House Advances Bill to Preserve Housing Coloradans Can Afford

DENVER, CO - The House today advanced legislation in a preliminary vote to give local governments the right of first refusal and right of first offer to preserve Colorado’s affordable housing opportunities.

“With rising rents pricing Coloradans out of their communities, local governments need additional tools to help them preserve existing affordable housing options that work for everyday Coloradans,” said Rep. Andrew Boesenecker, D-Fort Collins. “Our bill would allow local governments to purchase and preserve affordable housing properties that they have invested public dollars into. With this legislation, we can preserve and expand affordable housing options in our communities and ease Colorado’s housing crisis.”

“Our bill is one of many steps that Colorado Democrats are taking to combat housing instability and displacement,” said Rep. Emily Sirota, D-Denver. “We need a multi-faceted approach to address our affordable housing shortage, which is why we’re carrying this legislation to create new tools for local governments that keep existing affordable housing properties in the rental market.”

HB24-1175 would give local governments a right of first offer and a right of first refusal to preserve long-term affordable housing opportunities. 

The right of first offer gives local governments the right to make an offer to purchase a qualifying property before the property is listed for sale to other parties. A property qualifies for the right of first offer under this bill if it is an existing affordable housing multi-family residential or mixed-use rental property with more than 15 and less than 100 units. Certain transactions of qualifying properties are exempt, and the right of first offer terminates on December 31, 2029.

The right of first refusal would give local governments the right to purchase a multi-family residential or mixed-use rental property that is existing affordable housing if they match any offers that the seller receives and continue to use the property for long-term affordable housing.

The House also advanced SB24-094, sponsored by Representatives Mandy Lindsay and Meg Froelich, that would update existing law to ensure tenants have access to safe housing and timely repairs when unsafe conditions arise.

SB24-094 would make modifications to existing warranty of habitability laws, including renter protections against retaliation, requiring necessary repairs to be completed in seven days for serious conditions, and clarifying the process for arranging alternative lodging pending the completion of a necessary repair.