🏡 New Colorado Real Estate Legislation: What Buyers and Sellers Need to Know
The real estate landscape in Colorado is constantly evolving, and 2024 has brought some significant legislative changes that could impact buyers, sellers, and investors. As your trusted real estate advisor, I want to keep you informed so you can make the best decisions for your future. Here’s a look at several key bills that just passed and how they might affect you.
🏗️ House Bill 24-1007: Affordable Housing Incentives This bill aims to tackle the growing housing affordability crisis by offering tax incentives and reduced regulatory hurdles for developers who commit to building affordable housing units. For buyers, this could mean more opportunities to purchase homes at reasonable prices. Sellers should also be aware that increased affordable housing supply might influence market dynamics in certain areas.
🏠 Senate Bill 24-056: Tenant Protections & Lease Regulations (House Bill 23-1095) Designed to strengthen tenant rights, this bill enforces stricter rules on lease agreements, eviction processes, and rental increases. Investors and landlords need to take note—this law could affect how you structure lease agreements and manage tenant relationships. If you’re a buyer looking at rental properties, it’s essential to understand how these regulations could shape your investment strategy.
💰 House Bill 24-1123: Property Tax Relief for Homeowners With property taxes rising, this bill introduces measures to provide relief for homeowners, particularly seniors and those on fixed incomes. If you already own a home, you may see some financial relief in the coming years. If you’re buying, it’s worth considering how tax changes may impact your long-term costs of ownership.
⚖️ House Bill 23-1120: Eviction Mediation & Source of Income Protections This bill requires eviction mediation for tenants receiving certain government assistance, including Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI), and Colorado Works cash assistance. It also extends the Writ of Restitution by 30 days for those affected. Additionally, the "Source of Income" disclosure is now mandatory in leases and eviction processes, further protecting tenants.
📑 Senate Bill 23-184: Tenant Rental Qualifications & Protections This law establishes new income qualification rules, capping income requirements at 200% of annual rent and limiting the use of credit scores for tenants with housing assistance. Security deposits are also capped at 200% of monthly rent. Furthermore, "Source of Income" is now a protected class under Colorado Fair Housing laws, and violations carry financial penalties.
📝 House Bill 23-1099: Portable Tenant Screening Reports Landlords must accept tenant-provided screening reports if they meet certain criteria, such as being less than 30 days old and including employment and income verification. Advertising must disclose tenants’ rights to provide such reports, and landlords cannot charge rental application fees when these reports are used.
🐶 House Bill 23-1068: Pet Fees & Security Deposits Pet rent is now capped at $35 or 1.5% of monthly rent (whichever is greater), and pet security deposits are capped at $300, which must be refundable. Pet fees are no longer allowed. Importantly, these rules do not apply to service or emotional support animals.
☢️ Senate Bill 23-206: Environmental Hazard Disclosures (Docket No. EPA-HQOECA-2021-0763) Landlords must now provide tenants with radon disclosures, similar to lead-based paint disclosures. Additionally, property management companies must be certified to conduct lead-based paint remediation, even if they contract the work out. Failure to comply could result in legal penalties.
📌 What This Means for You Whether you’re looking to buy, sell, or invest, these legislative changes can shape the real estate market in Northern Colorado. If you have questions about how these bills may impact your specific situation, let’s connect. Staying informed is key to making smart real estate decisions, and I’m here to help guide you through it all! 🤝
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