~ Colorado Springs City Council Waives Rights of First Refusal and First Offer for Affordable Housing Development

On May 30, 2024, the State of Colorado made a significant move towards addressing the issue of affordable housing by approving House Bill 24-1175. This bill grants local governments the right of first refusal and first offer to purchase qualifying multifamily properties for the purpose of creating long-term affordable housing or mixed-income developments.

However, in a recent decision, the Colorado Springs City Council has chosen to waive these rights as outlined in House Bill 24-1175. This waiver is in accordance with C.R.S. §§ 29-4-1202(2)(g)(I) and 29-4-1203(2)(e)(I), which state that the city has the power to waive these rights.

More on Colorado Desk

• Colorado: Governor Polis Congratulates New Pope & Catholic Church
• Aureli Construction Sets the Standard for Seamless Home Additions in Greater Boston
• Colorado Springs: Jessie Kimber inducted as Fort Carson Good Neighbor
• ScreenPoints Puts Film Investors in the Credits—and in the Money With New FinTech Platform
• Pathways to Adulthood Conference May 17 at Melville Marriott Honoring NYS Assembly Member Jodi Giglio, Suffolk County Legislator Nick Caracappa

The signed ordinance, No. 24-100, clarifies that this waiver does not affect any other rights of first refusal or first offer that may have been granted through other means such as deeds or agreements. Additionally, residential sellers with qualifying properties under C.R.S. § 29-4-1201, et seq., within the city's jurisdiction are not obligated to provide the city with a right of first refusal or offer.

This decision by the Colorado Springs City Council is seen as a step towards promoting affordable housing development in the city. It will allow for more flexibility and options for developers looking to create long-term affordable housing or mixed-income developments within the city's limits.

---

Show All News | Report Violation