Ex. Summary:

House Bill 23-1190 grants local governments the right of first refusal (ROFR) to purchase qualifying multifamily rental properties before they are sold to private buyers to preserve long-term affordable housing. The bill mandates that property owners notify local governments of a pending sale, allowing them seven days to express interest and the opportunity to match a comparable private offer. Governments can assign their purchasing rights to nonprofits or housing authorities, and the acquired properties must stay affordable for at least 100 years, with rent limits based on area median income (AMI). While the law empowers local governments to prevent displacement, it also presents procedural challenges for sellers and may affect private investment in multifamily housing.