Mayor Mobolade endorsing a new bill to help condo builders in Colorado Springs
COLORADO SPRINGS, Colo. (KRDO) -- Colorado Springs Mayor Yemi Mobolade is endorsing a bill to help increase homeownership opportunities for residents in our city. It comes after changes in Colorado laws made it easier for lawsuits to be filed against condo builders.
Even for minor issues, the lawsuits around condos drove up rates stopping builders from putting up affordable units. The new bill would address this issue by giving homeowners a time frame to resolve those disputes and construction claims to complete the repairs needed.
The bill would help first-time buyers looking for a reasonable home within their price range but also help seniors looking to downsize. This would, of course, in turn, open up more homes for purchase.
A small percentage of the housing market in Colorado Springs is condos. For the Pikes Peak region from 2021 to 2023, 11,096 apartment units were constructed in the city, but only 56 condo units. That means condos made up 0.5 percent of units built in the 3 years.
for more information about the bill, click here.
