New NYC Law Gives Nonprofits a Leg up on Certain Property Purchases

The New York City Council passed a revised version of the Community Opportunity to Purchase Act (COPA), a law that gives certain nonprofits an early right to bid on available properties that could be rehabilitated and preserved as affordable housing.

As Jeanmarie Evelly explains in City Limits, the law “specifically targets buildings with poor conditions or where an affordability provision is expiring.” The law allows “qualified entities” to purchase properties, make repairs, and maintain affordable rents. 

First introduced in 2020, the new version of the bill narrows the types of buildings that qualify under the law, exempts small properties with fewer than four apartments, and creates more specific criteria for the organizations that are eligible to make bids. When an eligible property is put up for sale, owners are required to notify a list of nonprofits, who have 25 days to notify the owner of an intent to purchase and 80 further days to make an offer.

While supporters say the law can work in conjunction with other city programs to improve living conditions, critics call it government overreach that can delay sales and say it won’t necessarily lead to improvements for tenants.