Community Opportunity to Purchase Act (COPA)

planned

Legislation passed to give city-approved housing organizations priority on buying certain distressed multifamily buildings before they can be sold on the open market. The act requires owners of distressed buildings or those with expiring affordability requirements to notify the Department of Housing Preservation and Development and qualified entities when intending to sell, allowing these entities a window to express interest and make an offer before the property is sold on the wider market. Qualified groups also receive a right of first refusal if an outside buyer bids on the property.