~ 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.

In line with this, on November 26, 2024, the Colorado Springs City Council passed Ordinance No. 24-100, effectively waiving the rights of first refusal and first offer as outlined in House Bill 24-1175.

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According to C.R.S. §§ 29-4-1202(2)(g)(I) and 29-4-1203(2)(e)(I), the City has chosen to waive these rights in order to facilitate the development of affordable housing within its jurisdiction. 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.

Furthermore, residential sellers with qualifying properties under C.R.S. § 29-4-1201 are no longer obligated to provide the City with a right of first refusal or offer.

This decision was made through the signing of Ordinance No. 24-100, which solidifies the City's commitment to promoting affordable housing development within its boundaries. With this waiver in place, it is hoped that more affordable housing options will become available for residents in need.

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