A years-long campaign to give qualified nonprofit and community partnerships a chance to buy distressed buildings broke through in the City Council Thursday. Supporters expect the mayor to sign the…
“As longtime homeownership advocates, we see everyday how exorbitant rents prevent aspiring homeowners from saving for a down payment, keeping the goal of ownership just out of reach for thousands…
The legislation would give pre-qualified nonprofits an early shot at bidding on certain distressed apartment buildings, what supporters say would ensure those units stay affordable.
“The version of COPA now before the Council is a practical, well-crafted framework that will meaningfully strengthen New York City’s ability to preserve stable, affordable housing.”
“To create real opportunities, we need two parties entering negotiations with the same goal in mind—the sale of the building to a non-profit or a direct sale to tenants.”
