What does the Community Opportunity to Purchase Act do?
This bill enhances the ability of qualified nonprofit organizations to purchase older multi-family properties to produce or preserve affordable homes. Qualified nonprofits include Community Development Corporations (CDCs), nonprofit affordable housing developers, and Public Housing Authorities.
How would Rhode Islanders benefit?
Enhancing the ability of mission-driven, community-based nonprofit housing providers to purchase existing multi-family properties helps to increase and preserve affordable housing in communities across Rhode Island. Buildings that might otherwise sold for market-rate, luxury residential or commercial use may be developed into long-term affordable homes or community spaces by qualified nonprofits with a stake in the communities and neighborhoods they are located in or serve.
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