HB 23-1253

House Bill 23-1253 establishes a task force in Colorado to study how corporations have been buying and owning homes since 2008. The task force will look into the effects of corporate ownership on housing markets, especially for single-family homes, condos, and townhomes, and suggest ways to address any negative impacts they find. The group must report their findings by October 1, 2025, after which it will be dissolved in September 2027. This bill was signed into law and took effect on August 7, 2023.

Official Summary

The act creates the task force on corporate housing ownership (task force) in the state demography office in the department of local affairs and directs the task force to: Examine housing ownership by corporate entities and residential real estate transactions by corporate entities in Colorado since January 1, 2008, including purchases resulting from foreclosures; Determine a methodology by which to examine the impacts of corporate acquisition and ownership of residential property, with a focus on single-family homes, condominiums, and townhomes; Gather and analyze data, reports, and public records related to corporate ownership of housing; Make legislative recommendations to mitigate any negative impacts related to corporate ownership of housing that are identified by the task force; and Report to specified legislative committees certain information concerning the impacts of corporate ownership of housing. The task force must report its findings to the transportation, housing, and local government committee of the house of representatives and the local government and housing committee of the senate, or to any successor committees, by October 1, 2025. The task force is repealed, effective September 1, 2027. For the 2023-24 state fiscal year, the act appropriates from the general fund: $122,549 to the department of local affairs for use by the state demography office; and $1,416 to the legislative department for use by the general assembly. APPROVED by Governor June 7, 2023 EFFECTIVE August 7, 2023 NOTE: This act was passed without a safety clause and takes effect 90 days after sine die. (Note: This summary applies to this bill as enacted.)

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