The Community Opportunity to Purchase Act (COPA) is now officially in effect for sellers of multi-unit buildings.
I first blogged about the COPA back in June. The legislation wasn’t scheduled to go into effect until September 3, 2019. In a nutshell, COPA gives non-profit housing organizations the first right to purchase residential buildings with three or more units. The city is hoping that COPA will help preserve affordable housing.
Sellers of three or more units now have to provide a formal notice to the Qualified Nonprofits (QNPs) via email prior to marketing the property to the public—and prior to listing the property on the MLS or in a “coming soon” capacity. Continue Reading