Lawmakers in Colorado are taking on the challenge of affordable housing by introducing a new bill that aims to address the challenges surrounding condominium construction. Led by Reps Shannon Bird and Speaker Pro Tem Andrew Boesenecker, the bill focuses on building affordable condos right the first time to avoid litigation in the future. The bill includes 23 co-sponsors from both progressive and moderate Democrats, as well as Republicans.
The proposed measure includes requirements for third-party independent inspectors, response to identified problems during construction, and a warranty guaranteeing the quality of workmanship. Additionally, the bill addresses the issue of insurance costs tied to lawsuits over construction defects and aims to reduce liability insurance costs, which have soared in recent years.
The bill also includes provisions for the claimant to mitigate a defect, changes to the statute of limitations for filing claims, and an increase in the approval threshold for a homeowners’ association to pursue a claim. The proposed legislation hopes to streamline the process of addressing construction defects and encourages better quality construction in the first place.
Lawmakers are hopeful that this bill will lead to a meaningful solution to the affordable housing crisis in Colorado, particularly for first-time buyers. The focus on building affordable condos reflects an effort to provide more homeownership opportunities and address the lack of affordable housing for purchase in the state. The bipartisan support for the bill signals a collective effort to find a resolution to this pressing issue.
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