04 | 12 | 2017 Posted By Mark K. Payne
Mark your calendars! Winzenburg, Leff, Purvis Payne, LLP is pleased to announce the Warehouse Lecture Series. On May 4, 2017, May 11, 2017, and June 16, 2017, WLPP will hold classes designed to help managers obtain credits they may need to complete their DORA Continuing Education requirements, as well as to help Board members better understand community association governance and operations. The May 4 and June 16 classes will be held at our offices in Ken-Caryl. Our class on May 11 will be held in Aspen.
03 | 10 | 2017 Posted By Suzanne M. Leff
All the media and legislative talk of construction defect litigation and its impact on condominium construction in Colorado may seem like discussion that does not impact existing communities. But the changes to state and local laws concerning construction defect litigation do affect existing communities by creating owner notice and vote requirements that, in some cases, apply to construction undertaken by associations long after initial development of their communities. The impact of these requirements on communities will likely play out over time as defects occur and associations seek remedies.
While associations cannot unilaterally change the controlling laws, associations can take proactive steps when contracting for new projects. In particular, associations need to know how the potential for construction defects may affect insurance coverage on projects that associations contract to complete on their own. Did you know that many contractors’ insurance policies exclude multi-family housing projects from coverage?
01 | 26 | 2017 Posted By Molly Foley-Healy
On January 20th, Representative Kevin Van Winkle (R) introduced House Bill 17-1112 (HB 1112) which would provide immunity from penalties for individuals who engage in the unauthorized practice of a profession regulated by the Department of Regulatory Agencies (DORA), like a realtor engaging in the unauthorized practice of community association management, under the following circumstances:
01 | 19 | 2017 Posted By Molly Foley-Healy
Bill Introduced to Fund Attainable Housing
As I mentioned in my blog entry kicking off the 2017 legislative session in Colorado, 8 to 10 bills relating to construction defects and the construction of affordable housing are expected to be introduced this session. In my January 12th blog entry. I reported on the bipartisan introduction of SB 45 which is intended to reduce the cost of construction insurance for builders.
Yesterday, in an effort to provide financial assistance to those individuals who are seeking to purchase, finance or rehabilitate attainable housing, Senator Rachel Zenzinger (D) introduced Senate Bill 17-085 ( SB 85 ). The bill is also intended to provide financial assistance to nonprofit entities and political subdivisions that make loans to folks in relation to attainable housing. To secure these funds, SB 85 would increase the per document surcharge that is assessed by clerk and recorders on each document they receive for recording from $1 to $5. The additional $4 added to each document surcharge on a yearly basis would be transmitted to the State Treasurer and deposited into the Statewide Attainable Housing Investment Fund.
Will the fiscal note on SB 85 be a non-starter for the Republican controlled Senate? If SB 45 makes it through the legislative process and is signed into law, will it assist in a meaningful way the citizens of Colorado in purchasing attainable housing? It SB 85 dead on arrival in the Senate? Only time will tell!
01 | 18 | 2017 Posted By Molly Foley-Healy
Residential Storage Condominium Unit Bill Back for Another Round
Senator Bob Gardner (R) has introduced Senate Bill 17-078 ( SB 78 ) to address the taxation of residential storage condominium units. If my memory serves me well, this is the third time this bill has been introduced in the Colorado General Assembly. Will the third time be a charm?
This bill is pretty simple and isn’t something that condominium associations need to concern themselves with. For folks who own storage condominium units and submit an affidavit to their tax assessor’s office that the unit is being used to store items from or related to the owner’s residence, then under SB 78 the storage unit will be taxed as residential real property with a rate of around 7.96%, as opposed to being taxed as nonresidential property at a rate of about 29%. SB 78 does not impose upon storage condominium associations any obligation to participate in the process to determine whether any particular storage unit should be taxed as residential or nonresidential real property.
Stay tuned to this blog for updates on SB 78 as it proceeds through the legislative process.
Posted In: NEWS