HB 21-1117 LOCAL GOV AUTHORITY PROMOTE AFFORDABLE HOUSING
Effective date : 9 / 7 / 21
The bill allows local governments to require affordable housing units in new housing development , provided the local government offers the alternative of a development fee and also demonstrates that it has taken one or more actions to increase the overall number and density of housing units or to create incentives to the construction of affordable housing units . While there is a long list of pro-development options listed in the bill , local governments will still have greater ability to impose costs and restrictions on future development .
SB 21-293 PROPERTY TAX CLASSIFICATION & ASSESMENT RATES
Effective date : Upon signature of Governor .
This bill temporarily ( for tax years 2022 and 2023 ) lowers the residential property tax assessment rate from 7.15 % to 6.80 % for multifamily residential property and to 6.95 % for all other residential property . Even though the assessment rate for our industry is below other residential property , the creation of these subclasses within the definition of residential property creates risk of future tax increases aimed at our industry alone .
HB 21-1286 ENERGY BENCHMARKING PERFROMANCE STANDARDS
Effective 9 / 7 / 21
Requires owners of covered buildings ( 50,000 + square feet ) to submit annual information on energy usage to the Colorado Energy Office ( CEO ) and utilities companies to provide most of that information to the building owner . The bill authorizes the Air Quality Control Commission ( AQCC ) to promulgate rules creating performance standards and setting penalty amounts and creates a task force to develop and provide consensus recommendations to the AQCC and the Governor performance standards that would achieve a 7 percent reduction in GHG emissions by 2026 and a 20 percent reduction by 2030 . Owners that violate reporting requirements are subject to a penalty of up to $ 500 ( first violation ) and up to $ 2,000 ( subsequent violation ). Owners in violation of performance standard requirements are subject to a penalty of up to $ 2,000 ( first violation ) and up to $ 5,000 ( subsequent violation ).
As introduced , this bill contained performance standards that would have caused 75 % of buildings to fail and imposed minimum fines of $ 370,000 per year for failing .
Drew Hamrick is the Senior Vice President of Government Affairs for the Apartment Association of Metro Denver and Colorado Apartment Association . www . aamdhq . org JULY 2021 TRENDS | 33