Denver lawmakers tackle HOA foreclosure practices
Homeowners associations in Denver could face a new batch of regulations in an attempt to limit predatory practices.
Why it matters: There are currently no rules in Denver requiring HOAs to notify owners about property foreclosures, leaving homeowners in peril of potentially losing their homes.
What they're saying: One city official referred to the Green Valley Ranch HOA as "predatory."
- Meanwhile, Denver City Council president Stacie Gilmore wrote to Gov. Jared Polis and Attorney General Phil Weiser in March requesting a probe into the HOA's practices.
Driving the news: The Denver City Council will this week consider a bill that would make it a requirement for HOAs to give homeowners a 30-day notice before initiating a foreclosure, Gilmore told Axios Denver.
- The bill also requires HOAs to provide resources to help homeowners avoid losing their property.
- Gilmore said Denver's proposal complements a bill passed by the state Legislature this session allowing more oversight of HOAs.
What's next: The proposal will be presented Wednesday at the safety and housing committee.
- The bill could be adopted as soon as June 20.
- If passed, it would go into effect starting Aug. 30.
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