Ex. Summary:

House Bill 24-1175 establishes a right of first refusal and first offer for local governments to purchase qualifying multifamily rental properties to preserve affordable housing and prevent displacement. It grants municipalities priority access to acquire properties before private buyers, ensuring affordability restrictions remain for at least 40 years. The law applies to multifamily buildings with five or more units, requiring advance notice, strict response timelines, and protections against tenant displacement. Exemptions exist for family transfers, foreclosures, and affordable housing providers, while noncompliance can result in fines of up to $100,000. This legislation strengthens housing stability but also imposes new administrative challenges for local governments and potential concerns for property owners regarding market impacts. The policy sunsets in 2029, with a full repeal in 2031, allowing for evaluation of its long-term effects on housing affordability.