Mamdani Signs Law Giving Nonprofits First Dibs on Distressed NYC Buildings– legalinsurrection.com
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EXCERPT:
New York City Mayor Zohran Mamdani signed a law giving nonprofit organizations the first opportunity to purchase distressed residential buildings.
This is how the Community Opportunity to Purchase Act (COPA) works:
Under COPA, the Department of Housing Preservation and Development (HPD) will maintain a list of “qualified entities,” vetted nonprofits, tenant groups, community land trusts and other mission-driven organizations with demonstrated experience acquiring, preserving and managing affordable housing. These organizations must also demonstrate the financial and organizational capacity to purchase and operate eligible properties.
When a covered building is put up for sale, qualified entities will receive an exclusive 145-day window to complete the purchase. If the qualified entity’s offer is rejected and another buyer subsequently makes an offer within the following year, qualified entities will have the right of first refusal to match it.
Covered properties include multifamily buildings with four or more units that are in significant disrepair, as well as buildings with affordability restrictions governed by HPD regulatory agreements. By creating a pathway for responsible community-based ownership, COPA will ensure that these properties are repaired, maintained and operated in partnership with tenants rather than left to deteriorate by negligent owners.
