Mayor Zohran Mamdani signed legislation on November 10 giving qualified nonprofit and community organizations the first opportunity to purchase certain residential buildings, aiming to preserve affordable housing and improve conditions for tenants.
The Community Opportunity to Purchase Act, known as COPA, creates a purchasing process for eligible organizations when covered properties are offered for sale. These include certain multifamily buildings with four or more apartments that are in significant disrepair, as well as properties subject to affordability restrictions under city housing agreements.
Qualified organizations will receive an exclusive 145-day purchasing window. If an offer is rejected and another buyer makes an offer within the following year, eligible groups will have a right of first refusal, allowing them to match that offer.
The city’s Department of Housing Preservation and Development will vet participating organizations, including nonprofits, tenant groups and community land trusts. Applicants must demonstrate the experience and financial capacity needed to acquire, maintain and operate affordable housing.
Sponsored by Council Member Sandy Nurse, the law seeks to help community organizations preserve vulnerable buildings and provide more stable ownership for residents.
The housing department will now develop the implementation process, including a list of qualified organizations and procedures for notifying them when eligible properties are put up for sale.
