INTRO TO OTP LAWS
Opportunity to Purchase (OTP), sometimes called Right of First Refusal, is a type of property law which allows a tenant or multiple tenants to purchase the property when it is up for sale. One of the important aspects of this law is disclosure; when the property is offered up for sale, the tenants must be notified so there is ample time to purchase the property. The property owner is free to sell the property to any private entity if the tenants do not exercise their right.
Typically OTP laws have mostly been for Manufactured Home communities only.
Washington, D.C. has the most robust OTP policy in the country, named the Tenant Opportunity to Purchase Act (TOPA). Washington, D.C. is one of the few areas which have applied OTP laws to other types of housing.
RESEARCH ACKNOWLEDGEMENTS
For this part of the project we interviewed two resident members of a co-op in Washington, DC which was converted from an apartment complex. Thanks to the OTP Law, the residents were able to stop the sale of their homes and purchase the property themselves. By converting to a co-op, the residents were able to keep their affordable rent and stay in an area where rent prices are rising due to Gentrification.
If you would like to learn more about TOPA, visit their webpage
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