SB16-059 Summary

• Clarifies that Colorado's 1981 rent control prohibition does not apply to local government programs requiring developers to provide affordable housing for new employees created by development projects.

• Allows counties and municipalities to adopt ordinances or resolutions requiring developers to mitigate new development effects through affordable housing if four conditions are met: program addresses shortage from economic development, applies only to new construction commenced after the effective date, rental restrictions are based on employee numbers not unit characteristics, and developers can choose among alternative mitigation methods.

• Alternative mitigation methods include imposing deed restrictions on newly constructed or existing housing units, paying a fee to the local government in lieu of deed-restricted housing, or conveying real property to the local government with fair market value equivalent to the in-lieu fee.

• Effective July 1, 2016, and applies to ordinances or resolutions enacted on or after that date.

• Declares the act necessary for immediate preservation of public peace, health, and safety.