MA S998

Creates a municipal local option allowing cities and towns to adopt tenant opportunity-to-purchase provisions, taking effect within 180 days of adoption

Requires property owners intending to sell residential buildings to notify tenants and the municipality in writing; tenant associations with 51% participation may submit purchase offers within 30 days and have 60-120 days (depending on property size) to close after executing a contract

Applies to residential rental properties with exemptions including owner-occupied 1-4 unit buildings, properties owned by individuals with fewer than 10 rental units in the municipality, newly constructed buildings under 3 years old, and publicly-assisted housing

Establishes tenant first-refusal rights in short-sale and foreclosure situations, requiring 60 days to submit a purchase agreement and 90 additional days each to secure financing and close

Properties purchased under this section must be maintained as long-term affordable housing (40% of units affordable to households at or below 60% AMI for rentals) with deed restrictions for at least 30 years