HB 24-1175 Summary

• Establishes local government right of first refusal for multifamily rental properties with 5+ units that are existing affordable housing, allowing local governments to match third-party offers to preserve affordability.

• Creates local government right of first offer for multifamily properties with 15-100 units that are not existing affordable housing, allowing governments to make initial purchase offers before property is listed for sale.

• Requires residential sellers to provide notice to local governments and Colorado Housing and Finance Authority before selling qualifying properties, with specific timelines and information requirements.

• Mandates long-term affordability requirements of minimum 40 years for properties acquired by local governments under these rights, with rent increase caps tied to Denver-Aurora-Lakewood consumer price index or 3 percentage points, whichever is greater.

• Sets statutory penalties of $10,000-$100,000 for residential seller violations, terminates both rights on December 31, 2029, and repeals the entire provision effective July 1, 2031.