The State Legislature is considering changes to construction defect law under Senate Bill 2015-177 and Senate Bill 2015-91. These bills would make it harder for HOAs to bring construction defect lawsuits against developers.
State Senator Ulibarri has introduced Senate Bill 2015-79 to seek to fund statewide affordable housing through a surcharge on recording fees of County Clerks and Recorders.
On January 6, 2015, the Director of the Colorado Division of Real Estate for the Department of Regulatory Agencies (“Division”) adopted Emergency Rules A, C and D related to Community Association Manager (“CAM”) licensure.
The Federal Housing Finance Agency (FHFA) released a statement expressing concern over state statues, which allow community associations to obtain lien priority over first mortgages for unpaid assessments. This includes Colorado's Super Lien statute. The FHFA is asking for the federal court to intervene in order to seek help for those mortgage services that have failed their contractual obligations to Fannie Mae and Freddie Mac. Tom Skiba, Chief Executive Officer of Community Associations Institute (CAI) stated: "FHFA is trying to protect Fannie and Freddie at the expense of association homeowners."
The City of Lakewood has passed Ordinance 21, which places additional obstacles on residents and associations to have construction defects corrected. The ordinance passed on a 7-4 vote.
