Task Force To Study Corporate Housing Ownership

The bill creates the task force on corporate housing ownership (task force) in the division of housing state demography office in the department of local affairs and directs the task force to: examine data concerning home sales and home ownership in Colorado, including a quantification of:

• The total number of home sales that have occurred in Colorado since January 1, 2008, within certain sales price ranges;
• The total number of such home sales that resulted in the home being owned entirely or partially by a corporation;
• The total number of homes in each zip code of the state that are owned entirely or partially by a corporation; and
• The total number of homes in the state that are owned entirely or partially by a corporation and are unoccupied.
• 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 legislative committees certain information concerning the impacts of corporate ownership of housing.

The task force must report its findings to the legislative committees of reference with jurisdiction over housing matters by October 1, 2025. The report must include legislative recommendations to address the issue of corporate ownership of housing in Colorado, including recommendations regarding the potential creation of a fee to be imposed upon corporations that own significant numbers of homes in Colorado, which fee could be used to fund a grant program to award grants to programs and organizations that address housing issues in Colorado.

The task force is repealed, effective September 1, 2027.

For the 2023-24 state fiscal year, the bill 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.

(Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.)

(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)