The Community Opportunity to Purchase Act passed the Council in December 2025 and was vetoed December 31. A revised bill is in committee.
The Community Opportunity to Purchase Act (COPA) passed the City Council on December 18, 2025, and Mayor Adams vetoed it on December 31, 2025. A revised bill, Int. 905, had its first committee hearing on September 9, 2026, and it is not law yet. It would cover distressed buildings with four or more units.
In 25+ years of doing deals in NYC, co-ops, condos and multi-family across all five boroughs, I read every new sale-process rule for one thing first: how many days it adds before an owner can sign a contract. When a nonprofit responds, COPA adds about 90 days before a covered owner may sell on the open market.
| Date | Event |
|---|---|
| Dec 18, 2025 | City Council passes COPA (Int. 902-A) |
| Dec 31, 2025 | Mayor Adams vetoes the bill; an override needs a two-thirds Council vote |
| May 14, 2026 | Council introduces a revised bill, Int. 905, with 31 sponsors |
| Sep 9, 2026 | Housing and Buildings Committee holds a hearing and lays the bill over |
If Int. 905 passes, the Council's draft says it takes effect one year after it becomes law. As of that hearing, the bill had not come to a vote.
COPA gives HPD-certified nonprofits, and joint ventures they control, the first chance to buy a covered building before it goes on the open market. That is a right of first offer, followed by a right of first refusal if the owner later gets a third-party offer.
Under Int. 905, a building is covered only if it is a Class A multiple dwelling with 4 or more units and meets at least one distress or expiry trigger:
Not covered: a multiple dwelling with 5 or fewer units where the owner lives in a unit.
| Stage | Action Required | Timeframe |
|---|---|---|
| 1. Notice of intent to sell | Owner notifies HPD and every certified entity before any sale action | Day 0 |
| 2. Statement of interest | Interested entities respond; owner then has 5 days to share rent roll, expenses, violations and open offers | 20 days |
| 3. First offer window | Entities submit a bona fide offer; owner cannot sell to anyone else | 70 more days |
| 4. Owner response | Owner accepts, rejects or counters | 10 days |
| 5. Contract | If accepted or countered, parties sign a contract of sale | 30 days |
| 6. Match right | If a third-party offer comes within a year, the first offering entity may match it | 15 days |
The first two stages alone take 90 days. Law firm commentary notes the full process can run well past 100 days, and that lenders may need longer commitment periods on covered sales. Offer window extensions beyond five days require a written application from the qualified entity.
An owner who sells a covered property without filing the notice faces a civil penalty of up to 15% of the sale price, and any qualified entity can sue for injunctive relief plus attorneys' fees. Owners can apply to HPD for a waiver by showing undue financial hardship. Refinancing to keep the property, family transfers, bankruptcy and court-supervised sales are exempt.
| Feature | Vetoed COPA (Int. 902-A) | Int. 905 |
|---|---|---|
| Statement of interest window | 25 days | 20 days |
| First offer window | 80 days | 70 days |
| Violation trigger | Not specified | Annual daily average of 3 or more |
| Extensions of the offer window | HPD, for good cause | Written application, one prior extension at most |
If COPA becomes law, covered sales will carry new notice and timeline requirements. Milton Coste has 25+ years of transaction experience across all five boroughs.
Schedule a Free ConsultationAsk a real estate attorney whether a specific building meets any trigger, and check its HPD violation record before listing. The 2-4 unit multifamily guide and the market reports index cover pricing. This article is general information, not legal advice.
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Disclaimer: All information provided in this article is for educational purposes only and does not constitute legal, financial, or real estate advice.
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