Capitol Connection – February 5, 2024
REALTOR “Day Under the Dome” on February 6th
After a few years away from the Capitol, we are excited to have nearly 60 REALTORS® from across the state descend on the Capitol on Tuesday, February 6th for our annual REALTOR® “Day Under the Dome.” The purpose of this day is to engage and educate legislators on legislation affecting REALTORS® and the housing market. With this being the first “Day Under the Dome” since the pandemic and due to space limitations, attendance was limited to CAR Leadership Council, CAR Legislative Policy Committee (LPC), CAR Political Action Committee (CARPAC) and leadership from partner multicultural organizations. Overall, a great opportunity for REALTORS® to share their experiences and expertise with policymakers when there are no REALTORS® among the 100 legislators in the Capitol.
Bill Updates
(Amend) HB24-1098 Cause Required for Eviction of Residential Tenant
Sponsors: Rep. Mabrey, Majority Leader Duran, Assistant Majority Leader Gonzales, and Sen. Hinrichsen
HB1098 would require a “just cause” in order to evict a tenant. This proposed legislation would restrict the housing provider to keep a tenant in the property unless the situation met a “no-fault eviction”. Landlords could still evict tenants with cause based on current law.
(Amend) SB24-094 Safe Housing for Residential Tenants
Sponsors: Sen. Gonzales, Sen. Exum, and Rep. Lindsay, and Rep. Froelich
The LPC took an amended position on House Bill 24-1098 and Senate Bill 24-094, these bills are likely to move given the sponsors of the bills and the political makeup of the legislature. LPC has numerous concerns on both pieces of legislation that have been given as feedback to the Sponsors. House Bill 1098 “Cause for Eviction of Residential Tenants” was introduced with 27 House Democrats as sponsors of the legislation including leadership as co-prime sponsors. The sponsors for HB 1098 also held a press conference, you can view here.
Our big concerns, but not our only concerns, are we want to ensure that any legal remedy is fair among housing providers and tenants, and want to make certain that any property owner who is renting their property and decides to sell, can easily do so and allow the housing market to work naturally.
(Support) HB24-1125 Tax Credit Commercial Building Conversion
Sponsors: Rep. Valdez, Rep. Soper, Sen. Priola, and Sen. Bridges
This legislation creates a tax credit for conversion of commercial buildings to residential. The bill lays out requirements that the qualified applicant must follow as well as the Colorado Office of Economic Development & International Trade (OEDIT). The credit cannot exceed $3 million per qualified structure and the office cannot exceed $5 million of reserved credits per year. In other words, the office is limited to how much they can approve of qualified applicants on an annual basis. If the office does not use all the tax credits for one year, it can roll over to the next. This bill also creates monitoring and recapture requirements if the structure is qualified residential, and this bill creates reporting requirements for OEDIT to the legislature.
(Monitor) HB24-1108 Insurance Commissioner Study Insurance Market
Sponsors: Speaker McCluskie, Rep. Amabile, and Sen. Roberts
The bill directs the Commissioner of Insurance to study property and casualty insurance coverage for unit owners’ associations of common interest communities (HOAs), hotels, and lodging facilities. The study must cover current market conditions, coverage availability and affordability, areas of availability concern, insurer loss and expense ratios, and any other information that can help the Commissioner identify solutions to recommend to the state legislature. The study’s results must be finalized by or before January 1, 2026.
CAR is monitoring the bill because it is another step to address property insurance issues that are impacting homeowners across the state. Almost half of the state’s land is considered to be in the wildland-urban interface (WUI), with WUI zones to be designated by the Wildfire Resiliency Code Board no later than July 1, 2025 including the adoption of a statewide wildfire resiliency building code and minimum standards (see Senate Bill 23-166). The study holds the potential for a regulatory approach to property insurance if the private market’s insurers are unable to adequately supply coverage.
Process for Bill Positions for the Legislative Policy Committee (LPC)
CAR has a member-driven process in regards to bill positions on legislation. CAR’s Legislative Policy Committee (LPC), is the official decision-making body on statewide legislation affecting REALTORS® across Colorado. LPC (voting) and Subcommittee (non-voting) members review legislation each week at five standing LPC Subcommittee hearings to make bill position recommendations for full LPC meetings occurring biweekly throughout session. If there’s a bill you’re hearing or reading about and curious as to why CAR might not have a position yet, it could be due to timing of bill introductions and where we are at in the process. Here’s a dynamic link on the CAR website under “Political Advocacy” to know about CAR bill positions in 2024: CAR 2024 Bill Positions.
Testimony Training Recap
CAR GA Staff held testimony training last Monday, January 29th. We have a great turn out of approximately 160 attendees. The training touched on the process of signing up to testify at the legislature, how to prepare your remarks and why it’s important. As we are currently experiencing, we are in another heavy housing focused legislative session and testifying as a unified voice on housing specific bills can help CAR amplify our message. If you weren’t able to attend and are interested in learning on how to testify on your own behalf, please contact [email protected] for the recording to learn more.
“Don’t Miss Out on the Action – Sign up for REALTOR® Party Mobile Alerts”
Text REALTORS to 30644
REALTOR® Party Mobile Alerts 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.
*If you sign up for RPMA and receive a Call For Action, taking action does NOT subscribe your information to a listserv.* RPMA and CFA are strictly to inform members of legislation that the National Association of REALTORS® or Colorado Association of REALTORS® needs grassroots engagement.
RPAC
*Needed* We are looking for auction items for our Spring Summit RPAC reception, if you have any fun experiences you can donate to RPAC, please reach out to[email protected].
Early Bird Raffle
We want to start 2024 strong, especially since it’s an election year and we need to support as many REALTOR® Party Champions as possible. Join us in fighting for homeownership and protecting private property rights by investing in RPAC. Enter our raffle for a chance to win one of the below prizes. This is a great opportunity to start your 2024 major investment. Raffle will end this Wednesday, February 7th and the drawing will take place on February 8th.
Prizes:
– $600 Broadmoor Gift Card
– $300 Amazon Gift Card
– $100 Visa Gift Card
How to Play:
– $99 = 1 Ticket
– $300 + Pledging to be a 2024 Sterling R Major Investor = 5 Tickets
CLICK HERE TO PURCHASE TICKETS
Don’t miss this opportunity to invest early in RPAC.
SAVE THE DATE – RPAC Reception at Spring Summit Tuesday, April 9th at 4:15pm -6:15pm. We will have a live auction with some great prizes. You don’t want to miss this opportunity to get your investments in for RPAC! Register for the RPAC Reception here.
Join us from April 8-10, 2024, at the Hyatt Regency in the Denver Tech Center for the CARSpring Summit, a conference designed for REALTORS® like you who are seeking to broaden your industry engagement. This summit combines networking, innovation, and professional development.
Events
Commission on Property Tax Community Conversations – Give your Needed Input!
The Commission on Property Tax is required to study and make recommendations for a property tax structure. The Commission wants to hear from the public throughout the state and is conducting meetings starting tomorrow in Grand Junction. See below for more details and how to sign up to attend.
If there are any questions or concerns related to Capitol Connection content, please email us at [email protected]
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NAR / ICYMI
Mortgage Rates Likely to Remain Stable After Fed Move
Mortgage rates, which averaged 6.63% this week, according to Freddie Mac, are likely to feel downward pressure after the Federal Reserve on Wednesday held its key short-term interest rate steady and indicated possible rate cuts to come, housing analysts say. Economists expect a more robust real estate market this year if rate predictions hold true.
NAR’s Fair Housing Video Series Receives Esteemed Award
The National Association of Realtors®’ Bias Override video series, produced in collaboration with the Perception Institute, has won an Anthem Award(link is external). These awards “honor the purpose and mission-driven work of people, companies, and organizations worldwide.”
Younger Buyers Want Baby Boomers to Update Their Homes
“The housing market is caught in a generational tug-of-war,” says Leaf Home CEO Jon Bostock. “Boomers will soon face aging-in-place hurdles, while millennials will face the surprise of homes in need of major updates. With an aging and ignored inventory of homes available in the next decade, we may see a crisis that will overwhelm the home improvement industry and strain the budgets of inheriting millennials, impacting the housing market.”