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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