DENVER – The bipartisan effort to remedy the lack of affordable housing in Colorado continues to move along.
House Bill 1279, which would require the informed consent by the majority of owners in a development for homeowners associations to pursue litigation for construction defects and limit the time frame for gathering that consent to 90 days, was passed unanimously by the Senate Business, Labor and Technology Committee.
The bill also requires developers be allowed to offer to remedy defective construction before litigation begins.
HB 1279 represents the work of a bipartisan group of lawmakers trying to thaw a condo market that has stagnated because of the rise of lawsuits against contractors for defective products.
The increase in litigation has led to skyrocketing builders insurance premiums for condos, making their cost unattainable for young adults trying to break into the housing market and for elderly individuals trying to affordably downsize.
Senate Minority Leader Lucía Guzmán, D-Denver and sponsor of the bill, said HB 1279 strikes a balance between the rights of homeowners and developers so neither party feels like they’re are being left out.
“This bill succeeds in shielding honest businesses from bad actors, while protecting homeowners’ ability to seek damages for defective work,” Guzmán said.
The bill heads to the full Senate, where it is expected to swiftly be approved and sent to the governor to be signed into law.
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