Developers in Colorado have some reason to think that the homeowner-friendly construction defect laws in Colorado may get changed in the next legislative session. Here’s a quote from Denver Mayor Michael Hancock’s July 16, 2014 State of the City address:
Denver, we cannot move quickly enough when it comes to housing. Access to a safe, affordable place to live has never been more important, so we are taking comprehensive action to address the full range of housing challenges.
While our city's population has spiked in recent years, our housing stock has not kept pace. This gap is exacerbated by rising home prices, which are good news for homeowners and our local economy, but a challenge for many residents and families. Thirty-eight percent of Denver's renters don't earn enough to cover rising housing costs and need some kind of assistance.
I was only 23 when I bought my first home. Coming from a family of 10 children, it was the first time I was able to claim a space of my own. That tiny home shaped me with responsibility and pride. I want that same opportunity, that same sense of security, for my children, and for all our children.
Last year, we set a goal to create, rehabilitate or preserve 600 affordable housing units annually over five years. I am happy to announce that in our first year we exceeded that goal, helping to deliver more than 700 affordable housing units. We are on track to beat it again this year.
Soon, we will release a Denver Housing Plan that will provide a comprehensive path forward for the city's housing policies and resource allocations over the next five years. By being crystal clear in communicating our intentions to keep Denver affordable, we are taking a proactive approach to making substantive change.
With the extraordinary opportunities that lie ahead for our region, including TODs, it is my sincere hope that the 2015 State Legislature will recognize the chilling effect the construction defects law has on the for sale condo market. I encourage lawmakers to modify the law so that we can experience the full potential of housing in metro Denver. Thank you to the Metro Mayors Caucus and my counterparts Lakewood Mayor Bob Murphy and Lone Tree Mayor Jim Gunning for your leadership on this issue.
We will continue to keep an eye on legislative developments in Colorado. If you have any questions about construction defect law in Colorado, please do not hesitate to contact us.
