Mamdani signs NYC nonprofit housing purchase law

New York City Mayor Zohran Mamdani signed the Community Opportunity to Purchase Act into law on November 10, creating a purchase window for qualified nonprofit organizations seeking certain distressed or affordable apartment buildings. The law is scheduled to take effect in November 2027, and its practical reach will depend in part on whether nonprofits can secure financing to compete for properties.

COPA generally covers residential buildings with at least four apartments that meet specified distress or affordability criteria. Before selling a covered property, an owner must notify the city’s Department of Housing Preservation and Development and qualified nonprofits. Organizations have 20 days to express interest and a further 70 days to submit an offer. Under qualifying circumstances, a nonprofit may later have a right to match another buyer’s offer.

The law does not require owners to sell, and they may market properties and negotiate with other prospective buyers while nonprofits consider offers. It also does not apply to judicially supervised foreclosure sales, including auctions planned for a portfolio of East Harlem buildings. The city’s housing department is to establish...