Keep Colorado’s Community Associations Viable
A provision of the Colorado Common Interest Ownership Act (C.R.S. 38-33.3-116) allows for certain community associations to operate under limited provisions of this law if they were created with a $400 or $300 cap on the annual common assessments paid by property owners (depending on when they were formed). HOWEVER, the law treats these communities inequitably as years go by.
Communities formed after mid-1998 with an initial $400 cap on annual assessments are allowed to increase their caps by a cost-of-living-allowance (COLA) each year and still be managed under the limited set of CCIOA provisions.
CCIOA has no such COLA provision for communities formed between mid-1992 and mid-1998 with an initial $300 cap. If property owners vote to increase assessments to match inflation, their associations would be subject to all the provisions of CCIOA, many of which could be costly or burdensome to implement.
Community associations that are now more than 20 years old are facing divisive and expensive decisions about raising annual assessments due to a flaw in CCIOA’s Section 116. Read the petition……………
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