Vetoed by Governor Jared Polis

Vote Smart's Synopsis:

Vote to concur with senate amendments and pass a bill that authorizes local governments the right of first refusal on multifamily properties to convert them into affordable housing.

Highlights:

• Authorizes local governments to create a right of first refusal evaluation rubric based on local housing needs to determine whether to convert multifamily properties into long-term affordable housing (Sec. 1).

• Defines “long-term affordable housing” as housing for which the annual rent for any unit in the qualifying property does not exceed the rent for the households of a given size at the applicable area median income, as published annually by the US Department of Housing and Urban Development (Sec. 1).

• Specifies that the aforementioned right of first refusal rubric may use the following criteria, including (Sec. 1):

• Geography;

• Acquisition costs;

• Proximity to amenities;

• Unit count; and

• Other local priorities.

• Authorizes local governments up to 7 days to indicate their interest in properties that are at least 30 years old, and after doing so have an additional 30 days to make an offer and another 60 days to close on the deal (Sec. 1).

• Specifies that the provisions of this bill shall take effect immediately after the final adjournment date of this current legislative session and shall expire August 1, 2028 (Sec. 1-2).

Full Bill Text

Vote Smart's Synopsis:

Vote to amend and pass a bill that authorizes local governments the right of first refusal on multifamily properties to convert them into affordable housing.

Highlights:

• Authorizes local governments to create a right of first refusal evaluation rubric based on local housing needs to determine whether to convert multifamily properties into long-term affordable housing (Sec. 1).

• Defines “long-term affordable housing” as housing for which the annual rent for any unit in the qualifying property does not exceed the rent for the households of a given size at the applicable area median income, as published annually by the US Department of Housing and Urban Development (Sec. 1).

• Specifies that the aforementioned right of first refusal rubric may use the following criteria, including (Sec. 1):

• Geography;

• Acquisition costs;

• Proximity to amenities;

• Unit count; and

• Other local priorities.

• Authorizes local governments up to 7 days to indicate their interest in properties that are at least 30 years old, and after doing so have an additional 30 days to make an offer and another 60 days to close on the deal (Sec. 1).

• Specifies that the provisions of this bill shall take effect immediately after the final adjournment date of this current legislative session and shall expire August 1, 2028 (Sec. 1-2).

Full Bill Text