"Five years after it was introduced, the City Council on Thursday passed a revised version of the Community Opportunity to Purchase Act, or COPA, which will give certain nonprofits-and for-profits, if they team up with a nonprofit-an early shot to bid on certain residential properties that go up for sale, before they hit the wider market."
"Landlord and real estate groups have criticized the legislation as government overreach. But supporters say COPA will give mission-driven groups, including community land trusts, a leg up against deep-pocketed real estate speculators in the city's competitive housing market. Modeled after a similar bill in San Francisco, it specifically targets buildings with poor conditions or where an affordability provision is expiring."
"In those situations, lawmakers said, COPA can serve as a preservation tool, allowing a "qualified entity" to come in and, with the help of other city programs, right the ship-making repairs, maintaining affordable rents-ideally in coordination with the tenants who live there."
The revised Community Opportunity to Purchase Act grants certain nonprofits and nonprofit-partnered for-profits an early right to bid on qualifying residential properties before wider market listing. The law targets buildings in poor condition or with expiring affordability provisions to enable preservation of affordable units. The measure aims to help mission-driven groups, including community land trusts, compete against deep-pocketed speculators and to coordinate repairs and rent maintenance with tenants, using other city programs. The bill was narrowed through revisions after concerns that the original proposal could delay sales excessively and burden small landlords.
Read at City Limits
Unable to calculate read time
Collection
[
|
...
]