"As real estate attorneys who have spent decades representing clients in affordable housing transactions in New York City, we felt it was important to respond to the concerns raised in Erica Buckley's op-ed regarding Int. 902-A, the Community Opportunity to Purchase (COPA). In our view, the version of COPA now before the Council is a practical, well-crafted framework that will meaningfully strengthen New York City's ability to preserve stable, affordable housing."
"COPA creates pathways for tenant ownership, as well as preservation of rental apartments, without forcing parties into negotiations. It leverages existing state and local preservation financing programs, such as Neighborhood Pillars and the NYC Acquisition Fund, which are already geared to mission-driven developers. Private lenders, including New York's expansive network of community development financial institutions, will be at the ready with additional capital to execute COPA purchases."
COPA builds on New York City's history of tenant- and nonprofit-led building conversions and lays groundwork for tenant- and community-run housing. The framework creates pathways for tenant ownership and preservation of rental apartments without forcing parties into negotiations. The program leverages existing state and local preservation financing, including Neighborhood Pillars and the NYC Acquisition Fund, and expects private lenders and community development financial institutions to supply additional capital. COPA provides mission-driven, prequalified buyers a first opportunity to purchase buildings when owners choose to sell, while owners retain the right to reject competitive offers. Where offers succeed, mission-driven buyers would work with tenants to determine their building's future.
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