The Colorado General Assembly last session failed to address the defect in state law that exposes homeowners and builders to a high risk of expensive, time-consuming litigation – despite broad bipartisan and coalition support.
This defect means that Colorado’s housing market is not keeping pace with the demand for attainable homes among first-time homebuyers and others with a modest income. Rising housing costs and soaring rents threaten to price many Coloradans out of the market.
Yet condos, which have always provided a pathway to homeownership, now represent just 3.4 percent of new homes in the Denver metro housing market. And it’s a growing concern across Colorado – from Fort Collins to Durango. Several communities are leading the way by addressing their attainable housing issues by passing local laws to jump-start condo development.
Now nearly 2.5 million Coloradans live in communities that have begun the process to fix the defect in state law.
The list includes:
• Colorado Springs
• Douglas County
• Lone Tree
• Wheat Ridge
• Commerce City
• Castle Rock
These communities have approved common-sense reforms that offer a balanced approach to create a fair legal resolution for construction issues, and most importantly, will not take away a homeowner’s or community’s rights to seek a resolution to a construction issue.
NOW IT’S TIME FOR THE COLORADO GENERAL ASSEMBLY TO ACT!
The Homeownership Opportunity Alliance is committed to addressing Colorado’s attainable housing challenge and is actively reviewing the reforms offered during the last legislative session.