Local Governments Rights To Property For Affordable Housing – Real Estate

HB24-1175

Summary

Bill 24-1175 gives local governments the right of first refusal
and the right of first offer in certain circumstances to obtain
property for long term affordable housing. For properties
designated as affordable housing, sellers must inform local
governments two years prior to the expiration of an existing
affordability restriction and again when the seller takes certain
actions to sell the property. Upon receiving notice that the seller
wants to sell, local governments can preserve their right of first
refusal and must make an offer. For sales of other multi-family
properties that are 20 years or older with more than 5 but less
than 100 units, local governments have a right of first offer.
Certain sales are exempt from these powers. In exercising a right
of first refusal or a right of first offer, local governments can
partner with a non-profit to co-finance or manage the property as a
long-term affordable housing, and local governments can delegate
their powers or interests to certain other public entities as long
as the property in question is used for affordable housing.
Additionally, the bill gives the attorney general’s office
standing to bring a civil rights action for violations of the right
of first refusal and the right of first offer.

Legislative Update

• 2024-02-23 / Introduced
  
  House Second Reading Laid Over Daily – No Amendments




• 2024-02-20
  
  House Committee on Transportation, Housing & Local
  Government Refer Amended to House Committee of the Whole




• 2024-01-31 / Introduced
  
  Introduced in House – Assigned to Transportation, Housing
  & Local Government

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