New Legislation Introduces Complexity, Uncertainty
Co-Author, Colorado Real Estate Journal, November 2024
The Colorado Legislature passed House Bill 24-1175 in the 2024 legislative session, which, effective on Aug. 7, 2024, provides local governments with (i) a quasi-right of first refusal on the sale of qualifying affordable multifamily rental properties, and (ii) a right of first offer on qualifying market-rate multifamily rental properties. Under the act, governments have a time period to decide whether to purchase a property subject to the ROFR or ROFO, along with an additional period to finalize the transaction. The act introduces new layers of complexity and uncertainty for private owners and investors.
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