An Act relative to voluntary municipal right of first refusal

This bill allows municipalities to voluntarily participate in a program giving them the first right to purchase certain properties for affordable housing. It directly affects property owners of buildings with three or fewer units or mid-size multifamily buildings who receive an offer to sell. Municipalities must be notified by the owner when a sale offer is received, then have 120 days to inspect, match the sale price, and buy the property to maintain as permanently deed-restricted affordable housing. Owners of qualifying properties receive up to $500 per unit (capped at $10,000 per property) plus recording costs, with total program payments limited to $5 million. The program is administered by the Department of Housing and Community Development under new regulations.