Capitol Connection – March 4, 2024
Legislative Advocacy This Week at the Capitol
The Colorado Association of REALTORS® is now in its 55th day of the 120-day legislative session. Just over two-thirds of all introduced legislation originated in the state House of Representatives, and we expect to see more bills introduced with late status. This week holds two high priority bills highlighted below with the links you need to voice your concerns. We encourage you to participate to ensure Colorado’s real estate future for all.
Bill Updates
(Support) SB24-106 Right to Remedy Construction Defects
Sponsors: Sen. Zenzinger, Sen. Coleman, and Rep. Bird
CAR has initiated a Call for Action in support of SB24-106. We need your help! If you have yet to take action, please do so through the Call for Action link you should have received through email or text. If you are interested in contacting your state senator through the Call for Action but have not received an email or text notification, please get in touch with GA staff. This bill will be heard in the Senate Local Government & Housing Committee on Tuesday, March 5th, starting at 2 pm. You can register here if you wish to testify on your own in support of SB24-106. Feel free to reach out to GA staff with any questions at govaffairs@coloradorealtors.com.
We are working in support of this bill along with other like-minded organizations through a coalition, Homeowner Opportunity Alliance. This bill will help to increase the supply, quality, and accessibility of affordable housing units and create more opportunities for Coloradans to build wealth through homeownership.
(Oppose) HB24-1300 Home Sale Wildfire Mitigation Requirements
Sponsors: Rep. Story, Rep. Brown, and Sen. Marchman
HB 1300 would require wildfire mitigation inspection and compliance at the point of sale for existing residences in 12 specific counties. The mitigation standards are to be based on the Colorado State Forest Service’s best mitigation practices. A certification of compliance form would need to be completed by an authorized inspector, copied to the homeowner, and filed with the county to be documented as part of the real estate closing.
CAR is opposing the bill because it is an unfunded mandate that complicates the home buying process at a time of record low inventory, high interest rates, and volatile property insurance markets while at the same time increasing the cost of housing. Notably, achieving adopted wildfire mitigation standards does not guarantee property insurance coverage or eliminate the possibility of being uninsured. If one property achieves full compliance, but surrounding properties cannot do the same, then property insurance can still be denied due to wildfire risk.
The bill is scheduled for its first hearing in the House Transportation, Housing, and Local Government Committee on Tuesday, March 5th in the Old State Library (second floor of the Capitol). CAR Government Affairs will be testifying in opposition to the bill to inform state legislators of the unintended consequences the bill will have on Colorado’s home supply. If you are interested in testifying against HB 1300 on your own behalf, please contact Government Affairs at govaffairs@coloradorealtors.com for assistance. You can sign up to testify in person or remotely by clicking this link and navigating to bill number, HB24-1300, for a 2-3 minute-long testimony.
(Monitor) HB24-1107 Judicial Review of Local Land Use Decision
Sponsors: Rep. Lindstedt and Sen. Bridges
Local governments have land use and planning authority in the State of Colorado. HB 1107 requires attorney fees be awarded to prevailing government entities in decisions involving residential use and protects local land use decisions as valid when judicial review is pending.
Advocacy groups have increasingly challenged the land use decisions of local government elected officials through legal proceedings and hold back the development of projects, especially housing development. Local governments stand to reduce litigation costs related to civil actions filed in opposition to their decisions. CAR is monitoring the bill because it evens the field for governments exercising their quasi-judicial authority, ensures residential projects are built on time, and it protects the public resources of a local jurisdiction.
RPMA
“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 tolcecil@coloradorealtors.com.
100% CAR Committee RPAC Participation Challenge
Jason Witt, 2024 CAR President, announced a fun, non-mandatory, friendly competition for CAR Committee members to aim for 100% of RPAC Participation at the fair share amount of $25. Jason will announce which committees have reached 100% at Spring Summit Board meeting. RPAC is an important value used to help protect Colorado’s real estate industry. Each member contributes directly to CAR’s success, and President Jason Witt hopes this friendly challenge will provide a fun opportunity for engagement.
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 theCAR Spring Summit, a conference designed for REALTORS® like you who are seeking to broaden your industry engagement. This summit combines networking, innovation, and professional development.
NAR / ICYMI
Hill Visits are Back! NAR returns to Capitol Hill this May in Washington, D.C. forREALTOR Legislative Meetings. Colorado REALTORS® will be advocating for the real estate industry and consumers to federal lawmakers for the first time since 2019.
Pending Home Sales Receded 4.9% in January
Pending home sales in January dropped 4.9%, according to the National Association of REALTORS®. The Northeast and West posted monthly gains in transactions while the Midwest and South recorded losses. All four U.S. regions registered year-over-year decreases.
AI Helps Cut Costs, Aids in Fraud Detection in the Multifamily Space
As a result, staff can focus on resident-facing activities, like planning and hosting events, offering tours to prospective tenants, and providing concierge services. “When we’re talking about the day-to-day, AI can remove friction and help managers focus on the human connection,” Berlind says. By assigning employees to these higher-level needs, property managers and owners can boost tenant engagement and retention.
New-Home Construction Is Expected to Grow in 2024
Home buyers who have been frustrated by a lack of inventory are increasingly looking to builders for more housing options. Builders have been ramping up construction since last year, and they’re answering buyers’ affordability concerns with sales incentives, like buying down mortgage rates or assistance with closing costs.
What a Government Shutdown Means for REALTORS®
UPDATE: On February 29, 2024, the Senate passed a two-step stop gap spending bill to avert the government shutdown. The bill extends funding for veterans affairs, housing, transportation, military construction, and the Energy Department until March 8, 2024. The National Flood Insurance Program’s insurance-writing authority is next set to expire on March 22, 2024. The bill will next go to President Joe Biden’s desk for signing into law.