COLORADO SPRINGS, Colo. (KRDO) – On October 1, homeowners living in Colorado HOAs (homeowner associations) were given new legal protections thanks to a new state law.
The Owner Equity Protection in Homeowners’ Association Foreclosure Sales, or HB25-1043, aims to protect homeowners in HOAs through two main avenues:
- Increasing transparency and state regulation
- Preventing or delaying home foreclosures
“Homeownership is one of the primary ways for families to create generational wealth, and under the current system, HOA fees can strip homeowners of everything they’ve worked for,” Senator Tony Exum (D), who represents parts of Colorado Springs, told KRDO13.
Senator Exum, along with representatives Naquetta Ricks and Jennifer Bacon, were prime sponsors of the bill…