CHFA serves as the Notice Repository, receiving several notices required by Colorado’s Right of First Refusal (ROFR) and Right of First Offer (ROFO) law as detailed in CRS 29-4-1201 et. seq: including:
Notices from Property Owners
Two-year notice
Owners of properties subject to ROFR must notice their local government(s) and CHFA no later than two years from when the property’s final affordability covenant expires. This notice only needs to include the date of the expiration of the final affordability covenant and the owner’s contact information.
Six-month notice
No later than six months ahead of the last applicable affordability covenant’s expiration, owners of properties subject to ROFR must inform applicable local government(s) and CHFA whether they intend to recapitalize and maintain the property with equal or greater affordability; keep the property and let the affordability restrictions expire; or sell.
Notices from Local Governments
Local Government Blanket Waiver of ROFR
If a Local Government waives its ROFR rights for properties in its jurisdiction, in addition to posting a notice in a conspicuous location on its website that there is a waiver and residential sellers with qualifying properties do not need to comply with the ROFR requirements, the local government needs to provide written notice to CHFA of the waiver. The notice must be effective for at least three months and must explicitly state the date it expires, if any.
Local Government ROFR Preservation or Waiver of Rights for a Specific Property
After receiving notice from a property owner of a ROFR opportunity, the local government has 14 calendar days to inform the seller if the government intends to preserve or waive its right. The same notice must also be sent to CHFA indicating whether the local government will preserve or waive its right with respect to the property and identifying any potential assignee.
Local Government Assignment Requests
Local governments can assign their ROFR and ROFO rights to a local or regional housing authority in the property’s jurisdiction or to CHFA, so long as the assignee agrees. The ROFR assignee may be for a single property transaction or for all opportunities in that local jurisdiction, provided this blanket assignment is conspicuously posted on the local government’s public website. The ROFO assignee may be for a single property transaction.
If a local government would like CHFA to be an assignee of the local government’s ROFO or ROFR rights, the local government should contact CHFA through the notice addresses so that CHFA may determine if CHFA can or will accept the assignment request.
Additional Resources
Please email all notices to CHFA