Capitol Connection – March 9, 2023
Legislative Advocacy this Week at the State Capitol
“Don’t Miss Out on the Action – Sign up for REALTOR® Party Mobile Alerts”
Text REALTORS to 30644
REALTOR® Party Mobile Alerts, NAR’s advocacy texting platform, offers REALTOR® Associations and REALTORS® a way to stay connected directly from their cell phone or tablet. When a national or state legislative call for action is launched, subscribers get a short text message containing information to take action. Stay in the “know” as housing legislation heats up at the state capitol and nationally this year.
☘️ “We Like to Paddy” ☘️
Join us on March 15th at 4pm next week for a virtual cocktail class hosted by Nick Bokone and CAR’s Government Affairs team. Nick will be mixing up a couple of St. Patrick’s Day cocktails while we meet the new members of our Government Affairs team, Lauren Cecil, Director of External Coalitions, and Brian Tanner, Vice President of Public Policy. Click the link below to purchase your ticket! The cost to attend is $99 – once registered, you will receive a zoom link and grocery list for the drinks.
(Support) SB23-077 – Restrictions on Broker Engagement Contracts – Sponsored by Senator Nick Hinrichsen (SD-03) and Rep. Meg Froelich (HD-03)
The Colorado Association of REALTORS® brought forth Senate Bill 77 to protect homeowners, buyers, and sellers from predatory right-to-sell schemes. CAR member Zach Chicoine’s testimony and CAR staff illustrated how the most experienced brokers could be caught in these unfair agreements through no fault of their own. Companies that use this practice focus on providing quick financial assistance to homeowners with a cash payment between $300 to $5,000. Consumers often sign these agreements unaware of the exclusive multi-year listing right, usually 40 years, that includes a lien on their property filed in favor of the company. The contract is binding across generations, not just the current homeowner. Chicoine highlights the financial and legal hard pressure tactics unsuspecting homeowners face including the threat of lawsuit and foreclosure, that can only be effectively countered by exhausting all measures. The issue also garnered the attention of the Colorado Division of Real Estate and the Land Title Association of Colorado. Both organizations testified in support of Senate Bill 77, emphasizing a great need to stop the issue in its tracks.
Homeowners have been and will no longer be at a great disadvantage because Senator Nick Hinrichsen, Rep. Meg Froelich, and CAR worked together to file legislation that will prevent these harmful business practices. CAR’s bill to protect homeowners bridged partisan lines, and all legislators who have reviewed it are voting to pass it.
The bill passed its first hearing in the House Transportation, Housing & Local Government Committee on a vote of 13-0 with a favorable recommendation on March 7th. It will proceed to the House floor for action on Friday, March 10th at 9:00am. Watch here.
(Oppose) HB23-1115 Repeal Prohibition of Local Residential Rent Control.
HB 1115, which would allow local governments to set rent amounts, has been assigned to the Senate Local Government and Housing Committee, but has yet to be scheduled for a committee hearing. Expect a call-to-action to help defeat this bill in the Senate.
(Amend) HB23-1171 Just Cause Requirement Eviction of Residential Tenant
The Colorado Association of REALTORS® is actively working to amend HB 1171 to allow property owners to sell residential property without financial penalty when a lease ends. HB 1171 could be heard on the House floor tomorrow, Friday 3/10, for a 2nd reading voice vote, then a 3rd and final vote as early as Monday 3/13. Watch here. This bill is expected to pass the House.
(Amend) HB23-1190 – Affordable Housing Right of First Refusal
HB 1190 gives local governments the right of first refusal to purchase residential or mixed-use multi-family properties if used for long-term affordable housing. The Colorado Association of REALTORS® is actively working on a number of amendments to HB 1190 including an increase to the unit threshold of properties impacted by this legislation. HB 1190 passed the House on March 7th by a 43-21 vote. This bill will soon be introduced in the Senate and assigned to a committee.
In Case You Missed It
While the U.S. homeownership rate has continually increased during the last decade – to 65.5% in 2021 (from 64.7% in 2011) – the Black homeownership rate has not kept pace with increases of other racial groups. Also, people of color endure significant buying challenges throughout and even after their home purchase, according to a report released today by the National Association of Realtors®.
National Association of Realtors® President Kenny Parcell today announced that Jennifer Wauhob will serve as NAR’s Vice President of Association Affairs for the remainder of 2023. Wauhob has worked in the real estate markets of West Houston and Katy, Texas, for more than a decade and today leads a team of seven agents for Better Homes and Gardens Real Estate Gary Greene in Houston. Wauhob was last year’s Chairman of the Houston Association of Realtors®, representing over 50,000 NAR members at the local level.