An Act for a right of first refusal for foreclosed property (Foreclosure TOPA)

This bill amends Massachusetts law to give local community development corporations and other eligible nonprofit groups the right to purchase foreclosed multi-family buildings before they are sold to banks or auctioned. It directly affects lenders, property owners, and community organizations by requiring them to offer these properties to qualified local groups first, provided the groups can match the highest bid received. The legislation defines specific types of organizations that qualify, such as tenant associations and housing authorities, and mandates that any purchase must be used for long-term affordable housing with recorded restrictions. By creating this priority purchase option, the bill aims to keep multi-family residential properties in the hands of local entities dedicated to preserving or creating affordable housing opportunities.