The Tenant Opportunity to Purchase Act (TOPA) – H.1426/S.890 (aka “An Act to guarantee a tenant’s first right of refusal”) would let cities and towns adopt a preservation, anti-displacement and tenant empowerment tool that can preserve affordable rental housing stock, provide a mechanism for tenant associations to collectively purchase their buildings, and stabilize low-income households.
- TOPA would allow municipalities the option of providing tenants in multi-family buildings the right to match a third-party offer when their homes are being sold.
- Tenants could designate their rights to a non-profit or local housing authority, or partner with an affordable housing purchaser.
- TOPA is does not regulate sales price and explicitly exempts small owners.
