City Council supports tenant's first right of refusal
During this week’s Council meeting, the Council adopted a resolution to support the passage of HD 2984/SD 1672, An Act to guarantee a tenant’s first right of refusal sponsored by Representatives Livingstone and Consalvo and Senator Jehlen.
This Docket would provide tenants in large multifamily buildings with the right of first refusal and the right of first offer when an owner intends to sell or when a foreclosure or short sale begins, and would allow for tenants to match a third party offer.
Tenants would be able to designate their opportunity to purchase to non-profits or successor entities such as housing cooperatives, and in the case of a short sale or foreclosure, the tenants’ association could designate their opportunity to purchase to a variety of groups, including CDCs, local housing authorities, nonprofits, municipalities, or the Commonwealth, who would maintain the property as permanently affordable.
