New York S00107 establishes the right of tenant associations to have the first option to purchase housing units.

New York S00107 amends the private housing finance law to add a new article on the right of first refusal. It grants tenant associations or qualified entities the right to submit an offer to purchase a housing unit before any other purchaser. The tenant association must submit its offer within 120 days of receiving notice of a bona fide offer to purchase. The bill also outlines the process for appraising the value of the housing unit and the penalties for non-compliance.

New York S00107 establishes the right of tenant associations to have the first option to purchase housing units.

New York S00107 amends the private housing finance law to add a new article on the right of first refusal. It grants tenant associations or qualified entities the right to submit an offer to purchase a housing unit before any other purchaser. The tenant association must submit its offer within 120 days of receiving notice of a bona fide offer to purchase. The bill also outlines the process for appraising the value of the housing unit and the penalties for non-compliance.