Establishes the right of tenant associations to have the first option to purchase assisted rental housing units.

This bill amends the private housing finance law to establish the right of tenant associations to have the first option to purchase assisted rental housing units. It defines key terms such as "assisted rental housing" and "right of first refusal." Tenant associations must notify the owner and the division of their intent to purchase within 60 days of receiving notice. The owner must sell the housing at the appraised value or the price of a bona fide offer, unless the tenant association and owner mutually agree on a lower price.

Establishes the right of tenant associations to have the first option to purchase assisted rental housing units.

This bill amends the private housing finance law to establish the right of tenant associations to have the first option to purchase assisted rental housing units. It defines key terms such as "assisted rental housing" and "right of first refusal." Tenant associations must notify the owner and the division of their intent to purchase within 60 days of receiving notice. The owner must sell the housing at the appraised value or the price of a bona fide offer, unless the tenant association and owner mutually agree on a lower price.