Concerning Increased Protections for Unit Owners in the Governance of Unit Owners’ Association under the “Colorado Common Interest Ownership Act.”
This bill requires the following:
- Associations must maintain and make available records on the HOA’s fees for the purchase or sale of a unit in the community that are not payable through assessments.
- Associations must maintain annual disclosures for review, such as financial statements, reserve funds balances, insurance policies, and meeting minutes. Failure to comply with this provision can result in a fee assessed against the association after it fails to produce any requested documents.
- Non-vegetative turf has been added to drought-tolerant landscaping materials that an Association can regulate but not prohibit. The bill also specifies the types of restrictions an Association can place on renewable energy generation devices and requires Associations to review any requests for installation of these devices within 60 days of the application. Reviews of applications for renewable energy generation devices must be transparent, and applications cannot be denied for arbitrary or capricious reasons.
Concerning the Definition of Residential Land for the Purpose of Property Tax Classification.
This bill modifies the definition of “residential land” to include contiguous parcels of land without residential improvements if the same individual on the record title owns them and they contain some improvement that is essential to the residential improvements on the contiguous land. “Contiguous” means parcels of land that touch, even if interrupted by a street, alley or common element. Related improvements that qualify under this bill can include a driveway or parking space.
Please contact us to update your policies or to determine if you are in compliance