COPA Makes a Comeback, And What Else Happened This Week in Housing

"Progressive lawmakers on Thursday introduced a revamped version of the Community Opportunity to Purchase Act, or COPA-long-sought legislation that would give pre-qualified nonprofits an early shot at bidding on certain distressed apartment buildings. The City Council passed a version of the bill last year, though it was later vetoed by then-Mayor Eric Adams. Real estate groups have furiously opposed COPA, saying it unfairly favors nonprofit developers in building sales and would slow down and complicate already complex transactions."

"But supporters say the bill targets a small subset of residential buildings with significant maintenance issues or where affordability provisions are expiring. Letting mission-driven groups bid on those properties early would help preserve those units and ensure they stay affordable, they argue, while expanding opportunities for tenant-ownership models like Community Land Trusts. Brooklyn Councilmember Sandy Nurse, the bill's sponsor, says the version introduced Tuesday includes a number of revisions to address concerns raised about earlier versions, and involved "months of negotiating.""

"That includes shortening the window of time that pre-qualified nonprofits would have to signal their interest and bid on a building before it hits the wider market, as well as narrowing the types of properties they could bid early on (the new version, for example, excludes buildings with expiring 421a tax abatements). "Instead of leaving these buildings to the whims of the private market, COPA will help even the playing field for qualified nonprofits to stabilize our neighborhoods, keep people in their homes, and keep housing affordable," Nurse said in a statement."

Progressive lawmakers introduced a revised Community Opportunity to Purchase Act that would give pre-qualified nonprofits an early opportunity to bid on certain distressed apartment buildings. A prior version passed the City Council but was vetoed by then-Mayor Eric Adams. Real estate groups oppose COPA, arguing it favors nonprofit developers and could slow or complicate real estate transactions. Supporters say the measure applies to a limited subset of buildings with major maintenance problems or affordability provisions nearing expiration. They argue early bidding helps keep units affordable and expands tenant-ownership models such as Community Land Trusts. The sponsor says revisions were made after negotiations, including shortening the early-bid window and narrowing eligible property types, such as excluding buildings with expiring 421a tax abatements.

Read at City Limits