CoCoMHO's Detailed Summary

HB 20-1201 Opportunity to Purchase Bill

HOUSE SPONSORSHIP:  Hooton and Gonzales-Gutierrez

Please note: This is not an official summary of the bill; more updates are included in the bill than are shown here; and various elements may change by amendment as the bill moves through the legislature.

HB 20-1201 will provide residents with realistic opportunities to purchase their parks, especially when facing potentially adverse changes.

• It requires park owners to give residents 90 days notice before any significant change in ownership or use, giving residents a realistic period to organize and put together a purchase offer
• Significant events include: putting a park up for sale; intending to sell to a buyer after receiving an attractive offer; being forced into foreclosure; or intending to redevelop a park for a different use
• It requires park owners to engage in good faith discovery procedures and negotiations with residents who engage in good faith attempts to put together a purchase offer
• It not only allows purchase offers from residents as a collective, it also allow offers from friendly third party buyers, such as a local housing authorities, affordable housing non-profits, and others who a majority of residents have elected to be their agents
• It empowers the MHP Act Dispute Resolution and Enforcement Program to intervene if insufficient notice is given, or if the park owner fails to respond in good faith
• It requires park owners to engage in good faith negotiations in response to any purchase offers made or backed by a majority of residents, regardless of whether the park is listed for sale

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