To: Board of County Commissioners
Through: Katherine Smith, Community Resources Director, Community Resources
Prepared By:
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Katherine Smith, Community Resources Director, Community Resources
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presenter
Presenter: Katherine Smith, Community Resources Director, Community Resources
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Subject:
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10:30 AM *HB24-1175 Right of First Refusal Next Steps
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Purpose and Request:
recommended action
This study session is being held to provide information to the Board of County Commissioners on the research done on properties eligible for HB24-1175-Right of First Refusal and recommend next steps for the County's approach to this legislation.
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Background and Discussion: HB24-1175 created a right of first refusal for local governments to purchase certain types of multifamily rental properties through December 31, 2029. The legislation outlines that:
* For existing affordable housing properties containing five units or more, a local government has a right of first refusal to make a matched offer for the purchase of such property, subject to the local government's commitment to using the property as long-term affordable housing.
* For all other multifamily rental properties that are 30 years or older and have no more than 100 units and no less than 15 units, a local government has the right of first offer. A seller of such property must provide notice of intent to sell the property to the local government before the seller enters into an agreement with a licensed broker to solicit and procure purchasers or otherwise lists the property for sale.
Upon receiving notice of intent, local governments have seven days to preserve our right of first refusal with a response intending to do so, indicating interest in receiving due diligence information to evaluate potential offers or waive any right to purchase the property. Within 14 days of receiving this information, the local government must decide whether to make an offer or waive the ri...
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