HB 1479 Summary

• Defines "state investment" as use of state funds or state development powers to facilitate residential property development, and "sixty-day period" as sixty consecutive calendar days including up to midnight on the sixtieth day.

• Requires condominium projects receiving state investment located in county-designated transit-oriented development areas or within one-half mile of a public transit station to offer 100% of units exclusively to prospective owner-occupants for at least 60 days after initial sale date, instead of the standard 50% for 30 days.

• Extends the chronological ordering and public lottery periods for owner-occupant unit selection from 30 days to 60 days for state-investment projects in transit-oriented areas.

• Prevents developers of state-investment projects in transit-oriented areas from waiving the owner-occupant purchase requirements, even if they would otherwise be exempt under sections 46-15, 46-15.1, chapter 53, 201H, 206, 346, or 356D.

• Takes effect July 1, 2019, and does not apply to contracts or preliminary offering statements filed before the effective date.