Compromise Reached on Construction Defect Reform Work
After many hours of negotiation, a compromise has been reached on House Bill 1279, a bipartisan effort that would require informed consent and a majority vote of owners before entering into litigation over a construction defect, two issues identified by the Chamber as crucial to addressing the lack of affordable housing for Coloradans. Upon introduction, the Chamber and the Homeownership Opportunity Alliance identified several concerns with the legislation, many of which have now been addressed through the following proposed amendments:
- A decrease in tolling (a pause in the running of a time set forth by a statute of limitation) from 120 days to 90 days
- A required public meeting prior to a vote or the filing of a claim
- Inclusion of bank-owned properties in the vote
- A 50 percent plus one vote of all homeowners to enter litigation
The Chamber released the following statement regarding House Bill 1279 this afternoon:
“We are so grateful for the leadership and compromise shown by Reps. Garnett, Saine, Wist and Speaker Duran. They’ve set an example of how to work together with a broad coalition to find areas of agreement and make progress. Our members see value in how this bill helps ensure homeowners are informed and able to resolve issues without having to resort to costly and time intensive litigation. We support those advancements and therefore support this bill as proposed to be amended. We also recognize there is still work to do and we are committed to continuing that work so that more employees can own a home, put down roots and thrive in Colorado,” said Denver Metro Chamber of Commerce President and CEO Kelly Brough.
While we realize that House Bill 1279 alone will not solve all of Colorado’s housing problems, we hope it will help spur the development of attainable housing options for our millennials, seniors, public servants and other Coloradans struggling to buy a home. We’ll keep you updated as this bill makes its way through the legislature. In the meantime, read more in The Denver Post and Denver Business Journal.
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