Colorado House Bill 15-1095, signed into law last week, relieves certain pre-1992 common interest ownership communities from some of the more burdensome requirements of the Colorado Common Interest Ownership Act (“CCIOA”). In order to take advantage of the exemption, however, the community’s declaration must affirmatively limit annual assessments to $300 per unit or less.
The exemption makes qualifying HOAs subject only to sections 38-33.3-105 to 38-33.3-107 of CCIOA, which address title & taxation, public policy, and eminent domain. Without the exemption, these communities would be subject to many of CCIOA’s provisions, as articulated in C.R.S. 38-33.3-117.
Prior to HB 15-1095, this exemption only applied to post-CCIOA communities with annual assessments of $300 or less per unit, but did not apply not those communities established pre-CCIOA.
Though an uncontroversial bill with a narrow impact, for those pre-CCIOA communities, the passage of this bill allows them to avoid some cumbersome CCIOA compliance requirements. Pre-CCIOA communities with more than ten units but less than $300 in annual assessments can amend their declarations to state their assessment maximum if they wish to take advantage of this exemption.