City Council issued a joint proclamation with Mayor Yemi Mobolade today in support of Colorado Senate Bill 24-106, the Right to Remedy Construction Defects act.
“The City of Colorado Springs supports this legislation that will help bring down the building costs of affordably priced homes and create more opportunities to build wealth for residents of Colorado Springs through homeownership,” City Council and the Mayor state in the proclamation.
They also note that since the State legislature passed construction liability litigation laws in 2001, the willingness of developers to engage in condominium projects in Colorado has decreased dramatically and condominium construction is 76% lower than it was from 2002-2008.
The proclamation states that Senate Bill 24-106 would allow for the construction of needed housing inventory by:
- Lessening insurance costs by reducing the magnitude and frequency of claims.
- Providing other means to resolve disputes faster for homeowners.
- Ensuring that homeowners within an association are properly informed of the aspects of litigation that affects their property.
The proclamation can be found here.
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