"The Community Opportunity to Purchase Act or COPA, also known as Intro 902, would require owners of buildings with three or more residential units to notify the Department of Housing Preservation and Development and a list of qualified entities when their buildings will be listed for sale, giving these nonprofits a first right of refusal to purchase a residential property."
"Nonprofits and affordable housing advocates such as the New York Community Land Initiative say the legislation, modeled after regulations in Washington, D.C., and San Francisco, would help nonprofits to expand the supply of permanently affordable housing. Lead sponsor Council Member Sandy Nurse, who represents Bushwick, Brownsville, Cypress Hills, and other parts of east Brooklyn, said it would level the playing field so we can have a fighting chance to preserve at-risk affordable housing."
COPA (Intro 902) would require owners of buildings with three or more residential units to notify the Department of Housing Preservation and Development and a list of qualified entities prior to listing, granting nonprofits a first right of refusal to submit the initial offer and match competing bids. Supporters, including the New York Community Land Initiative and sponsor Council Member Sandy Nurse, say the measure will expand permanently affordable housing and preserve at-risk units. Real estate industry sources and small-property owners warn the law could increase costs, complicate borrowing, reduce buyer competition, depress sale prices and extend closing timelines by 180 days or more.
Read at www.amny.com
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