Community Opportunity to Purchase Act (COPA)

planned

The Community Opportunity to Purchase Act (COPA) is a bill that gives non-profit organizations preference in purchasing certain dilapidated residential properties in New York City. It creates a system where qualified entities, defined as non-profits or partnerships involving non-profits, receive the first opportunity to express interest and purchase properties in poor standing with the Department of Housing Preservation and Development. The bill aims to preserve affordable housing by giving non-profits a right of first refusal to match purchase offers from non-qualified entities. Properties covered include non-owner-occupied multi-dwelling buildings with more than three units and owner-occupied multi-dwelling buildings with more than five units, especially those in the city's alternative enforcement system, delinquent on property taxes, or with expiring affordability restrictions.