The Community Opportunity to Purchase Act (COPA) will give community land trusts and other community groups first dibs at buying distressed properties. Supporters expect it to pass with support from housing officials.
It’s been a long time coming.
Over five years after it was first proposed, the Community Opportunity to Purchase Act (COPA) is expected to pass the City Council before the end of the year. The bill would give groups like community land trusts and tenant associations the first opportunity to bid on some apartment buildings when they go up for sale.
The idea has long had the backing of groups that preserve affordable housing, but has encountered resistance from the real estate industry and city housing officials. But in a deal being finalized this week, the city’s housing agency is finally getting on board, sources say…