As the title of this post suggests, as of July 1, 2018, there are big changes coming to those communities formed before July 1, 1992. Seemingly out of the blue, our legislature this year decided with little fanfare that it was time to undertake a relatively significant amendment to the budget provisions of the Colorado Common Interest Ownership Act. House Bill 18-1342, which passed out of the legislature and is now sitting on Governor Hickenlooper’s desk (and which is expected to be signed, or in the absence of a veto will automatically become law), requires ALL non-exempt Colorado community associations, with certain limited exceptions, to follow the budget consideration process set forth in CCIOA. The exceptions apply to communities formed before July 1, 1992 where the declaration sets a maximum assessment amount or limits increases in an annual budget to a specific amount and the budget proposed by the executive board does not exceed the maximum amount or limits set in the declaration.
Continue Reading Big Changes to Pre-CCIOA Budget Approval Processes Coming July 1, 2018!