The Denver Post: Colorado lawmakers will return to the Capitol’s iconic gold dome in Denver next month, and they should make protecting Colorado homebuyers and increasing home affordability a top priority.
The Denver Post’s David Migoya uncovered a massive fault line in Colorado’s home and condo building: Almost every new home in this state is encumbered by a developer-created and -controlled metropolitan district. Many of those districts have abused taxing and bonding authority, maximizing the developer’s return on investment and encumbering future homeowners with millions in undisclosed debt. The payments on that debt, done through property taxes, can make a monthly mortgage payment unexpectedly unaffordable if homebuyers are not prepared. In extreme cases, the extra tax payments can force someone to sell only a year or two after moving in or even to go into foreclosure.
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