Deadline for Comprehensive Study on Corporate Housing Ownership by Task Force
In response to growing concerns surrounding corporate ownership of housing in Colorado, a comprehensive act has been formulated to create a dedicated task force on corporate housing ownership (task force). The task force will operate within the state demography office, under the jurisdiction of the Department of local affairs, and it will engage in an in-depth analysis of several key areas related to corporate ownership of residential properties.
The task force’s responsibilities include:
- Analyzing Corporate Housing Transactions: The task force will investigate housing ownership by corporate entities in Colorado since January 1, 2008. This analysis will include purchases stemming from foreclosures, providing insight into trends and implications.
- Determining Methodology: A clear and effective methodology will be developed to examine the impacts of corporate acquisitions and ownership. The focus will primarily be on single-family homes, condominiums, and townhomes, as these types of housing are often targeted by corporate entities.
- Data Collection and Analysis: Comprehensive data, reports, and public records related to corporate housing ownership will be gathered and meticulously analyzed. This will enable a well-rounded understanding of the scale and nature of corporate involvement in the housing market.
- Legislative Recommendations: The task force will be tasked with proposing legislative actions to address any negative impacts identified. These recommendations will aim to safeguard communities and ensure fairness in the housing market.
- Reporting Obligations: Findings, including details about the impacts of corporate housing ownership, must be reported to the transportation, housing, and local government committee of the House of Representatives and the local government and housing committee of the Senate, or any successor committees, by October 1, 2025.
Furthermore, the task force’s mandate extends until September 1, 2027, when it will be repealed, signifying the long-term commitment to this vital issue.
To support this endeavor during the 2023-24 state fiscal year, the act appropriates funds from the general fund in two primary allocations:
- $122,549 will be allocated to the Department of local affairs, specifically for use by the state demography office. These funds will enable the research and operational functions of the task force.
- $1,416 will be provided to the legislative department for use by the general assembly, ensuring proper legislative oversight and support for this crucial initiative.
This comprehensive approach reflects Colorado’s dedication to understanding and addressing the potentially complex effects of corporate ownership of housing on communities, the real estate market, and individual homeowners. By committing resources and expertise to this issue, the state aims to create an equitable and sustainable housing landscape for all its residents.