Capitol Connection – February 26, 2024
Legislative Advocacy This Week at the Capitol
We are on the 48th day of the state’s 120-day legislative session. The Colorado Association of REALTORS® has 70 bills in its stack out of the 541 total introduced. CAR is advocating to protect homeowner equity and private property rights in many bills this session and is anticipating long-term property tax relief solutions the Property Tax Commission recommends to the General Assembly as the session progresses.
Bill Updates
(Support) HB24-1091 Fire-Hardened Building Materials in Real Property
Sponsors: Rep. Brown, Rep. Titone, Sen. Cutter, and Sen. Jaquez Lewis
House Bill 1091 prohibits covenants or any type of housing agreement from restricting the use of fire-hardened building materials in residential property. Unit owner associations can still adopt and enforce design and external appearance of these materials for fencing. Any rules and regulations prohibiting or restricting the use of these building materials will become void and unenforceable upon the bill’s passage. CAR supports this legislation because it provides more opportunity for common interest communities to protect themselves against wildfire damage and reduce the risk to real property, which may have positive effects on soaring property insurance costs.
(Support) HB24-1239 Single-Exit Stairway Multifamily Structure
Sponsors: Rep. Valdez and Sen. Priola
House Bill 1239 would allow up to 5 stories of a multifamily residential building to be served by a single exit. Current law requires anything over 3 stories to have a double egress. Single-stair buildings can make buildings more economical and efficient; increase affordable housing to maximize the height incentive and foster faster development so residences are built quicker. Other major U.S. cities and countries have shown a reasonable increase in the stories served by a single exit can be done safely.
The Colorado Association of REALTORS (CAR) supports HB 1239 as it would increase housing inventory by unlocking potentially thousands of sites for smaller-scale multi-family buildings. With housing inventory at historic lows, policies to support the development and construction of new residences helps REALTORS, consumers and the economy.
HB 1239 has been introduced in the House Transportation, Housing and Local Government Committee with a tentative hearing scheduled for March 19, 2024.
(Support) SB24-134 Operation of Home-Based Businesses
Sponsors: Rep. Willford and Sen. Smallwood
Senate Bill 134 would prohibit Homeowners Associations from prohibiting home-based businesses operated from a residence. The operation of a home-based business must still comply with any applicable and reasonable unit owners’ association rules or regulations related to architectural control, parking, landscaping, noise, nuisance, and other matters that may impact the operation of a specific home-based business. The operation of a home-based business must also comply with municipal and county noise and nuisance ordinances or resolutions.
This bill is scheduled for Tuesday, February 27th at 2pm in the Senate Local Government & Housing committee.
(Support) SB24-002 Local Government Property Tax Credits Rebates
Sponsors: Sen. Roberts, Speaker McCluskie, and Rep. Frizell
Senate Bill 2 would allow local governments to create a property tax or rebate incentive program for property and landowners that own land or property designated as an “area of specific concern.” An “area of specific concern” is defined as the use of real property in the county that is determined to be diminishing or unavailable based on data, and the county declares it necessary to preserve the health and welfare of the residents in that area. In other words, areas and buildings that need improvement can utilize this incentive program to increase the options of available land and buildings for the benefit of the community. This program can help communities convert areas of specific concern to workforce housing.
This legislation passed its final reading in the House and is on its way to the Governor’s desk for an executive decision.
“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 the CAR 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
Existing-Home Sales Rose 3.1% in January
“While home sales remain sizably lower than a couple of years ago, January’s monthly gain is the start of more supply and demand,” said NAR Chief Economist Lawrence Yun. “Listings were modestly higher, and home buyers are taking advantage of lower mortgage rates compared to late last year.”
This report is a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners.
Where Homeowners Feel the Itch to Move the Most
Homeowners in Arizona, Nevada and Florida tend to stay the shortest amount of time in their homes—five years or less—before moving on, according to a new study(link is external) from This Old House. “One potential reason is the states’ favorability for retirees, since they all lack a Social Security tax and offer generally warm year-round climates,” researchers note.