Zohran Mamdani Signs Bill Allowing Nonprofits, Community Groups First Chance to Buy Troubled Apartments

New York City (NYC) Mayor Zohran Mamdani (D) signed a bill into law Tuesday that allows qualified nonprofits and other community organizations the first chance to buy certain types of apartment buildings for sale.

The Community Opportunity to Purchase Act (COPA) gives “qualified nonprofits and community groups the first opportunity to purchase certain multifamily buildings before they hit the private market,” according to a press release from the mayor’s office.

According to the press release, under the legislation, “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.”

These qualified entities “will receive an exclusive 145-day window to complete the purchase” after a building “is put up for sale”:

Under COPA, the Department of Housing Preservation and Development (HPD) will maintain a list of “qualified entities,” vetted nonprofits, tenant groups, community lands 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.

Under COPA, “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,” according to the press release.

“Too many New Yorkers have watched their homes deteriorate while landlords extract profits and tenants are left to fight for the repairs they deserve,” Mamdani said in a statement. “That’s not how housing should work. Our homes should be places of stability, not vehicles for speculation. COPA puts power in the hands of the community organizations that have spent years serving our neighborhoods and fighting to keep New Yorkers housed.”

“With COPA signed into law, we are entering a new era for affordable housing in New York City: one where organizations rooted in our communities are able to step in and preserve the affordable housing that New Yorkers rely on,” said Cea Weaver, who serves as the Director of the NYC Mayor’s Office to Protect Tenants.

Mamdani explained to reporters that he is “proud” to sign COPA into law, which he described as “a historic piece of legislation that will provide vetted community organizations with the right of first opportunity to make an offer on eligible buildings,” the New York Post reported.

NYC officials explained that COPA will “affect about 2,100 properties across the five boroughs,” the outlet reported.

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