Effective Date: June 30th, 2020
Key points:
Notice Requirements:
Park owners intending to sell or change the use of the park must notify all mobile home owners, any homeowners' associations, the municipality or county where the park is located, and the Colorado Division of Housing.
Opportunity to Purchase:
After receiving notice, residents have 90 days to:
Form a homeowners' association representing at least 51% of the residents.
Submit an offer to purchase the park.
Arrange necessary financing.
Good Faith Negotiations:
Park owners are required to negotiate in good faith with the residents' association during this period.
Exemptions:
The act does not apply if the sale or transfer is to family members, co-owners, or through inheritance or eminent domain.
This legislation aims to empower mobile home park residents by providing them a fair chance to purchase their communities, thereby enhancing housing stability and affordability.
