RESIDENTIAL SELLER
809-'S
810-COMPLIANCE WITH THIS SECTION AND MAY BE RELIED UPON BY A
811-RESIDENTIAL SELLER
812-, ANY PERSON CLAIMING AN INTEREST IN THE
813-QUALIFYING PROPERTY THROUGH A RESIDENTIAL SELLER
814-, AND A TITLE
815-INSURANCE ENTITY
816-, AS DEFINED IN SECTION 10-11-102 (11).
817-(8) Tenant qualifications. (a) T
818-HE LOCAL GOVERNMENT OR ITS
819-ASSIGNEE SHALL MAINTAIN AT THE QUALIFYING PROPERTY AFFORDABILITY
820-LEVELS THAT ARE ON AVERAGE EQUAL TO OR GREATER THAN THE LEVELS
821-PROVIDED AT THE TIME IT IS ACQUIRED BY THE LOCAL GOVERNMENT BOTH
822-WITH RESPECT TO THE NUMBER OF AFFORDABLE UNITS AND THE AREA
823-MEDIAN INCOMES USED TO DETERMINE RENT AND INCOME LIMITS
824-. TENANT
825-QUALIFICATIONS MUST COMPLY WITH FAIR HOUSING LAWS AND
826-AFFORDABILITY REQUIREMENTS OF ANY NEW FUNDING SOURCES
827-.
828-(b) N
829-OTWITHSTANDING THE REQUIREMENTS AROUND LONG -TERM
830-AFFORDABLE HOUSING SET FORTH IN THIS SECTION OR THE REQUIREMENTS
831-IN SUBSECTION
832-(8)(A) OF THIS SECTION, RESIDENTS AT THE QUALIFYING
833-PROPERTY AT THE TIME IT IS ACQUIRED BY THE LOCAL GOVERNMENT
834-PURSUANT TO THIS SECTION MAY CONTINUE TO RESIDE AT THE QUALIFYING
835-PAGE 15-HOUSE BILL 24-1175 PROPERTY IRRESPECTIVE OF THEIR INCOME LEVEL FOR AT LEAST THE
836-DURATION OF THEIR TENANCY AGREEMENT PURSUANT TO THE TENANCY
837-AGREEMENT
838-'S TERMS IN EFFECT AT THE TIME THE LOCAL GOVERNMENT
839-ACQUIRES THE QUALIFYING PROPERTY
840-. A LOCAL GOVERNMENT OR ITS
841-ASSIGNEE MAY ONLY DECLINE TO RENEW A TENANT
842-'S LEASE IN ORDER TO
843-COMPLY WITH GREATER AFFORDABILITY RESTRICTIONS AT THE QUALIFYING
844-PROPERTY IN ACCORDANCE WITH SUBSECTION
845- (8)(a) OF THIS SECTION OR IF
846-THE RESIDENT IS DEMONSTRABLY VIOLATING ANY TERMS OF THE LEASE
847-.
848-(9) Application of a local government's right of first refusal
849-laws. N
850-OTHING IN THIS PART 12 RESTRICTS OR SUPERSEDES THE AUTHORITY
851-OF A LOCAL GOVERNMENT TO ENACT LAWS FOR ITS JURISDICTION PROVIDING
852-FOR THE LOCAL GOVERNMENT
853-'S RIGHT OF FIRST REFUSAL TO PURCHASE
854-PROPERTY FOR AFFORDABLE HOUSING THAT AT A MINIMUM COMPLY WITH
855-THIS PART
856-12 AND IN THE EVENT OF CONFLICT BETWEEN A PROVISION IN THIS
857-PART
858-12 AND A LOCAL GOVERNMENT 'S LAWS, THE PROVISION MORE
859-FAVORABLE TO THE LOCAL GOVERNMENT APPLIES
860-; EXCEPT THAT THE
861-PROVISIONS OF SUBSECTION
862-(7) OF THIS SECTION AND THE PROVISIONS SET
863-FORTH IN SECTION
864-29-4-1206 APPLY NOTWITHSTANDING ANY LAW ENACTED
865-BY A LOCAL GOVERNMENT REGARDING THE LOCAL GOVERNMENT
866-'S RIGHT OF
867-FIRST REFUSAL
868-.
869-29-4-1203. Right of first offer - eligibility - process - notice -
870-definition. (1) Definition of qualifying property. A
871-S USED IN THIS
872-SECTION
873-, UNLESS THE CONTEXT OTHERWISE REQUIRES , "QUALIFYING
874-PROPERTY
875-" MEANS A MULTIFAMILY RESIDENTIAL OR MIXED -USE RENTAL
876-PROPERTY CONSISTING OF NOT MORE THAN ONE HUNDRED UNITS AND NOT
877-LESS THAN FIFTEEN UNITS AND EXCLUDING EXISTING AFFORDABLE HOUSING
878-AND A MOBILE HOME PARK AS DEFINED IN SECTION
879-38-12-201.5 (6). FOR THE
880-PURPOSE OF DETERMINING WHETHER A PROPERTY CONSISTS OF AT LEAST THE
881-MINIMUM NUMBER OF UNITS SET FORTH IN THIS SUBSECTION
882-(1) FOR A
883-QUALIFYING PROPERTY
884-, AN ACCESSORY DWELLING UNIT DOES NOT COUNT AS
885-A UNIT
886-.
887-(2) Local government's right of first offer. (a) I
888-N ACCORDANCE
889-WITH THIS PART
890-12, THE LOCAL GOVERNMENT FOR THE JURISDICTION IN
891-WHICH A QUALIFYING PROPERTY IS LOCATED HAS A RIGHT OF FIRST OFFER TO
892-MAKE AN OFFER TO PURCHASE THE QUALIFYING PROPERTY BEFORE THE
893-QUALIFYING PROPERTY IS LISTED FOR SALE TO THIRD PARTIES
894-.
895-PAGE 16-HOUSE BILL 24-1175 (b) THE LOCAL GOVERNMENT 'S RIGHT OF FIRST OFFER CONCERNING
896-THE QUALIFYING PROPERTY IS LIMITED TO PRESERVING OR CONVERTING THE
897-QUALIFYING PROPERTY TO LONG
898--TERM AFFORDABLE HOUSING OR A
899-MIXED
900--INCOME DEVELOPMENT DIRECTLY OR THROUGH ANOTHER ENTITY TO
901-WHICH THE LOCAL GOVERNMENT ASSIGNS ITS RIGHTS PURSUANT TO
902-SUBSECTION
903- (2)(d) OF THIS SECTION OR TRANSFERS THE QUALIFYING
904-PROPERTY
905-. IF A QUALIFYING PROPERTY IS CLASSIFIED AS MIXED -USE, THE
906-LOCAL GOVERNMENT
907-'S OFFER MUST INCLUDE ANY COMMERCIAL PORTION OF
908-THE QUALIFYING PROPERTY
909-, BUT ONLY THE RESIDENTIAL PORTION OF THE
910-QUALIFYING PROPERTY IS SUBJECT TO AFFORDABILITY REQUIREMENTS
911-.
912-(c) T
913-HE LOCAL GOVERNMENT , IN EXERCISING ITS RIGHT OF FIRST
914-OFFER
915-, MAY PARTNER WITH A NONPROFIT ENTITY , A PRIVATE ENTITY, A
916-QUASI
917--GOVERNMENTAL ENTITY , OR ANOTHER GOVERNMENTAL ENTITY TO
918-CO
919--FINANCE, LEASE, OR MANAGE THE QUALIFYING PROPERTY FOR THE
920-PUBLIC PURPOSE OF MAINTAINING THE QUALIFYING PROPERTY AS
921-LONG
922--TERM AFFORDABLE HOUSING OR A MIXED -INCOME DEVELOPMENT IF
923-THE LOCAL GOVERNMENT OR ITS ASSIGNEE MAINTAINS OWNERSHIP OF THE
924-QUALIFYING PROPERTY EITHER DIRECTLY OR THROUGH A SPECIAL PURPOSE
925-ENTITY OR AFFILIATE
926-.
927-(d) A
928-T ANY TIME, THE LOCAL GOVERNMENT MAY ASSIGN THE RIGHT
929-OF FIRST OFFER REGARDING A QUALIFYING PROPERTY TO A LOCAL OR
930-REGIONAL HOUSING AUTHORITY OR THE
931-COLORADO HOUSING AND FINANCE
932-AUTHORITY
933-, SUBJECT TO THE REQUIREMENTS THAT THE QUALIFYING
934-PROPERTY IS USED TO PRESERVE OR BE CONVERTED TO LONG
935--TERM
936-AFFORDABLE HOUSING OR A MIXED
937--INCOME DEVELOPMENT AND THAT ALL
938-OTHER PROVISIONS OF THIS PART
939-12 APPLY TO THE ASSIGNEE. THE ASSIGNEE
940-MUST IMMEDIATELY NOTIFY THE RESIDENTIAL SELLER OF ANY ASSIGNMENT
941-PURSUANT TO THIS SUBSECTION
942- (2)(d), AND THE NOTICE MUST INCLUDE THE
943-ASSIGNEE
944-'S ADDRESS TO RECEIVE ANY NOTICES THAT THE RESIDENTIAL
945-SELLER IS REQUIRED TO SEND IN ACCORDANCE WITH THIS SECTION
946-. THE
947-LOCAL GOVERNMENT REMAINS LIABLE FOR OBLIGATIONS PURSUANT TO THIS
948-PART
949-12 ACCRUING PRIOR TO THE ASSIGNMENT AND UPON ASSIGNMENT , THE
950-ASSIGNEE ASSUMES ALL LIABILITY OF THE LOCAL GOVERNMENT REGARDING
951-THE EXERCISE OF THE RIGHT OF FIRST OFFER AND IS RESPONSIBLE FOR
952-PERFORMING ALL REQUIREMENTS PURSUANT TO THIS PART
953-12, IN EACH CASE
954-ACCRUING FROM AND AFTER THE ASSIGNMENT
955-, WITH RESPECT TO A
956-QUALIFYING PROPERTY AS IF THE ASSIGNEE WERE THE LOCAL GOVERNMENT
957-.
958-PAGE 17-HOUSE BILL 24-1175 (e) (I) THE GOVERNING BODY OF A LOCAL GOVERNMENT HAS THE
959-RIGHT TO WAIVE THE RIGHT OF FIRST OFFER PROVIDED IN THIS SECTION
960-.
961-(II) (A) I
962-F THE GOVERNING BODY OF A LOCAL GOVERNMENT HAS
963-WAIVED ITS RIGHT OF FIRST OFFER
964-, IT SHALL POST A NOTICE IN A
965-CONSPICUOUS LOCATION ON ITS WEBSITE INDICATING THAT THERE IS A
966-WAIVER AND THAT RESIDENTIAL SELLERS WITH QUALIFYING PROPERTIES
967-WITHIN ITS JURISDICTION DO NOT HAVE AN OBLIGATION TO COMPLY WITH
968-THIS SECTION
969-.
970-(B) T
971-HE NOTICE POSTED IN ACCORDANCE WITH SUBSECTION
972-(2)(e)(II)(A) OF THIS SECTION MUST BE EFFECTIVE FOR AT LEAST THREE
973-MONTHS AFTER IT IS POSTED AND MUST EXPLICITLY STATE THE DATE IT
974-EXPIRES
975-, IF ANY.
976-(C) F
977-AILURE TO POST NOTICE PURSUANT TO THIS SUBSECTION
978-(2)(e)(II) DOES NOT OTHERWISE AFFECT THE LOCAL GOVERNMENT 'S RIGHT
979-OF FIRST OFFER
980-.
981-(f) N
982-OTWITHSTANDING ANYTHING IN THIS SECTION TO THE
983-CONTRARY
984-, AT ANY TIME PRIOR TO THE RESIDENTIAL SELLER AND THE LOCAL
985-GOVERNMENT ENTERING INTO A CONTRACT FOR THE PURCHASE OF THE
986-QUALIFYING PROPERTY BY THE LOCAL GOVERNMENT
987-, THE RESIDENTIAL
988-SELLER MAY REJECT THE LOCAL GOVERNMENT
989-'S OFFER AND OTHERWISE
990-TERMINATE NEGOTIATIONS WITH THE LOCAL GOVERNMENT
991-.
992-(g) I
993-F THE LOCAL GOVERNMENT WAIVES OR IS DEEMED TO HAVE
994-WAIVED ITS RIGHT OF FIRST OFFER IN ACCORDANCE WITH THIS SECTION OR
995-IF A RESIDENTIAL SELLER REJECTS THE LOCAL GOVERNMENT
996-'S OFFER IN
997-ACCORDANCE WITH SUBSECTION
998- (2)(f) OF THIS SECTION, THE RESIDENTIAL
999-SELLER HAS NO OBLIGATION TO PROVIDE INITIAL OR ADDITIONAL NOTICE
1000-, AS
1001-APPLICABLE
1002-, TO THE LOCAL GOVERNMENT OR OTHERWISE OFFER OR
1003-RE
1004--OFFER, AS APPLICABLE, THE QUALIFYING PROPERTY TO THE LOCAL
1005-GOVERNMENT PURSUANT TO ANY PROVISION OF THIS SECTION UNLESS A
1006-TRANSACTION FOR THE SALE OF THE QUALIFYING PROPERTY DOES NOT CLOSE
1007-WITHIN TWELVE MONTHS OF EITHER THE LOCAL GOVERNMENT
1008-'S WAIVER OR
1009-DEEMED WAIVER OR REJECTION BY THE RESIDENTIAL SELLER OF THE LOCAL
1010-GOVERNMENT
1011-'S OFFER, WHICHEVER IS EARLIER; EXCEPT THAT, IF THE
1012-CONTRACT FOR SALE TO A THIRD PARTY HAS A DURATION LONGER THAN
1013-TWELVE MONTHS
1014-, THEN THE TWELVE MONTH PERIOD IS EXTENDED TO MATCH
1015-PAGE 18-HOUSE BILL 24-1175 THE TERM OF THE CONTRACT.
1016-(3) Notice requirements generally. (a) (I) A
1017-NY NOTICES REQUIRED
1018-TO BE PROVIDED TO THE LOCAL GOVERNMENT PURSUANT TO THIS SECTION
1019-MUST BE DELIVERED TO THE CLERK OF THE GOVERNING BODY OF THE LOCAL
1020-GOVERNMENT BY ELECTRONIC MAIL
1021-; EXCEPT THAT IF THERE IS NOT AN
1022-ELECTRONIC MAILING ADDRESS AVAILABLE FOR THE CLERK
1023-, THEN BY HAND
1024-DELIVERY
1025-, UNITED STATES FIRST CLASS MAIL, OR OVERNIGHT DELIVERY.
1026-(II) N
1027-OTWITHSTANDING SUBSECTION (3)(a)(I) OF THIS SECTION, IF
1028-THE LOCAL GOVERNMENT ASSIGNS ITS RIGHT OF FIRST OFFER AND THE
1029-ASSIGNEE PROVIDES NOTICE OF THE ASSIGNMENT TO THE RESIDENTIAL
1030-SELLER PURSUANT TO SUBSECTION
1031- (2)(d) OF THIS SECTION, THEN UPON AND
1032-AFTER RECEIPT OF NOTICE OF THE ASSIGNMENT
1033-, THE RESIDENTIAL SELLER
1034-SHALL SEND BY ELECTRONIC MAIL ANY REQUIRED NOTICES PURSUANT TO
1035-THIS SECTION TO THE ADDRESS SPECIFIED BY THE ASSIGNEE
1036-; EXCEPT THAT,
1037-IF THERE IS NOT AN ELECTRONIC MAILING ADDRESS PROVIDED BY THE
1038-ASSIGNEE
1039-, THEN BY HAND DELIVERY, UNITED STATES FIRST CLASS MAIL, OR
1040-OVERNIGHT DELIVERY
1041-.
1042-(b) A
1043-NY NOTICES PROVIDED TO THE RESIDENTIAL SELLER PURSUANT
1044-TO THIS SECTION MUST BE DELIVERED TO THE PHYSICAL ADDRESS PROVIDED
1045-BY THE RESIDENTIAL SELLER IN ACCORDANCE WITH SUBSECTION
1046- (5)(a)(II)
1047-OF THIS SECTION OR, UPON ELECTION BY THE RESIDENTIAL SELLER , BY
1048-ELECTRONIC MAIL TO THE ELECTRONIC MAILING ADDRESS PROVIDED BY THE
1049-RESIDENTIAL SELLER TO THE LOCAL GOVERNMENT
1050-.
1051-(c) A
1052-NY NOTICE PROVIDED PURSUANT TO THIS SECTION IS DEEMED
1053-DELIVERED ON THE DATE IT IS SENT BY ELECTRONIC MAIL
1054-, THE DATE IT IS
1055-HAND DELIVERED
1056-, THE DATE AFTER THE DAY IT IS DEPOSITED FOR DELIVERY
1057-BY OVERNIGHT DELIVERY
1058-, OR THE DATE THAT IS TWO BUSINESS DAYS AFTER
1059-THE DAY IT IS DEPOSITED IN THE
1060-UNITED STATES MAIL, AS APPLICABLE.
1061-(4) Notice by residential seller, local government's intent, and
1062-nondisclosure agreement. (a) B
1063-EFORE A RESIDENTIAL SELLER ENTERS INTO
1064-AN AGREEMENT WITH A LICENSED BROKER TO SOLICIT AND PROCURE
1065-PURCHASERS FOR A QUALIFYING PROPERTY OR OTHERWISE LISTS A
1066-QUALIFYING PROPERTY FOR SALE ON THE MULTIPLE LISTING SERVICE
1067-, THE
1068-RESIDENTIAL SELLER SHALL PROVIDE NOTICE TO THE GOVERNING BODY OF
1069-THE LOCAL GOVERNMENT IN WHICH THE QUALIFYING PROPERTY IS LOCATED
1070-PAGE 19-HOUSE BILL 24-1175 THAT THE RESIDENTIAL SELLER INTENDS TO SELL THE QUALIFYING
1071-PROPERTY
1072-.
1073-(b) T
1074-HE LOCAL GOVERNMENT HAS SEVEN CALENDAR DAYS FROM THE
1075-DATE OF RECEIVING THE NOTICE REQUIRED BY SUBSECTION
1076- (4)(a) OF THIS
1077-SECTION TO PROVIDE A WRITTEN RESPONSE TO THE RESIDENTIAL SELLER
1078-INDICATING THAT THE LOCAL GOVERNMENT EITHER
1079-:
1080-(I) I
1081-S INTERESTED IN RECEIVING DUE DILIGENCE INFORMATION ON
1082-THE QUALIFYING PROPERTY SO THAT IT CAN EVALUATE WHETHER IT WANTS
1083-TO MAKE AN OFFER TO PURCHASE THE QUALIFYING PROPERTY
1084-, WHICH
1085-RESPONSE MUST CONTAIN A NONDISCLOSURE AGREEMENT IN A FORM
1086-ACCEPTABLE TO THE RESIDENTIAL SELLER THAT THE LOCAL GOVERNMENT
1087-HAS EXECUTED
1088-, EXCEPT AS OTHERWISE GOVERNED BY LAW OR COURT
1089-ORDER
1090-; OR
1091-(II) WAIVES ANY RIGHT OF THE LOCAL GOVERNMENT TO PURCHASE
1092-THE QUALIFYING PROPERTY
1093-.
1094-(c) I
1095-F THE LOCAL GOVERNMENT DOES NOT RESPOND WITHIN THE
1096-SEVEN
1097--DAY PERIOD REQUIRED BY SUBSECTION (4)(b) OF THIS SECTION, IT IS
1098-DEEMED TO HAVE WAIVED ITS RIGHT OF FIRST OFFER WITH RESPECT TO THE
1099-QUALIFYING PROPERTY
1100-.
1101-(5) Residential seller's notice of terms. (a) I
1102-F THE LOCAL
1103-GOVERNMENT PROVIDES NOTICE IN ACCORDANCE WITH SUBSECTION
1104- (4)(b)
1105-OF THIS SECTION, THE RESIDENTIAL SELLER HAS FIVE CALENDAR DAYS FROM
1106-RECEIPT OF THE NOTICE TO PROVIDE A NOTICE TO THE LOCAL GOVERNMENT
1107-THAT INCLUDES
1108-:
1109-(I) T
1110-HE ADDRESS AND NAME OF THE QUALIFYING PROPERTY , IF ANY,
1111-AND THE LEGAL DESCRIPTION OF THE QUALIFYING PROPERTY ;
1112-(II) T
1113-HE RESIDENTIAL SELLER'S ADDRESS AND, IF AVAILABLE,
1114-ELECTRONIC MAILING ADDRESS TO RECEIVE NOTICES FROM THE LOCAL
1115-GOVERNMENT
1116-;
1117-(III) A
1118- RENT ROLL FOR THE QUALIFYING PROPERTY SHOWING THE
1119-AMOUNT OF RENT CHARGED TO TENANTS AT THE QUALIFYING PROPERTY
1120-;
1121-PAGE 20-HOUSE BILL 24-1175 (IV) THE VACANCY RATE, OPERATING EXPENSES AND INCOME , AND
1122-COMMON AREA AMENITIES AT THE QUALIFYING PROPERTY
1123-;
1124-(V) A
1125-NY MARKETING MATERIALS THAT THE RESIDENTIAL SELLER
1126-HAS PREPARED ON OR BEFORE THE DATE OF SUCH NOTICE AND ANTICIPATES
1127-USING IN CONNECTION WITH LISTING THE QUALIFYING PROPERTY FOR SALE
1128-;
1129-(VI) A
1130- CURRENT TITLE COMMITMENT ; AND
1131-(VII) THE RESIDENTIAL SELLER'S EXECUTED VERSION OF THE
1132-NONDISCLOSURE AGREEMENT
1133-.
1134-(b) S
1135-UBJECT TO AND PURSUANT TO THE NONDISCLOSURE AGREEMENT
1136-EXECUTED IN ACCORDANCE WITH SUBSECTION
1137- (4)(b) OF THIS SECTION, THE
1138-LOCAL GOVERNMENT MAY SHARE THE INFORMATION CONTAINED IN THE
1139-NOTICES REQUIRED PURSUANT TO THIS SUBSECTION
1140-(5) WITH ITS OFFICERS
1141-AND EMPLOYEES FOR THE PURPOSES OF EVALUATING OR OBTAINING
1142-FINANCING FOR THE PROSPECTIVE TRANSACTION
1143-. AGENTS OF THE LOCAL
1144-GOVERNMENT AND PROSPECTIVE ENTITIES THAT THE LOCAL GOVERNMENT
1145-PARTNERS WITH PURSUANT TO SUBSECTION
1146- (2)(c) OF THIS SECTION OR
1147-PROSPECTIVE ASSIGNEES PURSUANT TO SUBSECTION
1148- (2)(d) OF THIS SECTION
1149-MUST EACH SIGN A NONDISCLOSURE AGREEMENT FOR THE RESPECTIVE
1150-ENTITY
1151-. AN ENTITY THAT HAS EXECUTED A NONDISCLOSURE AGREEMENT
1152-MAY SHARE THE INFORMATION CONTAINED IN THE NOTICES REQUIRED
1153-PURSUANT TO THIS SUBSECTION
1154-(5) WITH ITS OFFICERS AND EMPLOYEES FOR
1155-THE PURPOSES OF EVALUATING OR OBTAINING FINANCING FOR THE
1156-PROSPECTIVE TRANSACTION
1157-. THE INFORMATION CONTAINED IN THE NOTICE
1158-MUST BE KEPT CONFIDENTIAL AND IS CONFIDENTIAL INFORMATION NOT
1159-SUBJECT TO PUBLIC DISCLOSURE
1160-.
1161-(6) Notice by the local government. (a) A
1162- LOCAL GOVERNMENT
1163-HAS FOURTEEN CALENDAR DAYS FROM THE DATE OF RECEIVING THE NOTICE
1164-REQUIRED BY SUBSECTION
1165- (5)(a) OF THIS SUBSECTION TO PROVIDE A
1166-WRITTEN RESPONSE TO THE RESIDENTIAL SELLER THAT EITHER
1167-:
1168-(I) M
1169-AKES AN OFFER TO PURCHASE THE QUALIFYING PROPERTY
1170-SETTING FORTH THE PRICE
1171-, TERMS, AND CONDITIONS OF THE OFFER; OR
1172-(II) WAIVES ANY RIGHT OF THE LOCAL GOVERNMENT TO PURCHASE
1173-THE QUALIFYING PROPERTY
1174-.
1175-PAGE 21-HOUSE BILL 24-1175 (b) IF THE LOCAL GOVERNMENT DOES NOT PROVIDE A RESPONSE
1176-WITHIN THE FOURTEEN
1177--DAY PERIOD SET FORTH IN SUBSECTION (6)(a) OF THIS
1178-SECTION
1179-, THE LOCAL GOVERNMENT 'S RIGHT OF FIRST OFFER IS DEEMED
1180-WAIVED
1181-.
1182-(7) Process after offer is made. (a) T
1183-HE RESIDENTIAL SELLER HAS
1184-FOURTEEN CALENDAR DAYS AFTER RECEIPT OF THE LOCAL GOVERNMENT
1185-'S
1186-OFFER MADE PURSUANT TO SUBSECTION
1187- (6)(a)(I) OF THIS SECTION TO NOTIFY
1188-THE LOCAL GOVERNMENT THAT IT EITHER ACCEPTS OR REJECTS THE OFFER
1189-.
1190-D
1191-URING THIS PERIOD, THE RESIDENTIAL SELLER MAY INITIATE NEGOTIATIONS
1192-IN GOOD FAITH WITH THE LOCAL GOVERNMENT WHICH MAY INCLUDE
1193-DISCUSSING ALTERNATIVE PRICE
1194-, TERMS, OR CONDITIONS FOR THE PURCHASE
1195-OF THE QUALIFYING PROPERTY
1196-. IF THE RESIDENTIAL SELLER DOES NOT
1197-PROVIDE NOTICE OF ITS ACCEPTANCE OR REJECTION OF THE LOCAL
1198-GOVERNMENT
1199-'S OFFER IN THE FOURTEEN DAY PERIOD PURSUANT TO THIS
1200-SUBSECTION
1201- (7)(a), THE OFFER IS DEEMED REJECTED.
1202-(b) I
1203-F THE RESIDENTIAL SELLER ACCEPTS THE LOCAL GOVERNMENT 'S
1204-OFFER OR ACCEPTS AN OFFER NEGOTIATED WITH THE LOCAL GOVERNMENT
1205-,
1206-THE LOCAL GOVERNMENT AND THE RESIDENTIAL SELLER HAVE THIRTY
1207-CALENDAR DAYS AFTER THE DATE OF THE RESIDENTIAL SELLER
1208-'S RECEIPT OF
1209-THE LOCAL GOVERNMENT
1210-'S NOTICE PROVIDED IN ACCORDANCE WITH
1211-SUBSECTION
1212- (6)(a)(I) OF THIS SECTION TO NEGOTIATE AND EXECUTE A
1213-CONTRACT FOR THE PURCHASE OF THE QUALIFYING PROPERTY BY THE LOCAL
1214-GOVERNMENT
1215-. THE CONTRACT MUST REQUIRE THE TRANSACTION TO CLOSE
1216-NO LATER THAN SIXTY DAYS AFTER ITS EXECUTION
1217-, UNLESS BOTH PARTIES
1218-AGREE TO OTHER TERMS
1219-.
1220-(8) Certificate of compliance. W
1221-ITHIN FOURTEEN CALENDAR DAYS
1222-OF RECEIPT OF NOTICE REQUIRED BY SUBSECTION
1223- (4)(a) OF THIS SECTION
1224-UNLESS THE LOCAL GOVERNMENT PROVIDES NOTICE PURSUANT TO
1225-SUBSECTION
1226- (4)(b) OF THIS SECTION AND THEN WITHIN FOURTEEN CALENDAR
1227-DAYS OF RECEIPT OF THE NOTICE REQUIRED BY SUBSECTION
1228- (5)(a) OF THIS
1229-SECTION
1230-, THE LOCAL GOVERNMENT OR ITS ASSIGNEE SHALL EXECUTE AND
1231-RECORD A CERTIFICATE OF COMPLIANCE IN THE REAL PROPERTY RECORDS OF
1232-THE COUNTY IN WHICH THE QUALIFYING PROPERTY IS SITUATED
1233-. THE
1234-CERTIFICATE OF COMPLIANCE MUST INCLUDE THE NAME OF THE RESIDENTIAL
1235-SELLER
1236-, A LEGAL DESCRIPTION OF THE QUALIFYING PROPERTY , AND A
1237-STATEMENT THAT THE RESIDENTIAL SELLER HAS COMPLIED WITH ALL THE
1238-APPLICABLE PROVISIONS OF THIS SECTION
1239-. THE RECORDED CERTIFICATE OF
1240-PAGE 22-HOUSE BILL 24-1175 COMPLIANCE IS PRIMA FACIE EVIDENCE OF THE RESIDENTIAL SELLER 'S
1241-COMPLIANCE WITH THIS SECTION AND MAY BE RELIED UPON BY A
1242-RESIDENTIAL SELLER
1243-, ANY PERSON CLAIMING AN INTEREST IN THE
1244-QUALIFYING PROPERTY THROUGH A RESIDENTIAL SELLER
1245-, AND A TITLE
1246-INSURANCE ENTITY
1247-, AS DEFINED IN SECTION 10-11-102 (11).
1248-29-4-1204. General provisions applicable to a local government's
1249-right of first refusal and right of first offer. (1) N
1250-OTHING IN THIS PART 12
1251-REQUIRES A LOCAL GOVERNMENT TO EXERCISE ITS RIGHT OF FIRST REFUSAL
1252-SET FORTH IN SECTION
1253-29-4-1202 OR ITS RIGHT OF FIRST OFFER SET FORTH IN
1254-SECTION
1255-29-4-1203 AND A LOCAL GOVERNMENT MUST PROMPTLY NOTIFY A
1256-RESIDENTIAL SELLER OF ITS INTENT NOT TO EXERCISE ITS RIGHT OF FIRST
1257-OFFER AS SET FORTH IN SECTIONS
1258- 29-4-1203 (4)(b)(II) AND (6)(a)(II).
953+F THE RESIDENTIAL SELLER ACCEPTS THE LOCAL4
954+GOVERNMENT'S OFFER OR ACCEPTS AN OFFER NEGOTIATED WITH THE
955+ 5
956+LOCAL GOVERNMENT , THE LOCAL GOVERNMENT AND THE RESIDENTIAL6
957+SELLER HAVE THIRTY CALENDAR DAYS AFTER THE DATE OF THE7
958+RESIDENTIAL SELLER'S RECEIPT OF THE LOCAL GOVERNMENT'S NOTICE8
959+PROVIDED IN ACCORDANCE WITH SUBSECTION (6)(a)(I) OF THIS SECTION9
960+TO NEGOTIATE AND EXECUTE A CONTRACT FOR THE PURCHASE OF THE10
961+QUALIFYING PROPERTY BY THE LOCAL GOVERNMENT . THE CONTRACT11
962+MUST REQUIRE THE TRANSACTION TO CLOSE NO LATER THAN SIXTY DAYS12
963+AFTER ITS EXECUTION, UNLESS BOTH PARTIES AGREE TO OTHER TERMS .13
964+(8) Certificate of compliance. WITHIN FOURTEEN CALENDAR14
965+DAYS OF RECEIPT OF NOTICE REQUIRED BY SUBSECTION (4)(a) OF THIS15
966+SECTION UNLESS THE LOCAL GOVERNMENT PROVIDES NOTICE PURSUANT16
967+TO SUBSECTION (4)(b) OF THIS SECTION AND THEN WITHIN FOURTEEN17
968+CALENDAR DAYS OF RECEIPT OF THE NOTICE REQUIRED BY SUBSECTION18
969+(5)(a) OF THIS SECTION, THE LOCAL GOVERNMENT OR ITS ASSIGNEE SHALL19
970+EXECUTE AND RECORD A CERTIFICATE OF COMPLIANCE IN THE REAL20
971+PROPERTY RECORDS OF THE COUNTY IN WHICH THE QUALIFYING PROPERTY21
972+IS SITUATED. THE CERTIFICATE OF COMPLIANCE MUST INCLUDE THE NAME22
973+OF THE RESIDENTIAL SELLER, A LEGAL DESCRIPTION OF THE QUALIFYING23
974+PROPERTY, AND A STATEMENT THAT THE RESIDENTIAL SELLER HAS24
975+COMPLIED WITH ALL THE APPLICABLE PROVISIONS OF THIS SECTION. THE25
976+RECORDED CERTIFICATE OF COMPLIANCE IS PRIMA FACIE EVIDENCE OF THE26
977+RESIDENTIAL SELLER'S COMPLIANCE WITH THIS SECTION AND MAY BE27
978+1175
979+-31- RELIED UPON BY A RESIDENTIAL SELLER, ANY PERSON CLAIMING AN1
980+INTEREST IN THE QUALIFYING PROPERTY THRO UGH A RESIDENTIAL SELLER,2
981+AND A TITLE INSURANCE ENTITY, AS DEFINED IN SECTION 10-11-102 (11).3
982+ 4
983+29-4-1204. General provisions applicable to a local5
984+government's right of first refusal and right of first offer.6
985+(1) N
986+OTHING IN THIS PART 12 REQUIRES A LOCAL GOVERNMENT TO7
987+EXERCISE ITS RIGHT OF FIRST REFUSAL SET FORTH IN SECTION 29-4-12028
988+OR ITS RIGHT OF FIRST OFFER SET FORTH IN SECTION 29-4-1203 AND A9
989+LOCAL GOVERNMENT MUST PROMPTLY NOTIFY A RESIDENTIAL SELLER OF10
990+ITS INTENT NOT TO EXERCISE ITS RIGHT OF FIRST
991+OFFER AS SET FORTH IN11
992+SECTIONS 29-4-1203 (4)(b)(II) AND (6)(a)(II).12
1259993 (2) A
1260-NY ACTION BY THE LOCAL GOVERNMENT REQUIRED OR
1261-PERMITTED PURSUANT TO THIS PART
1262-12 MAY BE PERFORMED , AS IS
1263-APPLICABLE AND TO THE EX TENT PERMITTED BY LAW
1264-, BY THE COUNTY
1265-MANAGER OF A COUNTY
1266-, THE MAYOR OR CITY MANAGER OF A CITY OR TOWN ,
1267-OR ANOTHER OFFICER DESIGNATED BY THE GOVERNING BODY OF THE LOCAL
1268-GOVERNMENT
1269-.
994+NY ACTION BY THE LOCAL GOVERNMENT REQUIRED OR13
995+PERMITTED PURSUANT TO THIS PART 12 MAY BE PERFORMED , AS IS14
996+APPLICABLE AND TO THE EXTENT PERMITTED BY LAW , BY THE COUNTY15
997+MANAGER OF A COUNTY , THE MAYOR OR CITY MANAGER OF A CITY OR16
998+TOWN, OR ANOTHER OFFICER DESIGNATED BY THE GOVERNING BODY OF17
999+THE LOCAL GOVERNMENT .18
12701000 (3) A
1271-NY ACTIONS OF AN AGENT WORKING ON BEHALF OF A
1272-RESIDENTIAL SELLER FOR PURPOSES OF THIS PART
1273-12 ARE ATTRIBUTABLE TO
1274-THE RESIDENTIAL SELLER
1275-. NOTWITHSTANDING ANY OTHER PROVISION OF
1276-THIS PART
1277-12 TO THE CONTRARY, A POLITICAL SUBDIVISION OR A HOUSING
1278-AUTHORITY IN THE STATE THAT ENGAGES IN ACTIVITIES TO CREATE OR
1279-PRESERVE AFFORDABLE HOUSING FOR AN APPLICABLE QUALIFYING PROPERTY
1280-IS NOT CONSIDERED AN AGENT WORKING ON BEHALF OF A RESIDENTIAL
1281-SELLER FOR PURPOSES OF THIS PART
1282-12.
1001+NY ACTIONS OF AN AGENT WORKING ON BEHALF OF A19
1002+RESIDENTIAL SELLER FOR PURPOSES OF THIS PART 12 ARE ATTRIBUTABLE20
1003+TO THE RESIDENTIAL SELLER. NOTWITHSTANDING ANY OTHER PROVISION21
1004+OF THIS PART 12 TO THE CONTRARY, A POLITICAL SUBDIVISION OR A22
1005+HOUSING AUTHORITY IN THE STATE THAT ENGAGES IN ACTIVITIES TO23
1006+CREATE OR PRESERVE
1007+ AFFORDABLE HOUSING FOR AN APPLICABLE24
1008+QUALIFYING PROPERTY IS NOT CONSIDERED AN AGENT WORKING ON25
1009+BEHALF OF A RESIDENTIAL SELLER FOR PURPOSES OF THIS PART 12.26
12831010 (4) N
1284-OTHING WITHIN THIS PART 12 LIMITS THE LOCAL GOVERNMENT'S
1285-ABILITY TO CONDEMN AN APPLICABLE QUALIFYING PROPERTY ACQUIRED
1286-PURSUANT TO THIS PART
1287-12 TO THE EXTENT PERMITTED BY APPLICABLE LAW.
1011+OTHING WITHIN THIS PART 12 LIMITS THE LOCAL27
1012+1175
1013+-32- GOVERNMENT'S ABILITY TO CONDEMN AN APPLICABLE QUALIFYING1
1014+PROPERTY ACQUIRED PURSUANT TO THIS PART 12 TO THE EXTENT2
1015+PERMITTED BY APPLICABLE LAW .3
12881016 (5) I
1289-F A LOCAL GOVERNMENT HAS ADOPTED LONG -TERM
1290-AFFORDABILITY REQUIREMENTS THAT ARE GREATER THAN THE
1291-REQUIREMENTS SET FORTH IN THIS PART
1292-12, THE LOCAL GOVERNMENT 'S
1293-REQUIREMENTS APPLY TO THIS PART
1294-12. NOTHING IN THIS PART 12
1295-OVERRIDES ANY LOCAL AFFORDABLE HOUSING LAWS .
1296-PAGE 23-HOUSE BILL 24-1175 29-4-1205. Exemptions. (1) T HIS PART 12 DOES NOT APPLY TO ANY
1297-SALE
1298-, TRANSFER, OR CONVEYANCE OF AN APPLICABLE QUALIFYING
1299-PROPERTY BY A RESIDENTIAL SELLER
1300-:
1301-(a) M
1302-ADE TO, IF WHOLLY OR MAJORITY OWNED , DIRECTLY OR
1303-INDIRECTLY
1304-, BY, BENEFICIALLY HELD, ALL OR IN PART, IN COMMON WITH, OR
1305-UNDER COMMON OWNERSHIP OR CONTROL WITH THE RESIDENTIAL SELLER
1306-,
1307-ONE OR MORE PARTNERSHIPS , LIMITED LIABILITY COMPANIES ,
1308-CORPORATIONS, OR OTHER ENTITIES, MADE FOR TAX OR ESTATE PURPOSES
1309-BETWEEN CLOSELY HELD PARTNERS
1310-, MEMBERS OF ONE OR MORE LIMITED
1311-LIABILITY COMPANIES
1312-, MEMBERS OF ONE OR MORE CORPORATIONS , OR
1313-MEMBERS
1314-, TRUSTEES, MANAGERS, OR PARTNERS OF ONE OR MORE OTHER
1315-ENTITIES
1316-, OR IF THE UNITED STATES, OR ANY AGENCY OR INSTRUMENTALITY
1317-THEREOF
1318-, OR THE STATE, OR ANY POLITICAL SUBDIVISION OF THE STATE, IS
1319-THE RESIDENTIAL SELLER OF OR IS A THIRD
1320--PARTY BUYER OF THE
1321-APPLICABLE QUALIFYING PROPERTY
1322-;
1017+F A LOCAL GOVERNMENT HAS ADOPTED LONG -TERM4
1018+AFFORDABILITY REQUIREMENTS THAT ARE GREATER THAN THE5
1019+REQUIREMENTS SET FORTH IN THIS PART 12, THE LOCAL GOVERNMENT 'S6
1020+REQUIREMENTS APPLY TO THIS PART 12.
1021+NOTHING IN THIS PART 127
1022+OVERRIDES ANY LOCAL AFFORDABLE HOUSING LAWS .8
1023+29-4-1205. Exemptions. (1) THIS PART 12 DOES NOT APPLY TO9
1024+ANY SALE, TRANSFER, OR CONVEYANCE OF AN APPLICABLE QUALIFYING10
1025+PROPERTY BY A RESIDENTIAL SELLER:11
1026+(a) MADE TO, IF WHOLLY OR MAJORITY OWNED, DIRECTLY OR12
1027+INDIRECTLY, BY, BENEFICIALLY HELD, ALL OR IN PART, IN COMMON WITH,13
1028+OR UNDER COMMON OWNERSHIP OR CONTROL WITH THE RESIDENTIAL14
1029+SELLER, ONE OR MORE PARTNERSHIPS, LIMITED LIABILITY COMPANIES,15
1030+CORPORATIONS, OR OTHER ENTITIES, MADE FOR TAX OR ESTATE PURPOSES16
1031+BETWEEN CLOSELY HELD PARTNERS, MEMBERS OF ONE OR MORE LIMITED17
1032+LIABILITY COMPANIES, MEMBERS OF ONE OR MORE CORPORATIONS , OR18
1033+MEMBERS, TRUSTEES, MANAGERS, OR PARTNERS OF ONE OR MORE OTHER19
1034+ENTITIES, OR IF THE UNITED STATES, OR ANY AGENCY OR20
1035+INSTRUMENTALITY THEREOF , OR THE STATE, OR ANY POLITICAL21
1036+SUBDIVISION OF THE STATE, IS THE RESIDENTIAL SELLER OF OR IS A22
1037+THIRD-PARTY BUYER OF THE APPLICABLE QUALIFYING PROPERTY ;23
13231038 (b) M
1324-ADE TO THE STATE, A LOCAL GOVERNMENT, THE COLORADO
1325-HOUSING AND FINANCE AUTHORITY
1326-, ANY PUBLIC HOUSING AUTHORITY, AND
1327-ANY OTHER POLITICAL SUBDIVISION OF THE STATE
1328-;
1039+ADE TO THE STATE, A LOCAL GOVERNMENT, THE COLORADO24
1040+HOUSING AND FINANCE AUTHORITY , ANY PUBLIC HOUSING AUTHORITY ,25
1041+AND ANY OTHER POLITICAL SUBDIVISION OF THE STATE ;26
13291042 (c) M
1330-ADE TO AN AFFORDABLE HOUSING PROVIDER THAT HAS
1331-PROVIDED NOTICE OF INTENT TO PURCHASE THE APPLICABLE QUALIFYING
1332-PROPERTY AND COMMITS TO PROVIDING LONG
1333--TERM AFFORDABLE HOUSING ;
1043+ADE TO
1044+AN AFFORDABLE HOUSING PROVIDER THAT HAS27
1045+1175
1046+-33- PROVIDED NOTICE OF INTENT TO PURCHASE THE APPLICABLE QUALIFYING1
1047+PROPERTY AND COMMITS TO PROVIDING LONG-TERM AFFORDABLE2
1048+HOUSING;3
13341049 (d) I
1335-F THE APPLICABLE QUALIFYING PROPERTY IS SOLD ,
1336-TRANSFERRED, OR CONVEYED IN A FORECLOSURE ACTION OR BY A DEED IN
1337-LIEU OF FORECLOSURE
1338-, IF THE APPLICABLE QUALIFYING PROPERTY IS SOLD,
1339-TRANSFERRED, OR CONVEYED BY A PARTY THAT ACQUIRES THE APPLICABLE
1340-QUALIFYING PROPERTY IN A FORECLOSURE ACTION OR BY A DEED IN LIEU OF
1341-FORECLOSURE
1342-, OR IF THE APPLICABLE QUALIFYING PROPERTY IS
1343-SUBSEQUENTLY TRANSFERRED BY A GOVERNMENT
1344--SPONSORED ENTERPRISE
1345-TO A DIRECT OR INDIRECT WHOLLY OWNED SUBSIDIARY
1346-, AFFILIATED LENDER,
1347-OR OTHER THIRD PARTY;
1348-(e) I
1349-F, ON OR AFTER THE EFFECTIVE DATE OF THIS PART 12, THE
1350-APPLICABLE QUALIFYING PROPERTY HAS A PREEXISTING AGREEMENT THAT
1351-BESTOWS A RIGHT OF FIRST REFUSAL
1352-, RIGHT OF FIRST OFFER, OR OTHER
1353-CONTINGENT PROPERTY RIGHT REGARDING THE APPLICABLE QUALIFYING
1354-PROPERTY TO A THIRD PARTY
1355-; EXCEPT THAT, UPON EXPIRATION OF THE
1356-PAGE 24-HOUSE BILL 24-1175 AGREEMENT, THE PROVISIONS OF THIS PART 12 APPLY TO ANY SALE ,
1357-TRANSFER, OR CONVEYANCE OF THE APPLICABLE QUALIFYING PROPERTY BY
1358-THE RESIDENTIAL SELLER
1359-;
1360-(f) I
1361-F THE RESIDENTIAL SELLER HAS APPLIED FOR, IS IN THE PROCESS
1362-OF
1363-, OR HAS SUCCESSFULLY RESYNDICATED OR RECAPITALIZED THE
1364-APPLICABLE QUALIFYING PROPERTY IN CONNECTION WITH AN AFFORDABLE
1365-HOUSING PROGRAM OFFERED BY THE FEDERAL
1366-, STATE, OR LOCAL
1367-GOVERNMENT OR A POLITICAL SUBDIVISION OR ANY PUBLIC ENTITY
1368-, AND THE
1369-RESIDENTIAL SELLER PROVIDES NOTICE AND DEMONSTRABLE EVIDENCE OF
1370-THIS TO THE LOCAL GOVERNMENT
1371-; EXCEPT THAT, IF THE RESIDENTIAL
1372-SELLER IS NOT SUCCESSFUL IN RESYNDICATING OR RECAPITALIZING AN
1373-APPLICABLE QUALIFYING PROPERTY IN CONNECTION WITH AN AFFORDABLE
1374-HOUSING PROGRAM OFFERED BY THE FEDERAL
1375-, STATE, OR LOCAL
1376-GOVERNMENT OR A POLITICAL SUBDIVISION OR ANY PUBLIC ENTITY THEN
1377-THE RIGHT OF FIRST REFUSAL OR THE RIGHT OF FIRST OFFER
1378-, AS APPLICABLE,
1379-AND THE REQUIREMENTS SET FORTH IN THIS PART 12 APPLY;
1050+F THE APPLICABLE QUALIFYING PROPERTY IS SOLD ,4
1051+TRANSFERRED, OR CONVEYED IN A FORECLOSURE ACTION OR BY A DEED IN5
1052+LIEU OF
1053+FORECLOSURE, IF THE APPLICABLE QUALIFYING PROPERTY IS SOLD,6
1054+TRANSFERRED, OR CONVEYED BY A PARTY THAT ACQUIRES THE7
1055+APPLICABLE QUALIFYING PROPERTY IN A FORECLOSURE ACTION OR BY A8
1056+DEED IN LIEU OF FORECLOSURE, OR IF THE APPLICABLE QUALIFYING9
1057+PROPERTY IS SUBSEQUENTLY TRANSFERRED BY A10
1058+GOVERNMENT-SPONSORED ENTERPRISE TO A DIRECT OR INDIRECT WHOLLY11
1059+OWNED SUBSIDIARY, AFFILIATED LENDER, OR OTHER THIRD PARTY;12
1060+(e) IF, ON OR AFTER THE EFFECTIVE DATE OF THIS PART 12, THE13
1061+APPLICABLE QUALIFYING PROPERTY HAS A PREEXISTING AGREEMENT THAT14
1062+BESTOWS A RIGHT OF FIRST REFUSAL, RIGHT OF FIRST OFFER, OR OTHER15
1063+CONTINGENT PROPERTY RIGHT REGARDING THE APPLICABLE QUALIFYING16
1064+PROPERTY TO A THIRD PARTY; EXCEPT THAT, UPON EXPIRATION OF THE17
1065+AGREEMENT, THE PROVISIONS OF THIS PART 12 APPLY TO ANY SALE,18
1066+TRANSFER, OR CONVEYANCE OF THE APPLICABLE QUALIFYING PROPERTY19
1067+BY THE RESIDENTIAL SELLER; 20
1068+(f) IF THE RESIDENTIAL SELLER HAS APPLIED FOR , IS IN THE21
1069+PROCESS OF, OR HAS SUCCESSFULLY RESYNDICATED OR RECAPITALIZED22
1070+THE APPLICABLE QUALIFYING PROPERTY IN CONNECTION WITH AN23
1071+AFFORDABLE HOUSING PROGRAM OFFERED BY THE FEDERAL, STATE, OR24
1072+LOCAL GOVERNMENT OR A POLITICAL SUBDIVISION OR ANY PUBLIC ENTITY,25
1073+AND THE RESIDENTIAL SELLER PROVIDES NOTICE AND DEMONSTRABLE26
1074+EVIDENCE OF THIS TO THE LOCAL GOVERNMENT; EXCEPT THAT, IF THE27
1075+1175
1076+-34- RESIDENTIAL SELLER IS NOT SUCCESSFUL IN RESYNDICATING OR1
1077+RECAPITALIZING AN APPLICABLE QUALIFYING PROPERTY IN CONNECTION2
1078+WITH AN AFFORDABLE HOUSING PROGRAM OFFERED BY THE FEDERAL,3
1079+STATE, OR LOCAL GOVERNMENT OR A POLITICAL SUBDIVISION OR ANY4
1080+PUBLIC ENTITY THEN THE RIGHT OF FIRST REFUSAL OR THE RIGHT OF FIRST5
1081+OFFER, AS APPLICABLE, AND THE REQUIREMENTS SET FORTH IN THIS PART6
1082+12 APPLY;7
13801083 (g) M
1381-ADE TO A FAMILY MEMBER, AS DEFINED IN SECTION 8-13.3-503
1382-(11),
1383- OF THE RESIDENTIAL SELLER;
1084+ADE TO A FAMILY MEMBER , AS DEFINED IN SECTION
1085+8
1086+8-13.3-503
1087+ (11), OF THE RESIDENTIAL SELLER;
1088+9
13841089 (h) M
13851090 ADE TO A TRUST IF THE BENEFICIARY OF THE TRUST IS THE
1386-SPOUSE
1387-, PARTNER IN A CIVIL UNION, LEGALLY RECOGNIZED CHILD, OR OTHER
1388-FAMILY MEMBER OF THE RESIDENTIAL SELLER
1389-;
1091+10
1092+SPOUSE, PARTNER IN A CIVIL UNION, LEGALLY RECOGNIZED CHILD , OR11
1093+OTHER FAMILY MEMBER OF THE RESIDENTIAL SELLER ;12
13901094 (i) M
13911095 ADE PURSUANT TO A WILL , DESCENT, OR INTESTATE
1392-DISTRIBUTION
1393-; OR
1394-(j) MADE PURSUANT TO AN ACTION IN EMINENT DOMAIN OR IN
1395-RESPONSE TO A THREAT OF EMINENT DOMAIN
1396-.
1397-(2) T
1398-HE RIGHT OF FIRST OFFER SET FORTH IN SECTION 29-4-1203
1399-DOES NOT APPLY TO ANY SALE , TRANSFER, OR CONVEYANCE OF A
1400-QUALIFYING PROPERTY
1401-, AS DEFINED IN SECTION 29-4-1203 (1), BY A
1402-RESIDENTIAL SELLER
1403-:
1404-(a) M
1405-ADE PURSUANT TO A COURT ORDER ;
1406-(b) M
1407-ADE BETWEEN JOINT TENANTS OR TENANTS IN COMMON ;
1408-PAGE 25-HOUSE BILL 24-1175 (c) IF THE FIRST CERTIFICATE OF OCCUPANCY FOR THE QUALIFYING
1409-PROPERTY WAS ISSUED WITHIN THIRTY YEARS PRECEDING THE DATE THAT
1410-THE RESIDENTIAL SELLER WILL LIST THE QUALIFYING PROPERTY FOR SALE
1411-;
1412-(d) I
1413-F THE QUALIFYING PROPERTY IS BEING SOLD, TRANSFERRED, OR
1414-CONVEYED AS PART OF A TRANSACTION INVOLVING MULTIPLE PROPERTIES
1415-WHICH INCLUDES AT LEAST ONE PROPERTY LOCATED IN A JURISDICTION THAT
1416-IS OUTSIDE OF THE JURISDICTION OF THE LOCAL GOVERNMENT
1417-;
1418-(e) T
1419-HAT DOES NOT INVOLVE THE SALE, TRANSFER, OR CONVEYANCE
1420-OF ALL OR SUBSTANTIALLY ALL OF THE QUALIFYING PROPERTY
1421-; OR
1422-(f) THAT IS A SALE, TRANSFER, OR CONVEYANCE, DIRECTLY OR
1423-INDIRECTLY
1424-, OF OWNERSHIP INTERESTS IN THE RESIDENTIAL SELLER .
1425-29-4-1206. Remedies for noncompliance.
1096+13
1097+DISTRIBUTION; OR14
1098+(j) M
1099+ADE PURSUANT TO AN ACTION IN EMINENT DOMAIN OR IN
1100+15
1101+RESPONSE TO A THREAT OF EMINENT DOMAIN .16
1102+(2) THE RIGHT OF FIRST OFFER SET FORTH IN SECTION17
1103+29-4-1203
1104+ DOES NOT APPLY TO ANY SALE, TRANSFER, OR CONVEYANCE OF18
1105+A QUALIFYING PROPERTY, AS DEFINED IN SECTION 29-4-1203 (1), BY A19
1106+RESIDENTIAL SELLER:20
1107+
1108+ 21
1109+(a) MADE PURSUANT TO A COURT ORDER ;22
1110+(b) MADE BETWEEN JOINT TENANTS OR TENANTS IN COMMON ; 23
1111+(c) IF THE FIRST CERTIFICATE OF OCCUPANCY FOR THE QUALIFYING24
1112+PROPERTY WAS ISSUED WITHIN THIRTY YEARS PRECEDING THE DATE THAT25
1113+THE RESIDENTIAL SELLER WILL LIST THE QUALIFYING PROPERTY FOR SALE;26
1114+(d) IF THE QUALIFYING PROPERTY IS BEING SOLD, TRANSFERRED,27
1115+1175
1116+-35- OR CONVEYED AS PART OF A TRANSACTION INVOLVING MULTIPLE1
1117+PROPERTIES WHICH INCLUDES AT LEAST ONE PROPERTY LOCATED IN A2
1118+JURISDICTION THAT IS OUTSIDE OF THE JURISDICTION OF THE LOCAL3
1119+GOVERNMENT;4
1120+(e) THAT DOES NOT INVOLVE THE SALE, TRANSFER, OR5
1121+CONVEYANCE OF ALL OR SUBSTANTIALLY ALL OF THE QUALIFYING6
1122+PROPERTY; OR7
1123+(f) THAT IS A SALE, TRANSFER, OR CONVEYANCE, DIRECTLY OR8
1124+INDIRECTLY, OF OWNERSHIP INTERESTS IN THE RESIDENTIAL SELLER .9
1125+ 10
1126+29-4-1206. Remedies for noncompliance.11
14261127 (1) (a) N
1427-OTWITHSTANDING SUBSECTION (1)(b) OF THIS SECTION AND
1428-SUBJECT TO THE AVAILABILITY OF RESOURCES
1429-, IT IS THE RESPONSIBILITY OF
1430-THE ATTORNEY GENERAL
1431-'S OFFICE TO ENFORCE THE PROVISIONS OF THIS
1432-PART
1433-12, AND THE ATTORNEY GENERAL MAY INTERVENE IN ANY ACTION
1434-BROUGHT PURSUANT TO SUBSECTION
1435- (1)(b) OF THIS SECTION.
1436-(b) T
1437-HE ATTORNEY GENERAL'S OFFICE, THE LOCAL GOVERNMENT, OR
1438-THE LOCAL GOVERNMENT
1439-'S ASSIGNEE MAY BRING A CIVIL ACTION AGAINST
1440-A RESIDENTIAL SELLER FOR ANY VIOLATION OF THIS PART
1441-12.
1442-(c) T
1443-HE REMEDIES FOR ANY ACTION BR OUGHT PURSUANT TO THIS
1444-SUBSECTION
1445-(1) ARE LIMITED TO MONETARY DAMAGES AND STATUTORY
1446-PENALTIES AGAINST THE RESIDENTIAL SELLER
1447-. ANY PERSON CLAIMING AN
1448-INTEREST IN AN APPLICABLE QUALIFYING PROPERTY THROUGH A
1449-RESIDENTIAL SELLER SHALL TAKE TITLE TO THE APPLICABLE QUALIFYING
1450-PROPERTY FREE OF ANY RIGHTS OR CLAIMS SET FORTH IN THIS PART
1451-12.
1452-(2) I
1453-F A COURT FINDS THAT A RESIDENTIAL SELLER IS IN MATERIAL
1454-VIOLATION OF THIS PART
1455-12, THE COURT SHALL AWARD A STATUTORY
1456-PENALTY THAT IS NOT LESS THAN TEN THOUSAND DOLLARS FOR A FIRST
1457-OFFENSE AND NOT LESS THAN THIRTY THOUSAND DOLLARS FOR ANY
1458-SUBSEQUENT OFFENSES
1459-; EXCEPT THAT THE COURT SHALL NOT AWARD A
1460-STATUTORY PENALTY THAT IS MORE THAN ONE HUNDRED THOUSAND
1461-DOLLARS
1462-.
1463-PAGE 26-HOUSE BILL 24-1175 (3) A COURT MAY ALSO AWARD REASONABLE ATTORNEY FEES AND
1464-COSTS TO A PREVAILING PARTY
1465-.
1466-(4) T
1467-HE REMEDIES PROVIDED IN THIS SECTION ARE THE SOLE AND
1468-EXCLUSIVE REMEDIES PURSUANT TO A CIVIL ACTION BROUGHT PURSUANT TO
1469-THIS SECTION FOR A VIOLATION OF THIS PART
1470-12 BY A RESIDENTIAL SELLER.
1471-29-4-1207. Termination of right of first refusal and right of first
1472-offer. T
1473-HE RIGHTS OF FIRST REFUSAL AND FIRST OFFER ESTABLISHED IN THIS
1474-PART
1475-12 TERMINATE ON DECEMBER 31, 2029. A RESIDENTIAL SELLER IS NOT
1476-REQUIRED TO PROVIDE NOTICES REQUIRED PURSUANT TO THIS PART
1477-12 AFTER
1478-DECEMBER 31, 2029, AND A LOCAL GOVERNMENT SHALL NOT EXERCISE THE
1479-RIGHT OF FIRST REFUSAL OR THE RIGHT OF FIRST OFFER PURSUANT TO THIS
1480-PART
1481-12 AFTER DECEMBER 31, 2029; EXCEPT THAT, IF THE LOCAL
1482-GOVERNMENT OR ITS ASSIGNEE
1483-, HAS EXERCISED THE RIGHT OF FIRST
1484-REFUSAL OR THE RIGHT OF FIRST OFFER PURSUANT TO THIS PART
1485-12 BEFORE
1486-DECEMBER 31, 2029, AND THE PROCESS HAS NOT CONCLUDED , THEN THE
1487-PROCESS SHALL CONTINUE UNTIL IT CONCLUDES IN ACCORDANCE WITH THIS
1488-PART
1489-12 NOTWITHSTANDING THE TERMINATION DATE SET FORTH IN THIS
1490-SECTION
1491-.
1128+OTWITHSTANDING SUBSECTION
1129+(1)(b) OF THIS SECTION AND12
1130+SUBJECT TO THE AVAILABILITY OF RESOURCES , IT IS THE RESPONSIBILITY13
1131+OF THE ATTORNEY GENERAL'S OFFICE TO ENFORCE THE PROVISIONS OF THIS14
1132+PART 12, AND THE ATTORNEY GENERAL MAY INTERVENE IN ANY ACTION15
1133+BROUGHT PURSUANT TO SUBSECTION (1)(b) OF THIS SECTION.16
1134+ 17
1135+(b) THE ATTORNEY GENERAL'S OFFICE, THE LOCAL GOVERNMENT,18
1136+OR THE LOCAL GOVERNMENT'S ASSIGNEE MAY BRING A CIVIL ACTION19
1137+AGAINST A RESIDENTIAL SELLER FOR ANY VIOLATION OF THIS PART 12.20
1138+(c) THE REMEDIES FOR ANY ACTION BROUGHT PURSUANT TO THIS21
1139+SUBSECTION (1) ARE LIMITED TO MONETARY DAMAGES AND STATUTORY22
1140+PENALTIES AGAINST THE RESIDENTIAL SELLER. ANY PERSON CLAIMING AN23
1141+INTEREST IN AN APPLICABLE QUALIFYING PROPERTY THROUGH A24
1142+RESIDENTIAL SELLER SHALL TAKE TITLE TO THE APPLICABLE QUALIFYING25
1143+PROPERTY FREE OF ANY RIGHTS OR CLAIMS SET FORTH IN THIS PART 12.26
1144+ 27
1145+1175
1146+-36- (2) IF A COURT FINDS THAT A RESIDENTIAL SELLER IS IN MATERIAL1
1147+VIOLATION OF THIS PART 12, THE COURT SHALL AWARD A STATUTORY2
1148+PENALTY THAT IS NOT LESS THAN TEN THOUSAND DOLLARS FOR A FIRST3
1149+OFFENSE AND NOT LESS THAN THIRTY THOUSAND DOLLARS FOR ANY4
1150+SUBSEQUENT OFFENSES; EXCEPT THAT THE COURT SHALL NOT AWARD A5
1151+STATUTORY PENALTY THAT IS MORE THAN ONE HUNDRED THOUSAND6
1152+DOLLARS.7
1153+(3) A COURT MAY ALSO AWARD REASONABLE ATTORNEY FEES AND8
1154+COSTS TO A PREVAILING PARTY. 9
1155+(4) THE REMEDIES PROVIDED IN THIS SECTION ARE THE SOLE10
1156+AND EXCLUSIVE REMEDIES PURSUANT TO A CIVIL ACTION BROUGHT11
1157+PURSUANT TO THIS SECTION FOR A VIOLATION OF THIS PART 12 BY A12
1158+RESIDENTIAL SELLER.13
1159+29-4-1207. Termination of right of first refusal and right14
1160+of first offer. T
1161+HE RIGHTS OF FIRST REFUSAL AND FIRST OFFER
1162+15
1163+ESTABLISHED IN THIS PART 12 TERMINATE ON DECEMBER 31, 2029. A16
1164+RESIDENTIAL SELLER IS NOT REQUIRED TO PROVIDE NOTICES REQUIRED17
1165+PURSUANT TO THIS PART 12 AFTER DECEMBER 31, 2029, AND A LOCAL18
1166+GOVERNMENT SHALL NOT EXERCISE THE RIGHT OF FIRST REFUSAL OR THE19
1167+RIGHT OF FIRST OFFER PURSUANT TO THIS PART 12 AFTER DECEMBER 31,20
1168+2029;
1169+ EXCEPT THAT, IF THE LOCAL GOVERNMENT OR ITS ASSIGNEE , HAS
1170+21
1171+EXERCISED THE RIGHT OF FIRST REFUSAL OR THE RIGHT OF FIRST OFFER22
1172+PURSUANT TO THIS PART 12 BEFORE DECEMBER 31, 2029, AND THE23
1173+PROCESS HAS NOT CONCLUDED , THEN THE PROCESS SHALL CONTINUE24
1174+UNTIL IT CONCLUDES IN ACCORDANCE WITH THIS PART 1225
1175+NOTWITHSTANDING THE TERMINATION DATE SET FORTH IN THIS SECTION .26
14921176 29-4-1208. Repeal of part. T
14931177 HIS PART 12 IS REPEALED EFFECTIVE
1494-JULY 1, 2031.
1495-SECTION 2. In Colorado Revised Statutes, 24-31-101, amend
1496-(1)(i)(XVII) and (1)(i)(XVIII); and add (1)(i)(XXI) as follows:
1497-24-31-101. Powers and duties of attorney general. (1) The
1498-attorney general:
1499-(i) May independently initiate and bring civil and criminal actions
1500-to enforce state laws, including actions brought pursuant to:
1501-(XVII) The "Rental Application Fairness Act", part 9 of article 12
1502-of title 38; and
1503-(XVIII) The "Reproductive Health Equity Act", part 4 of article 6
1504-of title 25;
1505-AND
1506-(XXI) PART 12 OF ARTICLE 4 OF TITLE 29.
1507-PAGE 27-HOUSE BILL 24-1175 SECTION 3. Act subject to petition - effective date -
1508-applicability. (1) This act takes effect at 12:01 a.m. on the day following
1509-the expiration of the ninety-day period after final adjournment of the
1510-general assembly; except that, if a referendum petition is filed pursuant to
1511-section 1 (3) of article V of the state constitution against this act or an item,
1512-section, or part of this act within such period, then the act, item, section, or
1513-part will not take effect unless approved by the people at the general
1514-election to be held in November 2024 and, in such case, will take effect on
1515-the date of the official declaration of the vote thereon by the governor.
1516-(2) This act applies to all qualifying properties for the right of first
1517-refusal that are listed for sale on or after the effective date of this act but for
1518-which a residential seller has not accepted an offer to purchase the
1519-qualifying property and executed the necessary agreements in connection
1520-PAGE 28-HOUSE BILL 24-1175 with accepting the offer and to all qualifying properties for the right of first
1521-offer on or after the effective date of this act that do not have active listings
1522-as of the effective date of this act.
1523-____________________________ ____________________________
1524-Julie McCluskie Steve Fenberg
1525-SPEAKER OF THE HOUSE PRESIDENT OF
1526-OF REPRESENTATIVES THE SENATE
1527-____________________________ ____________________________
1528-Robin Jones Cindi L. Markwell
1529-CHIEF CLERK OF THE HOUSE SECRETARY OF
1530-OF REPRESENTATIVES THE SENATE
1531- APPROVED________________________________________
1532- (Date and Time)
1533- _________________________________________
1534- Jared S. Polis
1535- GOVERNOR OF THE STATE OF COLORADO
1536-PAGE 29-HOUSE BILL 24-1175
1178+27
1179+1175
1180+-37- JULY 1, 2031.1
1181+SECTION 2. In Colorado Revised Statutes, 24-31-101, amend2
1182+(1)(i)(XVII) and (1)(i)(XVIII); and add (1)(i)(XIX) as follows:3
1183+24-31-101. Powers and duties of attorney general. (1) The4
1184+attorney general:5
1185+(i) May independently initiate and bring civil and criminal actions6
1186+to enforce state laws, including actions brought pursuant to:7
1187+(XVII) The "Rental Application Fairness Act", part 9 of article 128
1188+of title 38; and9
1189+(XVIII) The "Reproductive Health Equity Act", part 4 of article10
1190+6 of title 25;
1191+AND11
1192+(XIX) P
1193+ART 12 OF ARTICLE 4 OF TITLE 29.12
1194+SECTION 3. Act subject to petition - effective date -13
1195+applicability. (1) This act takes effect at 12:01 a.m. on the day following14
1196+the expiration of the ninety-day period after final adjournment of the15
1197+general assembly; except that, if a referendum petition is filed pursuant16
1198+to section 1 (3) of article V of the state constitution against this act or an17
1199+item, section, or part of this act within such period, then the act, item,18
1200+section, or part will not take effect unless approved by the people at the19
1201+general election to be held in November 2024 and, in such case, will take20
1202+effect on the date of the official declaration of the vote thereon by the21
1203+governor.22
1204+(2) This act applies to all qualifying properties for the right of first23
1205+refusal that are listed for sale on or after the effective date of this act but24
1206+for which a residential seller has not accepted an offer to purchase the25
1207+qualifying property and executed the necessary agreements in connection26
1208+1175
1209+-38- with accepting the offer and to all qualifying properties for the right of1
1210+first offer on or after the effective date of this act that do not have active2
1211+listings as of the effective date of this act.3
1212+1175
1213+-39-