An Act to guarantee a tenant’s first right of refusal

This bill gives tenants in multi-family residential buildings (excluding certain types like single-family homes or shelters) a first right to purchase their property if the owner sells due to foreclosure, short sale, or deed in lieu. To qualify, at least 51% of tenant-occupied units must form a Tenant Association. If the association meets requirements, it gets priority to buy the property before outside buyers, and the property must later be maintained as long-term affordable housing for 30 years through recorded deed restrictions. Municipalities can choose to adopt this local option.