A bill is moving its way through the Colorado House of Representatives that, if passed, would allow cities and counties to purchase apartment buildings prior to any bids made by private investors or real estate groups.
Sponsored by Representative Andrew Boesenecker, House Bill 23-1190 ultimately seeks to provide more affordable housing opportunities for local governments in acquiring residential units.
The bill would give city and county governments an initial two-week period in which to make a bid on a given property, followed by an additional 90 days to secure financing.
The measure has sparked the opposition of the Colorado Apartment Association, as well as several other industry groups. Critics of the bill say it would prove a downer on the real estate market due to the delays between when a property is first listed and available to be bid on.
Those delays include a 180-day closing period after a government entity has made a bid.
The bill is currently under review in the House Transportation, Housing & Local Government Committee.
By Garry Boulard
