State Bill Colorado

Amendments for HB24-1175

House Journal, February 21
18 HB24-1175 be amended as follows, and as so amended, be referred to
19 the Committee of the Whole with favorable
20 recommendation:
21
22 Amend printed bill, page 3, after line 8 insert:
23
24 "(1) "AFFORDABLE HOUSING FINANCIAL ASSISTANCE" MEANS
25 LOANS, GRANTS, EQUITY, BONDS, OR TAX CREDITS PROVIDED TO A
26 MULTIFAMILY RENTAL PROPERTY FROM ANY SOURCE TO SUPPORT THE
27 CREATION, PRESERVATION, OR REHABILITATION OF AFFORDABLE HOUSING
28 THAT, AS A CONDITION OF FUNDING, ENCUMBERS THE PROPERTY WITH A
29 RESTRICTED USE COVENANT OR SIMILAR RECORDED AGREEMENT TO
30 ENSURE AFFORDABILITY. "AFFORDABLE HOUSING FINANCIAL ASSISTANCE"
31 DOES NOT INCLUDE PROPERTIES FOR WHICH ALL RESTRICTED USE
32 COVENANTS OR AFFORDABILITY REQUIREMENTS HAVE EXPIRED AS OF JUNE
33 1, 2024.".
34
35 Renumber succeeding subsections accordingly.
36
37 Page 3, line 17, strike "PUBLISHED" and substitute "ESTABLISHED".
38
39 Page 3, lines 18 and 19, strike "DEVELOPMENT, THE COLORADO HOUSING
40 AND FINANCE AUTHORITY, OR THE DIVISION." and substitute
41 "DEVELOPMENT.".
42
43 Page 4, strike lines 4 through 7.
44
45 Renumber succeeding subsections accordingly.
46
47 Page 4, strike lines 9 and 10 and substitute "IS SUBJECT TO ONE OR MORE
48 RESTRICTED USE COVENANTS OR SIMILAR RECORDED AGREEMENTS TO
49 ENSURE AFFORDABILITY AND THAT IS CONSISTENT WITH AFFORDABLE
50 HOUSING FINANCIAL ASSISTANCE REQUIREMENTS.".
51
52 Page 4, strike lines 11 through 17.
53
54 Renumber succeeding subsections accordingly.
55
56 Page 4, strike lines 24 through 27.
1 Page 5, strike lines 1 through 20 and substitute:
2
3 "(8) "LOCAL OR REGIONAL HOUSING AUTHORITY" MEANS A
4 HOUSING AUTHORITY CREATED PURSUANT TO SECTION 29-4-204 (1),
5 29-4-306 (1), 29-4-402, OR 29-4-503 (1).
6 (9) (a) "LONG-TERM AFFORDABLE HOUSING" MEANS HOUSING FOR
7 WHICH THE LOCAL GOVERNMENT ENSURES THAT AFFORDABILITY LEVELS
8 AT AN APPLICABLE QUALIFYING PROPERTY ARE ON AVERAGE EQUAL TO OR
9 GREATER THAN PREEXISTING LEVELS AT THE APPLICABLE QUALIFYING
10 PROPERTY AND THAT THE AVERAGE ANNUAL RENTS AT THE APPLICABLE
11 QUALIFYING PROPERTY DO NOT EXCEED THE RENT FOR HOUSEHOLDS OF A
12 GIVEN SIZE AT A GIVEN AREA MEDIAN INCOME, AS ESTABLISHED
13 ANNUALLY BY THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN
14 DEVELOPMENT, FOR A MINIMUM OF FORTY YEARS, AND FOR WHICH THE
15 LOCAL GOVERNMENT AGREES NOT TO RAISE RENT FOR ANY UNIT IN THE
16 APPLICABLE QUALIFYING PROPERTY BY MORE THAN THE RENT INCREASE
17 CAP; EXCEPT THAT THE RENT INCREASE CAP DOES NOT APPLY TO UNITS OF
18 HOUSING THAT ARE SUBJECT TO RENT OR INCOME LIMITS ESTABLISHED
19 PURSUANT TO LOCAL, STATE, FEDERAL, OR POLITICAL SUBDIVISION
20 AFFORDABLE HOUSING PROGRAM GUIDELINES.
21 (b) NOTHING IN THIS SUBSECTION (9) PREVENTS A LOCAL
22 GOVERNMENT FROM PROVIDING AFFORDABILITY REQUIREMENTS BEYOND
23 FORTY YEARS OR FOR UNITS TO BE AFFORDABLE TO RENTERS WITH
24 INCOMES BELOW EXISTING AFFORDABILITY LEVELS, IN WHICH CASE THE
25 LOCAL GOVERNMENT'S REQUIREMENTS APPLY FOR PURPOSES OF THE
26 DEFINITION OF "LONG-TERM AFFORDABLE HOUSING" AS SET FORTH IN
27 SUBSECTION (9)(a) OF THIS SECTION.".
28
29 Page 6, line 11, strike "AN" and substitute "THE FEE SIMPLE".
30
31 Page 6, line 12, after "PROPERTY." add "IF THERE IS MORE THAN ONE FEE
32 SIMPLE OWNER OF AN APPLICABLE QUALIFYING PROPERTY, EACH FEE
33 SIMPLE OWNER IS REFERRED TO IN THIS PART 12 JOINTLY AND SEVERALLY
34 AS THE "RESIDENTIAL SELLER".".
35
36 Page 6, strike lines 13 through 22.
37
38 Page 7, line 25, strike "FINANCED." and substitute "FINANCED IF THE
39 LOCAL GOVERNMENT HAS SECURED THE FINANCING OR DEMONSTRATES
40 APPROVAL OF THE FINANCING IN CONNECTION WITH MAKING THE OFFER.".
41
42 Page 8, line 10, after "METHOD;" insert "EXCEPT THAT, THE LOCAL
43 GOVERNMENT MUST BE ABLE TO DEMONSTRATE THAT ITS FINANCING OR
44 PAYMENT METHOD HAS BEEN APPROVED;".
45
46 Page 9, line 4, after "PRIVATE ENTITY," insert "A QUASI-GOVERNMENTAL
47 ENTITY,".
48
49 Page 9, line 9, strike "PROPERTY." and substitute "PROPERTY EITHER
50 DIRECTLY OR THROUGH A SPECIAL PURPOSE ENTITY OR AFFILIATE.".
51
52 Page 9, line 18, strike "UPON" and substitute "IF THE PROPOSED ASSIGNEE
53 ACCEPTS THE ASSIGNMENT OF THE RIGHT OF FIRST REFUSAL IN WRITING,
54 UPON".
55
56 Page 9, strike lines 26 and 27.
1 Page 10, strike lines 1 through 11 and substitute:
2
3 "(g) (I) THE GOVERNING BODY OF A LOCAL GOVERNMENT HAS THE
4 RIGHT TO WAIVE THE RIGHT OF FIRST REFUSAL PROVIDED IN THIS SECTION.
5 (II) (A) IF THE GOVERNING BODY OF A LOCAL GOVERNMENT HAS
6 WAIVED ITS RIGHT OF FIRST REFUSAL, IT SHALL POST A NOTICE IN A
7 CONSPICUOUS LOCATION ON ITS WEBSITE INDICATING THAT THERE IS A
8 WAIVER AND THAT RESIDENTIAL SELLERS WITH QUALIFYING PROPERTIES
9 WITHIN ITS JURISDICTION DO NOT HAVE AN OBLIGATION TO COMPLY WITH
10 THIS SECTION.
11 (B) THE NOTICE POSTED IN ACCORDANCE WITH SUBSECTION
12 (2)(g)(II)(A) OF THIS SECTION MUST BE EFFECTIVE FOR AT LEAST THREE
13 MONTHS AFTER IT IS POSTED AND MUST EXPLICITLY STATE THE DATE IT
14 EXPIRES, IF ANY.
15 (C) FAILURE TO POST NOTICE PURSUANT TO THIS SUBSECTION
16 (2)(g)(II) DOES NOT OTHERWISE AFFECT THE LOCAL GOVERNMENT'S RIGHT
17 OF FIRST REFUSAL.".
18
19 Page 10, line 12, strike "(I)" and substitute "(I) (A)".
20
21 Page 10, line 13, strike "AN" and substitute "THE LAST REMAINING".
22
23 Page 10, line 15, after "THE" add "COLORADO HOUSING AND FINANCE
24 AUTHORITY AND THE".
25
26 Page 10, strike lines 18 through 25 and substitute: "NOTICE MUST INCLUDE
27 THE DATE OF EXPIRATION OF THE LAST REMAINING AFFORDABILITY
28 RESTRICTION AND CONTACT INFORMATION FOR THE RESIDENTIAL SELLER.
29 (B) NOTWITHSTANDING SUBSECTION (3)(a)(I)(A) OF THIS SECTION,
30 WHETHER NOTICE IS PROVIDED PURSUANT TO SUBSECTION (3)(a)(I)(A) OF
31 THIS SECTION IS NOT RELEVANT TO DETERMINING A RESIDENTIAL SELLER'S
32 OR LOCAL GOVERNMENT'S COMPLIANCE WITH THE REQUIREMENTS OF THIS
33 PART 12 AND IS NOT SUBJECT TO ANY PROVISIONS SET FORTH IN SECTION
34 29-4-1206. PROVISION OF THE NOTICE REQUIRED BY SUBSECTION
35 (3)(a)(I)(A) OF THIS SECTION IS NOT A TRIGGERING EVENT PURSUANT TO
36 SUBSECTION (3)(b)(I) OF THIS SECTION.".
37
38 Page 10, line 27, strike "AN" and substitute "THE LAST REMAINING".
39
40 Page 11, strike lines 2 through 5 and substitute "PROVIDE NOTICE TO THE
41 COLORADO HOUSING AND FINANCE AUTHORITY AND THE GOVERNING
42 BODY OF THE LOCAL GOVERNMENT IN WHICH THE QUALIFYING PROPERTY
43 IS LOCATED OF THE EXPIRATION OF SUCH RESTRICTIONS. THE NOTICE MUST
44 INDICATE WHETHER THE RESIDENTIAL SELLER ANTICIPATES THAT IT WILL
45 EITHER RECAPITALIZE AND CONTINUE TO OPERATE THE QUALIFYING
46 PROPERTY AT AFFORDABILITY LEVELS AT LEAST ON AVERAGE EQUAL TO
47 WHAT HAS BEEN PROVIDED AT THE QUALIFYING PROPERTY, RETAIN
48 OWNERSHIP OF THE QUALIFYING PROPERTY AND LET AFFORDABILITY
49 REQUIREMENTS EXPIRE, OR SELL THE QUALIFYING PROPERTY UPON
50 EXPIRATION OF THE RESTRICTIONS.
51 (III) THE NOTICES PROVIDED TO THE COLORADO HOUSING AND
52 FINANCE AUTHORITY PURSUANT TO THIS SUBSECTION (3)(a) DO NOT
53 CREATE AN OBLIGATION OR REQUIREMENT FOR THE COLORADO HOUSING
54 AND FINANCE AUTHORITY TO TAKE ACTION WITH RESPECT TO THE
55 QUALIFYING PROPERTY OR TO PROVIDE ANY ENFORCEMENT OR
56 COMPLIANCE MONITORING OF ANY REQUIREMENTS OF THIS PART 12.".
1 Page 11, line 10, strike "LOCATED." and substitute "LOCATED AND SHALL
2 MAKE A GOOD FAITH EFFORT TO ENSURE THE NOTICE IS RECEIVED BY THE
3 LOCAL GOVERNMENT.".
4
5 Page 12, line 7, after "PROPERTY;" add "EXCEPT THAT, ANY ACTION TAKEN
6 TO ENGAGE WITH A POLITICAL SUBDIVISION OR A HOUSING AUTHORITY IN
7 THE STATE TO FACILITATE NEGOTIATIONS BETWEEN THE RESIDENTIAL
8 SELLER AND A THIRD-PARTY TO CREATE OR PRESERVE AFFORDABLE
9 HOUSING FOR A QUALIFYING PROPERTY IS NOT A TRIGGERING EVENT UNTIL
10 ANOTHER ACTION SET FORTH IN THIS SUBSECTION (3)(b)(I) OCCURS.".
11
12 Page 13, line 24, after "DELIVERED" add "TO THE APPLICABLE
13 REPRESENTATIVE OF THE COLORADO HOUSING AND FINANCE AUTHORITY
14 AND".
15
16 Page 13, line 25, strike "GOVERNMENT" and substitute "GOVERNMENT, AS
17 APPLICABLE,".
18
19 Page 13, line 26, after "FOR" insert "THE APPLICABLE REPRESENTATIVE
20 OR".
21
22 Page 14, line 19, after "SHALL" add "MAKE A GOOD FAITH EFFORT TO".
23
24 Page 14, line 20, strike "WITHIN" and substitute "AS SOON AS POSSIBLE
25 BUT NOT LATER THAN".
26
27 Page 14, line 22, strike "INTENT TO" and substitute "INTENT, WITH
28 RESPECT TO THE QUALIFYING PROPERTY THAT IS THE SUBJECT OF THE
29 NOTICE, TO EITHER".
30
31 Page 14, strike lines 23 through 26 and substitute "REFUSAL PROVIDED IN
32 THIS SECTION OR WAIVE ITS RIGHT OF FIRST REFUSAL. THE NOTICE MUST
33 BE DELIVERED BY".
34
35 Page 15, after line 12 add:
36
37 "(IV) IF THE LOCAL GOVERNMENT INTENDS TO ASSIGN ITS RIGHT
38 OF FIRST REFUSAL IN ACCORDANCE WITH SUBSECTION (2)(f) OF THIS
39 SECTION, THE LOCAL GOVERNMENT MUST DISCLOSE THE POTENTIAL
40 ASSIGNEE IN THE NOTICE REQUIRED PURSUANT TO SUBSECTION (4)(a)(I) OF
41 THIS SECTION AND PROVIDE A COPY OF THE NOTICE TO THE PROPOSED
42 ASSIGNEE, FOR THE PROPOSED ASSIGNEE'S CONSIDERATION IN
43 DETERMINING WHETHER TO ACCEPT THE ASSIGNMENT.".
44
45 Page 17, line 24, strike "SELLER." and substitute "SELLER OR THE LOCAL
46 GOVERNMENT'S ASSIGNEE AND THE RESIDENTIAL SELLER.".
47
48 Page 18, line 2, strike "OBTAINING FINANCING" and substitute "CLOSING
49 ON FINANCING THAT THE LOCAL GOVERNMENT OR ITS ASSIGNEE HAS
50 ALREADY BEEN APPROVED FOR".
51
52 Page 18, line 4, strike "DELAY;" and substitute "DELAY SUBJECT TO THE
53 REQUIREMENTS SET FORTH IN SUBSECTION (6)(c) OF THIS SECTION;".
54
55
1 Page 18, lines 5 through 6, strike "THE ATTORNEY GENERAL, OR A
2 MISSION-DRIVEN ORGANIZATION" and substitute "OR THE ATTORNEY
3 GENERAL".
4
5 Page 18, after line 10 add:
6
7 "(c) (I) FOR THE TOLLING PERIOD SET FORTH IN SUBSECTION
8 (6)(b)(I) OF THIS SECTION TO EXTEND TO THE FULL PERIOD OF A
9 REASONABLE DELAY, A LOCAL GOVERNMENT OR ITS ASSIGNEE SHALL
10 DELIVER WITHIN FIVE BUSINESS DAYS OF THE FIRST DAY OF THE TOLLING
11 PERIOD EARNEST MONEY IN AN AMOUNT NOT TO EXCEED ONE HUNDRED
12 THOUSAND DOLLARS THAT IS PAYABLE TO THE RESIDENTIAL SELLER AND
13 HELD BY A TITLE COMPANY, UNLESS THE PARTIES MUTUALLY AGREE TO AN
14 ALTERNATIVE DEADLINE FOR THE PAYMENT OF THE EARNEST MONEY. THE
15 LOCAL GOVERNMENT OR ITS ASSIGNEE AND THE RESIDENTIAL SELLER ARE
16 NOT REQUIRED TO HAVE ENTERED INTO A CONTRACT TO BUY AND SELL
17 REAL ESTATE FOR EARNEST MONEY TO BE DELIVERED. FAILURE TO TIMELY
18 DELIVER THE EARNEST MONEY IN ACCORDANCE WITH THIS SUBSECTION
19 (6)(c)(I) CONSTITUTES WAIVER OF THE LOCAL GOVERNMENT'S RIGHT OF
20 FIRST REFUSAL TO PURCHASE THE QUALIFYING PROPERTY.
21 (II) IF THE LOCAL GOVERNMENT OR ITS ASSIGNEE WAIVES ITS
22 RIGHT OF FIRST REFUSAL IN ACCORDANCE WITH SUBSECTION (6)(c)(I) OF
23 THIS SECTION OR TERMINATES THE PURCHASE OF THE QUALIFYING
24 PROPERTY DURING THE TOLLING PERIOD, THE LOCAL GOVERNMENT OR ITS
25 ASSIGNEE FORFEITS THE EARNEST MONEY IN FULL AND THE LOCAL
26 GOVERNMENT OR ITS ASSIGNEE SHALL EXECUTE AND RETURN TO THE
27 RESIDENTIAL SELLER AN EARNEST MONEY RELEASE FORM WITHIN FIVE
28 BUSINESS DAYS OF THE LOCAL GOVERNMENT OR ITS ASSIGNEE PROVIDING
29 NOTICE OF THE WAIVER OR TERMINATION TO THE RESIDENTIAL SELLER.
30 THE TITLE COMPANY THAT IS HOLDING THE EARNEST MONEY IN ESCROW
31 SHALL RELEASE THE EARNEST MONEY TO THE RESIDENTIAL SELLER UPON
32 RECEIPT OF A FULLY EXECUTED EARNEST MONEY RELEASE FORM.
33 (III) IF THE TOLLING PERIOD SET FORTH IN SUBSECTION (6)(b)(I) OF
34 THIS SECTION ENDS AND THE PERIODS SET FORTH IN SUBSECTION (5)(a) OF
35 THIS SECTION RESUME, THEN THE LOCAL GOVERNMENT OR ITS ASSIGNEE
36 AND THE RESIDENTIAL SELLER SHALL AUTHORIZE THE EARNEST MONEY TO
37 BE DELIVERED FOR DEPOSIT TO THE ENTITY THAT IS CONDUCTING THE
38 TRANSACTION FOR CLOSING ON THE QUALIFYING PROPERTY AT OR BEFORE
39 THE DATE OF THE CLOSING.
40 (IV) THE TITLE COMPANY THAT HOLDS THE EARNEST MONEY IN
41 ESCROW PURSUANT TO THIS SUBSECTION (6)(c) SHALL TRANSMIT ANY
42 INTEREST THAT ACCRUES IN CONNECTION WITH THE ESCROW MONEY TO
43 THE STATE TREASURER, WHO SHALL CREDIT THE INTEREST TO THE
44 HOUSING DEVELOPMENT GRANT FUND THAT IS CREATED IN SECTION
45 24-32-721 (1), AND THE LOCAL GOVERNMENT OR ITS ASSIGNEE AND THE
46 RESIDENTIAL SELLER HAVE NO RIGHT TO THE INTEREST THAT ACCRUES IN
47 CONNECTION WITH THE MONEY THAT IS HELD IN ESCROW.
48 (7) Certificate of compliance. WITHIN FOURTEEN CALENDAR
49 DAYS OF RECEIPT OF NOTICE REQUIRED BY EITHER SUBSECTION (3)(b) OR
50 (3)(c) OF THIS SECTION OR, IF THE LOCAL GOVERNMENT INTENDS TO
51 EXERCISE ITS RIGHT OF FIRST REFUSAL, WITHIN FOURTEEN CALENDAR
52 DAYS OF EITHER ACCEPTANCE BY A RESIDENTIAL SELLER OF THE LOCAL
53 GOVERNMENT'S OFFER OR REJECTION BY A RESIDENTIAL SELLER OF THE
54 LOCAL GOVERNMENT'S OFFER IN ACCORDANCE WITH SUBSECTION (5)(b) OF
55 THIS SECTION, THE LOCAL GOVERNMENT OR ITS ASSIGNEE SHALL EXECUTE
56 AND RECORD A CERTIFICATE OF COMPLIANCE IN THE REAL PROPERTY
1 RECORDS OF THE COUNTY IN WHICH THE QUALIFYING PROPERTY IS
2 SITUATED. THE CERTIFICATE OF COMPLIANCE MUST INCLUDE THE NAME OF
3 THE RESIDENTIAL SELLER, A LEGAL DESCRIPTION OF THE QUALIFYING
4 PROPERTY, AND A STATEMENT THAT THE RESIDENTIAL SELLER HAS
5 COMPLIED WITH ALL APPLICABLE PROVISIONS OF THIS SECTION. THE
6 RECORDED CERTIFICATE OF COMPLIANCE IS PRIMA FACIE EVIDENCE OF THE
7 RESIDENTIAL SELLER'S COMPLIANCE WITH THIS SECTION AND MAY BE
8 RELIED UPON BY A RESIDENTIAL SELLER, ANY PERSON CLAIMING AN
9 INTEREST IN THE QUALIFYING PROPERTY THROUGH A RESIDENTIAL SELLER,
10 AND A TITLE INSURANCE ENTITY, AS DEFINED IN SECTION 10-11-102 (11).".
11
12 Renumber succeeding subsection accordingly.
13
14 Page 18, lines 12 and 13, strike "EQUAL OR GREATER AFFORDABILITY
15 LEVELS TO" and substitute "AFFORDABILITY LEVELS THAT ARE ON
16 AVERAGE EQUAL TO OR GREATER THAN".
17
18 Page 18, lines 15 and 16, strike "TENANT QUALIFICATIONS FOR A GIVEN
19 AREA MEDIAN INCOME." and substitute "THE AREA MEDIAN INCOMES USED
20 TO DETERMINE RENT AND INCOME LIMITS.".
21
22 Page 19, strike lines 21 through 25.
23
24 Reletter succeeding paragraphs accordingly.
25
26 Page 20, line 11, after "PRIVATE ENTITY," insert "A
27 QUASI-GOVERNMENTAL ENTITY,".
28
29 Page 20, line 16, strike "PROPERTY." and substitute "PROPERTY EITHER
30 DIRECTLY OR THROUGH A SPECIAL PURPOSE ENTITY OR AFFILIATE.".
31
32 Page 20, line 18, before "HOUSING" insert "LOCAL OR REGIONAL".
33
34 Page 20, strike lines 19 and 20.
35
36 Page 20, line 21, strike "JURISDICTION," and substitute "AUTHORITY".
37
38 Page 20, line 25, strike "UPON" and substitute "THE ASSIGNEE MUST
39 IMMEDIATELY NOTIFY THE RESIDENTIAL SELLER OF ANY ASSIGNMENT
40 PURSUANT TO THIS SUBSECTION (2)(d), AND THE NOTICE MUST INCLUDE
41 THE ASSIGNEE'S ADDRESS TO RECEIVE ANY NOTICES THAT THE
42 RESIDENTIAL SELLER IS REQUIRED TO SEND IN ACCORDANCE WITH THIS
43 SECTION. THE LOCAL GOVERNMENT REMAINS LIABLE FOR OBLIGATIONS
44 PURSUANT TO THIS PART 12 ACCRUING PRIOR TO THE ASSIGNMENT AND
45 UPON".
46
47 Page 21, line 1, strike "12" and substitute "12, IN EACH CASE ACCRUING
48 FROM AND AFTER THE ASSIGNMENT,".
49
50 Page 21, after line 3 add:
51
52 "(e) (I) THE GOVERNING BODY OF A LOCAL GOVERNMENT HAS THE
53 RIGHT TO WAIVE THE RIGHT OF FIRST OFFER PROVIDED IN THIS SECTION.
54 (II) (A) IF THE GOVERNING BODY OF A LOCAL GOVERNMENT HAS
55 WAIVED ITS RIGHT OF FIRST OFFER, IT SHALL POST A NOTICE IN A
56 CONSPICUOUS LOCATION ON ITS WEBSITE INDICATING THAT THERE IS A
1 WAIVER AND THAT RESIDENTIAL SELLERS WITH QUALIFYING PROPERTIES
2 WITHIN ITS JURISDICTION DO NOT HAVE AN OBLIGATION TO COMPLY WITH
3 THIS SECTION.
4 (B) THE NOTICE POSTED IN ACCORDANCE WITH SUBSECTION
5 (2)(e)(II)(A) OF THIS SECTION MUST BE EFFECTIVE FOR AT LEAST THREE
6 MONTHS AFTER IT IS POSTED AND MUST EXPLICITLY STATE THE DATE IT
7 EXPIRES, IF ANY.
8 (C) FAILURE TO POST NOTICE PURSUANT TO THIS SUBSECTION
9 (2)(e)(II) DOES NOT OTHERWISE AFFECT THE LOCAL GOVERNMENT'S RIGHT
10 OF FIRST OFFER.
11 (f) NOTWITHSTANDING ANYTHING IN THIS SECTION TO THE
12 CONTRARY, AT ANY TIME PRIOR TO THE RESIDENTIAL SELLER AND THE
13 LOCAL GOVERNMENT ENTERING INTO A CONTRACT FOR THE PURCHASE OF
14 THE QUALIFYING PROPERTY BY THE LOCAL GOVERNMENT, THE
15 RESIDENTIAL SELLER MAY REJECT THE LOCAL GOVERNMENT'S OFFER AND
16 OTHERWISE TERMINATE NEGOTIATIONS WITH THE LOCAL GOVERNMENT.
17 (g) IF THE LOCAL GOVERNMENT WAIVES OR IS DEEMED TO HAVE
18 WAIVED ITS RIGHT OF FIRST OFFER IN ACCORDANCE WITH SUBSECTION
19 (2)(e) OF THIS SECTION OR IF A RESIDENTIAL SELLER REJECTS THE LOCAL
20 GOVERNMENT'S OFFER IN ACCORDANCE WITH SUBSECTION (2)(f) OF THIS
21 SECTION, THE RESIDENTIAL SELLER HAS NO OBLIGATION TO PROVIDE
22 INITIAL OR ADDITIONAL NOTICE, AS APPLICABLE, TO THE LOCAL
23 GOVERNMENT OR OTHERWISE OFFER OR RE-OFFER, AS APPLICABLE, THE
24 QUALIFYING PROPERTY TO THE LOCAL GOVERNMENT PURSUANT TO ANY
25 PROVISION OF THIS SECTION UNLESS A TRANSACTION FOR THE SALE OF THE
26 QUALIFYING PROPERTY DOES NOT CLOSE WITHIN TWELVE MONTHS OF
27 EITHER THE LOCAL GOVERNMENT'S WAIVER OR DEEMED WAIVER OR
28 REJECTION BY THE RESIDENTIAL SELLER OF THE LOCAL GOVERNMENT'S
29 OFFER, WHICHEVER IS EARLIER; EXCEPT THAT, IF THE CONTRACT FOR SALE
30 TO A THIRD PARTY HAS A DURATION LONGER THAN TWELVE MONTHS, THEN
31 THE TWELVE MONTH PERIOD IS EXTENDED TO MATCH THE TERM OF THE
32 CONTRACT.
33 (3) Notice requirements generally. (a) (I) ANY NOTICES
34 REQUIRED TO BE PROVIDED TO THE LOCAL GOVERNMENT PURSUANT TO
35 THIS SECTION MUST BE DELIVERED TO THE CLERK OF THE GOVERNING
36 BODY OF THE LOCAL GOVERNMENT BY ELECTRONIC MAIL; EXCEPT THAT IF
37 THERE IS NOT AN ELECTRONIC MAILING ADDRESS AVAILABLE FOR THE
38 CLERK, THEN BY HAND DELIVERY, UNITED STATES FIRST CLASS MAIL, OR
39 OVERNIGHT DELIVERY.
40 (II) NOTWITHSTANDING SUBSECTION (3)(a)(I) OF THIS SECTION, IF
41 THE LOCAL GOVERNMENT ASSIGNS ITS RIGHT OF FIRST OFFER AND THE
42 ASSIGNEE PROVIDES NOTICE OF THE ASSIGNMENT TO THE RESIDENTIAL
43 SELLER PURSUANT TO SUBSECTION (2)(d) OF THIS SECTION, THEN UPON
44 AND AFTER RECEIPT OF NOTICE OF THE ASSIGNMENT, THE RESIDENTIAL
45 SELLER SHALL SEND BY ELECTRONIC MAIL ANY REQUIRED NOTICES
46 PURSUANT TO THIS SECTION TO THE ADDRESSES SPECIFIED BY THE
47 ASSIGNEE; EXCEPT THAT, IF THERE IS NOT AN ELECTRONIC MAILING
48 ADDRESS PROVIDED BY THE ASSIGNEE, THEN BY HAND DELIVERY, UNITED
49 STATES FIRST CLASS MAIL, OR OVERNIGHT DELIVERY.
50 (b) ANY NOTICES PROVIDED TO THE RESIDENTIAL SELLER
51 PURSUANT TO THIS SECTION MUST BE DELIVERED TO THE PHYSICAL
52 ADDRESS PROVIDED BY THE RESIDENTIAL SELLER IN ACCORDANCE WITH
53 SUBSECTION (4)(a)(II) OF THIS SECTION OR, UPON ELECTION BY THE
54 RESIDENTIAL SELLER, BY ELECTRONIC MAIL TO THE ELECTRONIC MAILING
1 ADDRESS PROVIDED BY THE RESIDENTIAL SELLER TO THE LOCAL
2 GOVERNMENT.
3 (c) ANY NOTICE PROVIDED PURSUANT TO THIS SECTION IS DEEMED
4 DELIVERED ON THE DATE IT IS SENT BY ELECTRONIC MAIL, THE DATE IT IS
5 HAND DELIVERED, THE DATE AFTER THE DAY IT IS DEPOSITED FOR
6 DELIVERY BY OVERNIGHT DELIVERY, OR THE DATE THAT IS TWO BUSINESS
7 DAYS AFTER THE DAY IT IS DEPOSITED IN THE UNITED STATES MAIL, AS
8 APPLICABLE.".
9
10 Renumber succeeding subsections accordingly.
11
12 Page 21, line 4, strike "seller." and substitute "seller, local government's
13 intent, and nondisclosure agreement.".
14
15 Page 21, line 5, after "SELLER" insert "ENTERS INTO AN AGREEMENT WITH
16 A LICENSED BROKER TO SOLICIT AND PROCURE PURCHASERS FOR A
17 QUALIFYING PROPERTY OR OTHERWISE" and strike "SALE," and substitute
18 "SALE ON THE MULTIPLE LISTING SERVICE,".
19
20 Page 21, strike lines 9 through 15 and substitute:
21
22 "(b) THE LOCAL GOVERNMENT HAS SEVEN CALENDAR DAYS FROM
23 THE DATE OF RECEIVING THE NOTICE REQUIRED BY SUBSECTION (4)(a) OF
24 THIS SECTION TO PROVIDE A WRITTEN RESPONSE TO THE RESIDENTIAL
25 SELLER INDICATING THAT THE LOCAL GOVERNMENT EITHER:
26 (I) IS INTERESTED IN RECEIVING DUE DILIGENCE INFORMATION ON
27 THE QUALIFYING PROPERTY SO THAT IT CAN EVALUATE WHETHER IT
28 WANTS TO MAKE AN OFFER TO PURCHASE THE QUALIFYING PROPERTY,
29 WHICH RESPONSE MUST CONTAIN A NONDISCLOSURE AGREEMENT IN A
30 FORM ACCEPTABLE TO THE RESIDENTIAL SELLER THAT THE LOCAL
31 GOVERNMENT HAS EXECUTED; OR
32 (II) WAIVES ANY RIGHT OF THE LOCAL GOVERNMENT TO PURCHASE
33 THE QUALIFYING PROPERTY.
34 (c) IF THE LOCAL GOVERNMENT DOES NOT RESPOND WITHIN THE
35 SEVEN-DAY PERIOD REQUIRED BY SUBSECTION (4)(b) OF THIS SECTION, IT
36 IS DEEMED TO HAVE WAIVED ITS RIGHT OF FIRST OFFER WITH RESPECT TO
37 THE QUALIFYING PROPERTY.
38 (5) Residential seller's notice of terms. (a) IF THE LOCAL
39 GOVERNMENT PROVIDES NOTICE IN ACCORDANCE WITH SUBSECTION (4)(b)
40 OF THIS SECTION, THE RESIDENTIAL SELLER HAS FIVE CALENDAR DAYS
41 FROM RECEIPT OF THE NOTICE TO PROVIDE A NOTICE TO THE LOCAL
42 GOVERNMENT THAT INCLUDES:
43 (I) THE ADDRESS AND NAME OF THE QUALIFYING PROPERTY, IF
44 ANY, AND THE LEGAL DESCRIPTION OF THE QUALIFYING PROPERTY;".
45
46 Renumber succeeding subsections accordingly.
47
48 Page 21, strike lines 19 through 27.
49
50 Page 22, strike lines 1 through 10 and substitute:
51
52 "(III) A RENT ROLL FOR THE QUALIFYING PROPERTY SHOWING THE
53 AMOUNT OF RENT CHARGED TO TENANTS AT THE QUALIFYING PROPERTY;
54 (IV) THE VACANCY RATE, OPERATING EXPENSES AND INCOME, AND
55 COMMON AREA AMENITIES AT THE QUALIFYING PROPERTY;
56
1 (V) ANY MARKETING MATERIALS THAT THE RESIDENTIAL SELLER
2 HAS PREPARED ON OR BEFORE THE DATE OF SUCH NOTICE AND
3 ANTICIPATES USING IN CONNECTION WITH LISTING THE QUALIFYING
4 PROPERTY FOR SALE;
5 (VI) A CURRENT TITLE COMMITMENT; AND
6 (VII) THE RESIDENTIAL SELLER'S EXECUTED VERSION OF THE
7 NONDISCLOSURE AGREEMENT.".
8
9 Reletter succeeding paragraphs accordingly.
10
11 Page 22, line 11, strike "THE" and substitute "SUBJECT TO AND PURSUANT
12 TO THE NONDISCLOSURE AGREEMENT EXECUTED IN ACCORDANCE WITH
13 SUBSECTION (4)(b) OF THIS SECTION, THE".
14
15 Page 22, line 12, strike "(3)" and substitute "(5)".
16
17 Page 22, strike lines 18 through 27 and substitute "MUST BE KEPT
18 CONFIDENTIAL AND IS CONFIDENTIAL INFORMATION NOT SUBJECT TO
19 PUBLIC DISCLOSURE.".
20
21 Page 23, strike lines 1 through 7.
22
23 Page 23, line 10, strike "(3)(a)" and substitute "(5)(a)".
24
25 Page 23, strike lines 13 through 18 and substitute "SETTING FORTH THE
26 PRICE, TERMS, AND CONDITIONS OF THE OFFER; OR".
27
28 Page 23, strike lines 21 through 26 and substitute:
29
30 "(b) IF THE LOCAL GOVERNMENT DOES NOT PROVIDE A RESPONSE
31 WITHIN THE FOURTEEN-DAY PERIOD SET FORTH IN SUBSECTION (6)(a) OF
32 THIS SECTION, THE LOCAL GOVERNMENT'S RIGHT OF FIRST OFFER IS
33 DEEMED WAIVED.".
34
35 Page 24, strike lines 1 though 3 and substitute "FOURTEEN CALENDAR
36 DAYS AFTER RECEIPT OF THE LOCAL GOVERNMENT'S OFFER MADE
37 PURSUANT TO SUBSECTION (6)(a)(I) OF THIS SECTION TO NOTIFY THE
38 LOCAL GOVERNMENT THAT IT EITHER ACCEPTS OR REJECTS THE OFFER.
39 DURING THIS".
40
41 Page 24, line 7, after the period add "IF THE RESIDENTIAL SELLER DOES
42 NOT PROVIDE NOTICE OF ITS ACCEPTANCE OR REJECTION OF THE LOCAL
43 GOVERNMENT'S OFFER IN THE FOURTEEN DAY PERIOD PURSUANT TO THIS
44 SUBSECTION (7)(a), THE OFFER IS DEEMED REJECTED.".
45
46 Page 24, strike lines 10 through 27.
47
48 Page 25, strike lines 1 through 18 and substitute "LOCAL GOVERNMENT,
49 THE LOCAL GOVERNMENT AND THE RESIDENTIAL SELLER HAVE THIRTY
50 CALENDAR DAYS AFTER THE DATE OF THE RESIDENTIAL SELLER'S RECEIPT
51 OF THE LOCAL GOVERNMENT'S NOTICE PROVIDED IN ACCORDANCE WITH
52 SUBSECTION (6)(a)(I) OF THIS SECTION TO NEGOTIATE AND EXECUTE A
53 CONTRACT FOR THE PURCHASE OF THE QUALIFYING PROPERTY BY THE
54 LOCAL GOVERNMENT. THE CONTRACT MUST REQUIRE THE TRANSACTION
55 TO CLOSE NO LATER THAN SIXTY DAYS AFTER ITS EXECUTION, UNLESS
56 BOTH PARTIES AGREE TO OTHER TERMS.
1 (8) Certificate of compliance. WITHIN FOURTEEN CALENDAR
2 DAYS OF RECEIPT OF NOTICE REQUIRED BY SUBSECTION (4)(a) OF THIS
3 SECTION UNLESS THE LOCAL GOVERNMENT PROVIDES NOTICE PURSUANT
4 TO SUBSECTION (4)(b) OF THIS SECTION AND THEN WITHIN FOURTEEN
5 CALENDAR DAYS OF RECEIPT OF THE NOTICE REQUIRED BY SUBSECTION
6 (5)(a) OF THIS SECTION, THE LOCAL GOVERNMENT OR ITS ASSIGNEE SHALL
7 EXECUTE AND RECORD A CERTIFICATE OF COMPLIANCE IN THE REAL
8 PROPERTY RECORDS OF THE COUNTY IN WHICH THE QUALIFYING PROPERTY
9 IS SITUATED. THE CERTIFICATE OF COMPLIANCE MUST INCLUDE THE NAME
10 OF THE RESIDENTIAL SELLER, A LEGAL DESCRIPTION OF THE QUALIFYING
11 PROPERTY, AND A STATEMENT THAT THE RESIDENTIAL SELLER HAS
12 COMPLIED WITH ALL THE APPLICABLE PROVISIONS OF THIS SECTION. THE
13 RECORDED CERTIFICATE OF COMPLIANCE IS PRIMA FACIE EVIDENCE OF THE
14 RESIDENTIAL SELLER'S COMPLIANCE WITH THIS SECTION AND MAY BE
15 RELIED UPON BY A RESIDENTIAL SELLER, ANY PERSON CLAIMING AN
16 INTEREST IN THE QUALIFYING PROPERTY THROUGH A RESIDENTIAL SELLER,
17 AND A TITLE INSURANCE ENTITY, AS DEFINED IN SECTION 10-11-102 (11).".
18
19 Renumber succeeding subsection accordingly.
20
21 Page 26, line 13, strike "LONG-TERM".
22
12 23 Page 26, line 24, after the period insert "NOTHING IN THIS PART
24 OVERRIDES ANY LOCAL AFFORDABLE HOUSING LAWS.".
25
26 Page 27, strike lines 1 through 5 and substitute:
27
28 "(a) MADE TO, IF WHOLLY OR MAJORITY OWNED BY, BENEFICIALLY
29 HELD, ALL OR IN PART, IN COMMON WITH, OR UNDER COMMON OWNERSHIP
30 OR CONTROL WITH THE RESIDENTIAL SELLER, ONE OR MORE PARTNERSHIPS,
31 LIMITED LIABILITY COMPANIES, CORPORATIONS, OR OTHER ENTITIES, OR
32 MADE FOR TAX OR ESTATE PURPOSES BETWEEN CLOSELY HELD PARTNERS,
33 MEMBERS OF ONE OR MORE LIMITED LIABILITY COMPANIES, MEMBERS OF
34 ONE OR MORE CORPORATIONS, OR MEMBERS, TRUSTEES, MANAGERS, OR
35 PARTNERS OF ONE OR MORE OTHER ENTITIES;".
36
37 Page 27, line 9, strike "A NOT-FOR-PROFIT, MISSION-DRIVEN" and
38 substitute "AN".
39
40 Page 27, strike lines 11 through 14 and substitute "THE APPLICABLE
41 QUALIFYING PROPERTY AND COMMITS TO PROVIDING LONG-TERM
42 AFFORDABLE HOUSING;".
43
44 Page 27, strike lines 20 through 25 and substitute "DEED IN LIEU OF
45 FORECLOSURE; OR
46 (e) IF, AT THE TIME OF THE EFFECTIVE DATE OF THIS PART 12, THE".
47
48 Page 27, line 27, strike "REFUSAL" and substitute "REFUSAL, RIGHT OF
49 FIRST OFFER,".
50
51 Page 28, strike lines 4 through 12 and substitute "PROPERTY BY THE
52 RESIDENTIAL SELLER; OR
53 (f) IF THE RESIDENTIAL SELLER HAS APPLIED FOR, IS IN THE
54 PROCESS OF, OR HAS SUCCESSFULLY RESYNDICATED OR RECAPITALIZED
55 THE QUALIFYING PROPERTY IN CONNECTION WITH AN AFFORDABLE
56 HOUSING PROGRAM OFFERED BY THE FEDERAL, STATE, OR LOCAL
1 GOVERNMENT OR A POLITICAL SUBDIVISION OR ANY PUBLIC ENTITY, AND
2 THE RESIDENTIAL SELLER PROVIDES NOTICE AND DEMONSTRABLE
3 EVIDENCE OF THIS TO THE LOCAL GOVERNMENT; EXCEPT THAT, IF THE
4 RESIDENTIAL SELLER IS NOT SUCCESSFUL IN RESYNDICATING OR
5 RECAPITALIZING A QUALIFYING PROPERTY IN CONNECTION WITH AN
6 AFFORDABLE HOUSING PROGRAM OFFERED BY THE FEDERAL, STATE, OR
7 LOCAL GOVERNMENT OR A POLITICAL SUBDIVISION OR ANY PUBLIC ENTITY
8 THEN THE RIGHT OF FIRST REFUSAL OR THE RIGHT OF FIRST OFFER, AS
9 APPLICABLE, AND THE REQUIREMENTS SET FORTH IN THIS PART 12 APPLY.".
10
11 Renumber succeeding subsection accordingly.
12
13 Page 28, line 24, strike "DOMAIN;" and substitute "DOMAIN OR IN
14 RESPONSE TO A THREAT OF EMINENT DOMAIN;".
15
16 Page 28, line 26, strike "OR".
17
18 Page 29, line 1, strike "TWENTY" and substitute "THIRTY".
19
20 Page 29, line 3, strike "SALE." and substitute "SALE;".
21
22 Page 29, after line 3 add:
23
24 "(VIII) IF THE QUALIFYING PROPERTY IS BEING SOLD,
25 TRANSFERRED, OR CONVEYED AS PART OF A TRANSACTION INVOLVING
26 MULTIPLE PROPERTIES WHICH INCLUDES AT LEAST ONE PROPERTY
27 LOCATED IN A JURISDICTION THAT IS OUTSIDE OF THE JURISDICTION OF THE
28 LOCAL GOVERNMENT;
29 (IX) THAT DOES NOT INVOLVE THE SALE, TRANSFER, OR
30 CONVEYANCE OF ALL OR SUBSTANTIALLY ALL OF THE QUALIFYING
31 PROPERTY; OR
32 (X) THAT IS A SALE, TRANSFER, OR CONVEYANCE, DIRECTLY OR
33 INDIRECTLY, OF OWNERSHIP INTERESTS IN THE RESIDENTIAL SELLER.".
34
35 Page 29, line 4, strike "(3)" and substitute "(2)".
36
37 Page 29, strike lines 12 through 14.
38
39 Reletter succeeding paragraph accordingly.
40
41 Page 29, strike lines 16 and 17 and substitute "OR THE LOCAL
42 GOVERNMENT'S ASSIGNEE MAY BRING A CIVIL ACTION".
43
44 Page 29, lines 18 and 19, strike "OR A PERSON CLAIMING AN INTEREST IN
45 AN APPLICABLE QUALIFYING PROPERTY THROUGH A RESIDENTIAL SELLER".
46
47 Page 29, after line 20 insert:
48
49 "(c) THE REMEDIES FOR ANY ACTION BROUGHT PURSUANT TO THIS
50 SUBSECTION (1) ARE LIMITED TO MONETARY DAMAGES AND STATUTORY
51 PENALTIES AGAINST THE RESIDENTIAL SELLER. ANY PERSON CLAIMING AN
52 INTEREST IN AN APPLICABLE QUALIFYING PROPERTY THROUGH A
53 RESIDENTIAL SELLER SHALL TAKE TITLE TO THE APPLICABLE QUALIFYING
54 PROPERTY FREE OF ANY RIGHTS OR CLAIMS SET FORTH IN THIS PART 12.".
55
56
1 Page 29, strike lines 21 through 27.
2
3 Page 30, strike line 1.
4
5 Renumber succeeding subsections accordingly.
6
7 Page 30, strike lines 3 through 5 and substitute "VIOLATION OF THIS PART
8 12, THE COURT SHALL AWARD A STATUTORY PENALTY THAT IS NOT LESS
9 THAN TEN THOUSAND DOLLARS FOR A FIRST OFFENSE AND NOT LESS THAN
10 THIRTY THOUSAND DOLLARS FOR ANY SUBSEQUENT OFFENSES; EXCEPT
11 THAT THE COURT SHALL NOT AWARD A STATUTORY PENALTY THAT IS
12 MORE THAN ONE HUNDRED THOUSAND DOLLARS.".
13
14 Page 30, lines 6 and 7, strike "DAMAGES, REASONABLE ATTORNEY FEES,"
15 and substitute "REASONABLE ATTORNEY FEES".
16
17 Page 30, line 7, strike "PARTY; EXCEPT THAT," and substitute "PARTY.".
18
19 Page 30, strike lines 8 through 16.
20
21 Page 30, line 17, strike "INDEPENDENT".
22
23 Page 30, strike lines 18 through 20 and substitute "THE SOLE AND
24 EXCLUSIVE REMEDIES PURSUANT TO A CIVIL ACTION BROUGHT PURSUANT
25 TO THIS SECTION FOR A VIOLATION OF THIS PART 12 BY A RESIDENTIAL
26 SELLER.".
27
28 Strike "(7)(a)" and substitute "(8)(a)" on: Page 18, line 21; and Page 19,
29 line 3.
30
31 Strike "(1)(c)" and substitute "(1)(b)" on: Page 29, lines 7 and 11.

House Journal, April 5
8 Amendment No. 1, Transportation, Housing & Local Government Report,
9 dated February 20, 2024, and placed in member's bill file; Report also
10 printed in House Journal, February 21, 2024.
11
12 Amendment No. 2, by Representative Boesenecker:
13
14 Amend the Transportation, Housing, and Local Government Committee
15 Report, dated February 20, 2024, page 2, line 31, after "strike" insert "the
16 first".
17
18 Page 3 of the report, after line 1 insert:
19
20 "Page 6 of the bill, line 27, after "PROPERTY" insert "CONSISTING OF NOT
21 LESS THAN FIVE UNITS".
22
23 Page 7 of the bill, line 1, after the period add "FOR THE PURPOSE OF
24 DETERMINING WHETHER A PROPERTY CONSISTS OF AT LEAST THE MINIMUM
25 NUMBER OF UNITS SET FORTH IN THIS SUBSECTION (1) FOR A QUALIFYING
26 PROPERTY, AN ACCESSORY DWELLING UNIT DOES NOT COUNT AS A
27 UNIT.".".
28
29 Page 3 of the report, line 4, strike "OFFER."." and substitute "OFFER,
30 NOTWITHSTANDING ANY REQUIREMENT OF APPROPRIATION BY A
31 GOVERNING BODY FOR THE FINANCING.".".
32
33 Page 3 of the report, after line 4 insert:
34
35 "Page 7 of the bill, line 27, strike "OR".
36
37 Page 8 of the bill, line 1, strike "SUBSTANTIALLY".".
38
39 Page 3 of the report, line 5, strike "THAT," and substitute "THAT".
40
41 Page 3 of the report, line 7, strike "APPROVED;"." and substitute
42 "APPROVED, NOTWITHSTANDING ANY REQUIREMENT OF APPROPRIATION BY
43 A GOVERNING BODY FOR THE FINANCING OR PAYMENT METHOD;".".
44
45 Page 4 of the report, line 20, strike "EITHER".
46
47 Page 4 of the report, line 35, strike "THAT," and substitute "THAT".
48
49 Page 5 of the report, line 2, strike "OCCURS."." and substitute "OCCURS;".".
50
51 Page 5 of the report, after line 9 insert:
52
53 "Page 14 of the bill, line 6, strike "SUBSECTION (2)(e)" and substitute
54 "SUBSECTIONS (2)(e) AND (2)(f)".".
55
56
1 Page 5 of the report, after line 18 insert:
2
3 "Page 15 of the bill, line 4, strike "(3)(c)(I)(B)" and substitute
4 "(3)(b)(II)(B)".".
5
6 Page 5 of the report, strike lines 27 through 31.
7
8 Strike page 6 of the report.
9
10 Page 7 of the report, strike lines 1 through 8 and substitute:
11
12 "Page 15 of the bill, line 15, after "SELLER" insert "OF ITS INTENT TO
13 MAKE AN OFFER TO PURCHASE THE QUALIFYING PROPERTY".
14
15 Page 16 of the bill, line 24, after "(a)" insert "(I)".
16
17 Page 16 of the bill, line 26, strike "SIXTY" and substitute "THIRTY".
18
19 Page 17 of the bill, line 4, strike "ONE HUNDRED TWENTY" and substitute
20 "SIXTY".
21
22 Page 17 of the bill, after line 8 insert:
23
24 "(II) NOTWITHSTANDING SUBSECTION (5)(a)(I) OF THIS SECTION
25 AND EXCEPT AS OTHERWISE PROVIDED IN SUBSECTION (6) OF THIS SECTION,
26 IF A RESIDENTIAL SELLER HAS RECEIVED AN OFFER FROM A THIRD-PARTY
27 BUYER THAT IS AN ENTIRELY CASH OFFER FOR THE THIRD-PARTY BUYER TO
28 PURCHASE THE QUALIFYING PROPERTY, THE LOCAL GOVERNMENT SHALL
29 AGREE TO CLOSE ON THE QUALIFYING PROPERTY AND EXECUTE THE
30 NECESSARY AGREEMENTS TO FINALIZE THE SALE OF THE QUALIFYING
31 PROPERTY TO THE LOCAL GOVERNMENT WITHIN THE SAME TIME PERIOD AS
32 IS SET FORTH IN THE THIRD-PARTY BUYER'S OFFER.".
33
34 Page 17 of the bill, line 12, strike "A" and substitute "ONE".
35
36 Page 17 of the bill, line 18, strike "THE".
37
38 Page 17 of the bill, line 21, strike "time and tolling. (a)" and substitute
39 "time." and after "THE" insert "TIME".
40
41 Page 17 of the bill, line 22, strike "SUBSECTION (5)(a) OF".
42
43 Page 17 of the bill, line 24, strike "SELLER." and substitute "SELLER OR,
44 IF THE LOCAL GOVERNMENT HAS ASSIGNED ITS RIGHT OF FIRST REFUSAL,
45 THE LOCAL GOVERNMENT'S ASSIGNEE AND THE RESIDENTIAL SELLER.".
46
47 Page 17 of the bill, strike lines 25 through 27.
48
49 Page 18 of the bill, strike lines 1 through 10.
50
51 Page 18 of the bill, after line 10 insert:
52
53 "(7) Certificate of compliance. WITHIN FOURTEEN CALENDAR".".
54
55 Page 7 of the report, after line 33 insert:
56
1 "Page 19 of the bill, strike lines 10 through 13 and substitute "LESS THAN
2 FIFTEEN UNITS AND".
3
4 Page 19 of the bill, line 15, after the period add "FOR THE PURPOSE OF
5 DETERMINING WHETHER A PROPERTY CONSISTS OF AT LEAST THE MINIMUM
6 NUMBER OF UNITS SET FORTH IN THIS SUBSECTION (1) FOR A QUALIFYING
7 PROPERTY, AN ACCESSORY DWELLING UNIT DOES NOT COUNT AS A
8 UNIT.".".
9
10 Page 9 of the report, lines 3 and 4, strike "SUBSECTION (2)(e) OF".
11
12 Page 9 of the report, line 31, strike "ADDRESSES" and substitute
13 "ADDRESS".
14
15 Page 9 of the report, line 38, strike "(4)(a)(II)" and substitute "(5)(a)(II)".
16
17 Page 11 of the report, after line 18 insert:
18
19 "Page 22 of the bill, line 15, strike "(2)(d) AND (2)(e)" and substitute
20 "(2)(c) AND (2)(d)".".
21
22 Page 12 of the report, after line 36 insert:
23
24 "Page 25 of the bill, line 27, strike "OFFICE" and substitute "OFFER".
25
26 Page 26, strike line 1 and substitute "SECTIONS 29-4-1203 (4)(b)(II) AND
27 (6)(a)(II).".".
28
29 Page 13 of the report, line 4, strike "OWNED" and substitute "OWNED,
30 DIRECTLY OR INDIRECTLY,".
31
32 Page 13 of the report, line 7, strike the second "OR".
33
34 Page 13 of the report, line 11, strike "ENTITIES;"." and substitute
35 "ENTITIES, OR IF THE UNITED STATES, OR ANY AGENCY OR
36 INSTRUMENTALITY THEREOF, OR THE STATE, OR ANY POLITICAL
37 SUBDIVISION OF THE STATE, IS THE RESIDENTIAL SELLER OF OR IS A
38 THIRD-PARTY BUYER OF THE APPLICABLE QUALIFYING PROPERTY;".".
39
40 Page 13 of the report, after line 16 insert:
41
42 "Page 27 of the bill, line 17, strike "FORECLOSURE OR" and substitute
43 "FORECLOSURE,".".
44
45 Page 13 of the report, strike line 18 and substitute "FORECLOSURE, OR IF
46 THE APPLICABLE QUALIFYING PROPERTY IS SUBSEQUENTLY TRANSFERRED
47 BY A GOVERNMENT-SPONSORED ENTERPRISE TO A DIRECT OR INDIRECT
48 WHOLLY OWNED SUBSIDIARY, AFFILIATED LENDER, OR OTHER THIRD
49 PARTY;".
50
51 Page 13 of the report, line 19, strike "AT THE TIME OF" and substitute "ON
52 OR AFTER" and strike the third "THE"." and substitute "THE APPLICABLE".".
53
54 Page 13 of the report, after line 21 insert:
55
56 "Page 28 of the bill, line 1, after "THE" insert "APPLICABLE".
1 Page 28 of the bill, line 3, after "THE" insert "APPLICABLE".".
2
3 Page 13 of the report, line 26, after "THE" insert "APPLICABLE".
4
5 Page 13 of the report, line 32, strike "A" and substitute "AN APPLICABLE".
6
7 Page 15 of the report, after line 19 insert:
8
9 "Strike "OR SUBSTANTIALLY" on: Page 7, lines 6, 19, and 24.".
10
11 Amendment No. 3, by Representative Boesenecker:
12
13 Amend the Boesenecker floor amendment (HB1175_L.015), page 3,
14 strike lines 9 and 10 and substitute:
15
16 "Page 19 of the bill, after line 4 insert:
17
18 "(9) Application of a local government's right of first refusal
19 laws. NOTHING IN THIS PART 12 RESTRICTS OR SUPERSEDES THE
20 AUTHORITY OF A LOCAL GOVERNMENT TO ENACT LAWS FOR ITS
21 JURISDICTION PROVIDING FOR THE LOCAL GOVERNMENT'S RIGHT OF FIRST
22 REFUSAL TO PURCHASE PROPERTY FOR AFFORDABLE HOUSING THAT AT A
23 MINIMUM COMPLY WITH THIS PART 12 AND IN THE EVENT OF CONFLICT
24 BETWEEN A PROVISION IN THIS PART 12 AND A LOCAL GOVERNMENT'S
25 LAWS, THE PROVISION MORE FAVORABLE TO THE LOCAL GOVERNMENT
26 APPLIES.".
27
28 Page 19 of the bill, strike lines 10 through 13 and substitute "LESS THAN
29 FIFTEEN UNITS AND".".
30
31 Amendment No. 4, by Representative Boesenecker:
32
33 Amend the Transportation, Housing and Local Government Committee
34 Report, dated February 20, 2024, page 3, after line 11 insert:
35
36 "Page 9 of the bill, strike line 11 and substitute "OF FIRST REFUSAL WITH
37 RESPECT TO A SPECIFIC QUALIFYING PROPERTY OR WITH RESPECT TO ALL
38 QUALIFYING PROPERTIES IN THE LOCAL GOVERNMENT'S JURISDICTION TO
39 A HOUSING".".
40
41 Page 3 of the report, after line 14 insert:
42
43 "Page 9 of the bill, strike lines 22 through 25 and substitute "IF THE
44 ASSIGNEE WERE THE LOCAL GOVERNMENT. THE LOCAL GOVERNMENT
45 MUST PROVIDE NOTICE OF ANY ASSIGNMENT AS FOLLOWS:
46 (I) IF THE LOCAL GOVERNMENT HAS ASSIGNED ITS RIGHT OF FIRST
47 REFUSAL WITH RESPECT TO ALL PROPERTIES WITHIN ITS JURISDICTION, THE
48 LOCAL GOVERNMENT MUST POST A NOTICE IN A CONSPICUOUS LOCATION
49 ON ITS WEBSITE INDICATING THAT THE LOCAL GOVERNMENT HAS ASSIGNED
50 ITS RIGHT OF FIRST REFUSAL AND LISTING THE ASSIGNEE'S NAME AND
51 CONTACT INFORMATION TO RECEIVE NOTICES REQUIRED PURSUANT TO
52 THIS SECTION. THE NOTICE POSTED IN ACCORDANCE WITH THIS
53 SUBSECTION (2)(f)(I) MUST BE EFFECTIVE FOR AT LEAST THREE MONTHS
54 AFTER IT IS POSTED AND MUST EXPLICITLY STATE THE DATE IT EXPIRES, IF
1 ANY. ANY NOTICE POSTED BY THE LOCAL GOVERNMENT IN ACCORDANCE
2 WITH THIS SUBSECTION (2)(f)(I) IS DEEMED CONSTRUCTIVE NOTICE TO THE
3 RESIDENTIAL SELLER.
4 (II) IF THE LOCAL GOVERNMENT HAS NOT POSTED NOTICE IN
5 ACCORDANCE WITH SUBSECTION (2)(f)(I) OF THIS SECTION AND ASSIGNS
6 ITS RIGHT OF FIRST REFUSAL WITH RESPECT TO ALL QUALIFYING
7 PROPERTIES IN ITS JURISDICTION OR WITH RESPECT TO A QUALIFYING
8 PROPERTY THAT IS THE SUBJECT OF THE NOTICE PROVIDED BY A
9 RESIDENTIAL SELLER IN ACCORDANCE WITH SUBSECTION (3)(b) OF THIS
10 SECTION AFTER RECEIPT OF SUCH NOTICE, THE LOCAL GOVERNMENT SHALL
11 IMMEDIATELY NOTIFY THE RESIDENTIAL SELLER OF THE ASSIGNMENT AND
12 OF THE ASSIGNEE'S ADDRESS TO RECEIVE ANY NOTICES THE RESIDENTIAL
13 SELLER IS REQUIRED TO SEND IN ACCORDANCE WITH THIS SECTION; EXCEPT
14 THAT, IF THE SALE OF THE QUALIFYING PROPERTY THAT IS THE SUBJECT OF
15 THE NOTICE PROVIDED BY THE RESIDENTIAL SELLER IN ACCORDANCE WITH
16 SUBSECTION (3)(b) OF THIS SECTION HAS CONCLUDED, THEN NO NOTICE BY
17 THE LOCAL GOVERNMENT OF THE ASSIGNMENT IS REQUIRED.".
18
19 As amended, ordered engrossed and placed on the Calendar for Third
20 Reading and Final Passage.
21

Senate Journal, April 25
After consideration on the merits, the Committee recommends that HB24-1175 be
amended as follows, and as so amended, be referred to the Committee on with favorable
recommendation.
Amend reengrossed bill, page 3, strike lines 15 through 18 and substitute
"ENSURE AFFORDABILITY.".

Page 4, line 18, after the period add ""EXISTING AFFORDABLE HOUSING" DOES
NOT INCLUDE PROPERTIES FOR WHICH ALL RESTRICTED USE COVENANTS OR
AFFORDABILITY REQUIREMENTS HAVE EXPIRED AS OF JUNE 1, 2024.".

Page 5, after line 24 insert:

"(10) "MATCHED OFFER" MEANS AN OFFER OF SALE FOR A QUALIFYING
PROPERTY, AS DEFINED IN SECTION 29-4-1202 (1), FOR A PRICE AND WITH OTHER
MATERIAL TERMS AT LEAST AS FAVORABLE TO THOSE IN AN ARM'S-LENGTH,
THIRD-PARTY OFFER THAT A RESIDENTIAL SELLER HAS RECEIVED AND IS
WILLING TO ACCEPT FOR THE SALE OF THE QUALIFYING PROPERTY; EXCEPT
THAT, IN THE ABSENCE OF AN ARM'S-LENGTH, THIRD-PARTY OFFER, "MATCHED
OFFER" MEANS AN OFFER OF SALE FOR A QUALIFYING PROPERTY FOR A PRICE
AND WITH OTHER MATERIAL TERMS COMPARABLE TO THOSE FOR WHICH THE
RESIDENTIAL SELLER WOULD SELL, AND A WILLING BUYER WOULD PURCHASE,
THE QUALIFYING PROPERTY.".

Renumber succeeding subsections accordingly.

Page 6, line 7, strike "A" and substitute "AN APPLICABLE".

Page 7, line 7, strike "AN".

Page 7, strike lines 8 through 10 and substitute "A MATCHED OFFER.".

Page 7, line 20, strike "AN OFFER THAT IS".

Page 7, strike lines 21 through 26 and substitute "A MATCHED OFFER.
(III) FOR THE PURPOSE OF DETERMINING WHETHER AN OFFER BY THE
LOCAL GOVERNMENT IS A MATCHED OFFER, IT IS IMMATERIAL HOW THE OFFER".

Page 8, strike lines 6 through 9 and substitute "A MATCHED OFFER. THIS
INCLUDES,".

Page 9, strike lines 5 through 11 and substitute:

"(d) IF A QUALIFYING PROPERTY IS CLASSIFIED AS MIXED-USE, THE
LOCAL GOVERNMENT'S OFFER MUST INCLUDE ANY COMMERCIAL PORTION OF THE
QUALIFYING PROPERTY, BUT ONLY THE RESIDENTIAL PORTION OF THE
QUALIFYING PROPERTY IS SUBJECT TO AFFORDABILITY REQUIREMENTS.".

Page 11, line 18, after the period add "THE LOCAL GOVERNMENT SHALL ALSO
PROVIDE WRITTEN NOTICE TO THE COLORADO HOUSING AND FINANCE
AUTHORITY OF THE WAIVER.".

Page 11, line 19, after "POSTED" insert "OR PROVIDED".

Page 11, line 21, after "POSTED" insert "OR PROVIDED, AS APPLICABLE,".

Page 11, line 23, after "POST" insert "OR PROVIDE".

Page 15, strike lines 4 through 6.

Reletter succeeding sub-subparagraphs accordingly.

Page 15, line 18, strike "(3)(b)(II)(D)" and substitute "(3)(b)(II)(C)".
Page 16, line 16, strike "PROSPECTIVE ASSIGNEES OR".

Page 16, line 17, after "WITH" insert "OR PROSPECTIVE ASSIGNEES".

Page 16, strike lines 20 through 25 and substitute "PROSPECTIVE TRANSACTION.
ANY INFORMATION CONTAINED IN THE NOTICES MUST BE KEPT CONFIDENTIAL
IF THE RESIDENTIAL SELLER SO REQUESTS AND IS CONFIDENTIAL INFORMATION".

Page 18, strike lines 5 through 27.

Page 19, strike lines 1 through 16 and substitute:

"(b) Notice by the local government to the Colorado housing and
finance authority. IN CONNECTION WITH THE LOCAL GOVERNMENT PROVIDING
NOTICE TO THE RESIDENTIAL SELLER IN ACCORDANCE WITH SUBSECTION
(4)(a)(I) OF THIS SECTION, THE LOCAL GOVERNMENT SHALL ALSO PROVIDE THE
NOTICE TO THE COLORADO HOUSING AND FINANCE AUTHORITY INDICATING IF
THE LOCAL GOVERNMENT INTENDS TO EITHER PRESERVE OR WAIVE ITS RIGHT OF
FIRST REFUSAL WITH RESPECT TO THE QUALIFYING PROPERTY THAT IS THE
SUBJECT OF THE NOTICE PROVIDED PURSUANT TO SUBSECTION (3)(b) OF THIS
SECTION AND IDENTIFYING ANY POTENTIAL ASSIGNEE THAT THE LOCAL
GOVERNMENT INTENDS TO ASSIGN ITS RIGHT OF FIRST REFUSAL TO. THE NOTICE
REQUIRED BY THIS SUBSECTION (4)(b) IS NONBINDING ON THE LOCAL
GOVERNMENT.".

Page 20, after line 21 insert:

"(c) UPON ACCEPTING A LOCAL GOVERNMENT'S OFFER, THE
RESIDENTIAL SELLER SHALL MAIL NOTICE TO EACH RESIDENT OF THE
QUALIFYING PROPERTY THAT THE SALE OF THE QUALIFYING PROPERTY TO THE
LOCAL GOVERNMENT IS PENDING. THE RESIDENTIAL SELLER SHALL ALSO POST
A COPY OF THE NOTICE IN A CONSPICUOUS PLACE IN THE QUALIFYING PROPERTY.
THE MAILED AND POSTED NOTICES MUST BE PROVIDED IN ENGLISH, SPANISH,
AND ANY OTHER LANGUAGE KNOWN TO BE SPOKEN BY RESIDENTS AT THE
QUALIFYING PROPERTY AND MUST INCLUDE CONTACT INFORMATION FOR THE
LOCAL GOVERNMENT, OR IT'S ASSIGNEE, IF APPLICABLE, FOR RESIDENTS TO
DIRECT QUESTIONS AND INPUT TO.".

Page 22, line 12, after "THE" insert "QUALIFYING".

Page 22, strike line 23 and substitute "APPLIES; EXCEPT THAT THE PROVISIONS
OF SUBSECTION (7) OF THIS SECTION AND THE PROVISIONS SET FORTH IN SECTION
29-4-1206 APPLY NOTWITHSTANDING ANY LAW ENACTED BY A LOCAL
GOVERNMENT REGARDING THE LOCAL GOVERNMENT'S RIGHT OF FIRST
REFUSAL.".

Page 23, line 19, strike "(2)(e)" and substitute "(2)(d)".

Page 23, line 22, strike "PROPERTY" and substitute "PROPERTY,".

Strike "EXISTING" on: Page 11, line 27; and Page 12, line 18.

Strike "RESTRICTIONS." and substitute "RESTRICTION." on: Page 12, lines 5 and
23.

Local
Government
& Housing

Senate Journal, May 7
HB24-1175 by Representative(s) Boesenecker and Sirota; also Senator(s) Winter F. and Jaquez
Lewis--Concerning a local government right of first refusal or offer to purchase qualifying
multifamily property for the purpose of providing long-term affordable housing or mixed-
income development.

Amendment No. 2(L.032), by Senator Winter.

Amend the Local Government and Housing Committee Report, dated April 25,
2024, as it appears in the Senate Journal, page 1081, strike lines 18 through 27
and substitute:

""(10) (a) "MATCHED OFFER" MEANS AN OFFER OF PURCHASE FOR A
QUALIFYING PROPERTY, AS DEFINED IN SECTION 29-4-1202 (1), FOR A PRICE AND
WITH OTHER MATERIAL TERMS AND CONDITIONS THAT ARE AT LEAST AS
FAVORABLE TO THOSE IN AN ARM'S-LENGTH, THIRD-PARTY OFFER THAT A
RESIDENTIAL SELLER HAS RECEIVED AND IS WILLING TO ACCEPT FOR THE SALE
OF THE QUALIFYING PROPERTY; EXCEPT THAT, TO THE EXTENT THAT THERE ARE
ANY PROVISIONS IN THE ARMS-LENGTH, THIRD PARTY OFFER THAT THE LOCAL
GOVERNMENT IS PROHIBITED BY LAW FROM CONTRACTING FOR, THE LOCAL
GOVERNMENT IS NOT REQUIRED TO INCLUDE SUCH PROVISIONS IN ITS OFFER FOR
ITS OFFER TO BE A MATCHED OFFER.
(b) "MATCHED OFFER" ALSO MEANS, IN THE ABSENCE OF AN
ARM'S-LENGTH, THIRD-PARTY OFFER, AN OFFER OF PURCHASE FOR A QUALIFYING
PROPERTY, AS DEFINED IN SECTION 29-4-1202 (1), FOR A PRICE AND WITH OTHER
MATERIAL TERMS AND CONDITIONS COMPARABLE TO THOSE FOR WHICH THE
RESIDENTIAL SELLER WOULD SELL, AND A WILLING BUYER WOULD PURCHASE,
THE QUALIFYING PROPERTY.
(11) "MATERIAL TERMS AND CONDITIONS" MEANS, GENERALLY,
SIGNIFICANT TERMS AND CONDITIONS OF A CONTRACT SUCH AS SALE PRICE,
EARNEST MONEY, REPRESENTATIONS, WARRANTIES, PROPERTY DESCRIPTION,
AND PERFORMANCE UNDER THE CONTRACT AND, IF A RESIDENTIAL SELLER HAS
RECEIVED AN OFFER FROM A THIRD-PARTY BUYER THAT IS ENTIRELY A CASH
OFFER FOR THE THIRD-PARTY TO PURCHASE THE QUALIFYING PROPERTY, THE
LOCAL GOVERNMENT, IN ACCORDANCE WITH SECTION 29-4-1202 (5)(a)(II),
MUST AGREE TO CLOSE ON THE QUALIFYING PROPERTY WITHIN THE SAME TIME
PERIOD AS SET FORTH IN THE THIRD-PARTY BUYER'S OFFER FOR PURPOSES OF A
MATCHED OFFER. "MATERIAL TERMS AND CONDITIONS" EXCLUDES, BUT IS NOT
LIMITED TO EXCLUDING, THE TYPE OF FINANCING OR PAYMENT METHOD OR THE
PERIOD FOR CLOSING.".".

Page 1081 of the Journal, after line 61 insert:

"Page 13 of the reengrossed bill, strike line 16 and substitute "A TRIGGERING
EVENT IS THE FIRST TO OCCUR OF ANY OF THE FOLLOWING EVENTS WHEN THE
RESIDENTIAL SELLER:".

Page 13 of the bill, strike lines 21 through 23.

Reletter succeeding sub-subparagraphs accordingly.

Page 14 of the bill, strike lines 3 through 7.

Reletter succeeding sub-subparagraphs accordingly.

Page 14 of the bill, line 8, after "SALE;" insert "OR".

Page 14 of the bill, line 10, strike "PROPERTY;" and substitute "PROPERTY.".

Page 14 of the bill, strike lines 11 through 20.".

Page 1081 of the Journal, after line 67 insert:

"Page 15 of the bill, strike lines 25 through 27 and substitute:

"(c) IF THE PRICE REQUIRED TO BE LISTED IN THE RESIDENTIAL SELLER'S
NOTICE PURSUANT TO SUBSECTION (3)(b)(II)(C) OF THIS SECTION IS REDUCED BY
FIVE PERCENT OR MORE OR THE TERMS OR CONDITIONS AS REQUIRED TO BE
PROVIDED IN THE RESIDENTIAL SELLER'S NOTICE PURSUANT TO SUBSECTION
(3)(b)(II)(D) OF THIS SECTION".".

Page 1082 of the Journal, strike lines 1 through 7 and substitute:

"Page 16 of the bill, strike lines 14 through 27.

Page 17 of the bill, strike lines 1 and 2 and substitute:

"(e) THE LOCAL GOVERNMENT, EXCEPT AS OTHERWISE GOVERNED BY
LAW OR COURT ORDER, SHALL SIGN A NONDISCLOSURE AGREEMENT WITH THE
RESIDENTIAL SELLER AND, ONCE THE NONDISCLOSURE AGREEMENT IS
EXECUTED, MAY SHARE THE INFORMATION CONTAINED IN THE NOTICES
REQUIRED PURSUANT TO SUBSECTIONS (3)(b) AND (3)(c) OF THIS SECTION WITH
ITS OFFICERS AND EMPLOYEES. IF THE LOCAL GOVERNMENT SHARES THE
NOTICES REQUIRED PURSUANT TO SUBSECTIONS (3)(b) AND (3)(c) OF THIS
SECTION WITH PROSPECTIVE ENTITIES THAT THE LOCAL GOVERNMENT PARTNERS
WITH PURSUANT TO SUBSECTION (2)(e) OF THIS SECTION OR PROSPECTIVE
ASSIGNEES PURSUANT TO SUBSECTION (2)(f) OF THIS SECTION FOR THE PURPOSES
OF EVALUATING OR OBTAINING FINANCING FOR THE PROSPECTIVE
TRANSACTION, THOSE ENTITIES THAT RECEIVE THE NOTICE MUST EACH SIGN A
NONDISCLOSURE AGREEMENT FOR THE RESPECTIVE ENTITY WITH THE
RESIDENTIAL SELLER. AN ENTITY THAT HAS EXECUTED A NONDISCLOSURE
AGREEMENT PURSUANT TO THIS SUBSECTION (3)(e), MAY SHARE THE
INFORMATION CONTAINED IN THE NOTICES REQUIRED PURSUANT TO
SUBSECTIONS (3)(b) AND (3)(c) OF THIS SECTION WITH ITS OFFICERS,
EMPLOYEES, AND ATTORNEYS AND WITH ITS ADVISORS AND PROSPECTIVE
FINANCING PROVIDERS IF THE ADVISORS AND PROSPECTIVE FINANCING
PROVIDERS ARE BOUND BY THE NONDISCLOSURE AGREEMENT OR BY A SIMILAR
CONTRACTUAL, LEGAL, OR FIDUCIARY OBLIGATION OF CONFIDENTIALITY FOR
THE PURPOSES OF EVALUATING OR OBTAINING FINANCING FOR THE PROSPECTIVE
TRANSACTION. THE INFORMATION CONTAINED IN THE NOTICES REQUIRED UNDER
SUBSECTIONS (3)(b) AND (3)(c) OF THIS SECTION, EXCEPT FOR THE PROPERTY
ADDRESS AND ANY INFORMATION THAT IS PUBLICLY RECORDED, IS
CONFIDENTIAL INFORMATION NOT SUBJECT TO PUBLIC DISCLOSURE.".".

Page 1082 of the Journal, after line 24 insert:

"Page 20 of the bill, line 14, after "THE" insert "MATERIAL".

Page 20 of the bill, strike lines 17 through 21 and substitute "SUBSEQUENTLY
MADE OFFER BY THE LOCAL GOVERNMENT. THE RESIDENTIAL SELLER SHALL
HAVE FOURTEEN DAYS FROM THE DATE OF THE LOCAL GOVERNMENT'S
SUBSEQUENT OFFER TO EITHER ACCEPT OR REJECT THE SUBSEQUENT OFFER, AND
IF THE LOCAL GOVERNMENT'S SUBSEQUENT OFFER IS REJECTED BY THE
RESIDENTIAL SELLER, THE RESIDENTIAL SELLER SHALL PROVIDE A WRITTEN
EXPLANATION OF THE REJECTION AND THE RESIDENTIAL SELLER'S REJECTION OF
THE SUBSEQUENT OFFER CONSTITUTES TERMINATION OF THE LOCAL
GOVERNMENT'S RIGHT OF FIRST REFUSAL TO PURCHASE THE QUALIFYING
PROPERTY, SUBJECT TO THE LOCAL GOVERNMENT'S RIGHT TO EXERCISE, OR
RE-EXERCISE ITS RIGHT OF FIRST REFUSAL PURSUANT TO SUBSECTION (3)(c) OF
THIS SECTION IF THE CONDITION SET FORTH IN SUBSECTION (3)(c) OF THIS
SECTION OCCURS.".".

Page 1082 of the Journal, line 28, strike "UPON ACCEPTING A LOCAL
GOVERNMENT'S OFFER," and substitute "WITHIN SEVEN CALENDAR DAYS OF
CLOSING ON THE SALE OF THE QUALIFYING PROPERTY TO THE LOCAL
GOVERNMENT,".

Page 1082 of the Journal, lines 30 and 31, strike "THAT THE SALE OF THE
QUALIFYING PROPERTY TO THE LOCAL GOVERNMENT IS PENDING." and substitute
"OF THE SALE OF THE QUALIFYING PROPERTY TO THE LOCAL GOVERNMENT.".

Page 1082 of the Journal, line 36, strike "IT'S" and substitute "ITS".

Page 1082 of the Journal, after line 45, insert:

"Page 22 of the bill, line 25, strike "definition - repeal." and substitute
"definition.".".

Page 1082 of the Journal, after line 49 insert:

"Page 28 of the bill, line 2, strike "EXECUTED;" and substitute "EXECUTED,
EXCEPT AS OTHERWISE GOVERNED BY LAW OR COURT ORDER;".

Page 29 of the bill, strike lines 8 through 10 and substitute "WITH ITS OFFICERS
AND EMPLOYEES FOR THE".

Page 29 of the bill, line 12, after "TRANSACTION." insert "AGENTS OF THE
LOCAL GOVERNMENT AND PROSPECTIVE ENTITIES THAT THE LOCAL
GOVERNMENT PARTNERS WITH PURSUANT TO SUBSECTION (2)(c) OF THIS
SECTION OR PROSPECTIVE ASSIGNEES PURSUANT TO SUBSECTION (2)(d) OF THIS
SECTION MUST EACH SIGN A NONDISCLOSURE AGREEMENT FOR THE RESPECTIVE
ENTITY. AN ENTITY THAT HAS EXECUTED A NONDISCLOSURE AGREEMENT MAY
SHARE THE INFORMATION CONTAINED IN THE NOTICES REQUIRED PURSUANT TO
THIS SUBSECTION (5) WITH ITS OFFICERS AND EMPLOYEES FOR THE PURPOSES OF
EVALUATING OR OBTAINING FINANCING FOR THE PROSPECTIVE TRANSACTION.".

Page 31 of the bill, strike lines 11 and 12.

Page 32 of the bill, line 17, strike "Exemptions - repeal." and substitute
"Exemptions.".

Page 34 of the bill, line 1, strike "OR".

Page 34 of the bill, line 15, strike "APPLY." and substitute "APPLY;
(g) MADE TO A FAMILY MEMBER, AS DEFINED IN SECTION 8-13.3-503
(11), OF THE RESIDENTIAL SELLER;
(h) MADE TO A TRUST IF THE BENEFICIARY OF THE TRUST IS THE SPOUSE,
PARTNER IN A CIVIL UNION, LEGALLY RECOGNIZED CHILD, OR OTHER FAMILY
MEMBER OF THE RESIDENTIAL SELLER;
(i) MADE PURSUANT TO A WILL, DESCENT, OR INTESTATE DISTRIBUTION;
OR
(j) MADE PURSUANT TO AN ACTION IN EMINENT DOMAIN OR IN
RESPONSE TO A THREAT OF EMINENT DOMAIN.".

Page 34 of the bill, line 16, strike "(a)".

Page 34 of the bill, strike lines 20 through 27.

Page 35 of the bill, strike line 1.

Page 35 of the bill, line 2, strike "(V)" and substitute "(a)".

Page 35 of the bill, line 3, strike "(VI)" and substitute "(b)".

Page 35 of the bill, line 4, strike "(VII)" and substitute "(c)".

Page 35 of the bill, line 8, strike "(VIII)" and substitute "(d)".

Page 35 of the bill, line 13, strike "(IX)" and substitute "(e)".

Page 35 of the bill, line 16, strike "(X)" and substitute "(f)".

Page 35 of the bill, strike lines 18 and 19.

Page 36 of the bill, line 23, strike "offer. THE RIGHT OF".

Page 36 of the bill, strike lines 24 and 25, and substitute "refusal and right of
first offer. THE RIGHTS OF FIRST REFUSAL AND FIRST OFFER ESTABLISHED IN
THIS PART 12 TERMINATE ON DECEMBER 31, 2029. A RESIDENTIAL SELLER IS
NOT REQUIRED TO PROVIDE NOTICES REQUIRED PURSUANT TO THIS PART 12
AFTER DECEMBER 31, 2029, AND A LOCAL GOVERNMENT SHALL NOT EXERCISE
THE RIGHT OF FIRST REFUSAL OR THE RIGHT OF FIRST OFFER PURSUANT TO THIS
PART 12 AFTER DECEMBER 31, 2029; EXCEPT THAT, IF THE LOCAL GOVERNMENT
OR ITS ASSIGNEE, HAS EXERCISED THE RIGHT OF FIRST REFUSAL OR THE RIGHT OF
FIRST OFFER PURSUANT TO THIS PART 12 BEFORE DECEMBER 31, 2029, AND THE
PROCESS HAS NOT CONCLUDED, THEN THE PROCESS SHALL CONTINUE UNTIL IT
CONCLUDES IN ACCORDANCE WITH THIS PART 12 NOTWITHSTANDING THE
TERMINATION DATE SET FORTH IN THIS SECTION.
29-4-1208. Repeal of part. THIS PART 12 IS REPEALED EFFECTIVE JULY
1, 2031.".".

As amended, ordered revised and placed on the calendar for third reading and final
passage.