A5971 - Tenant Opportunity to Purchase Act

• Requires owners of rental properties to offer tenants and qualified purchasers a first opportunity to purchase before selling to third parties, with specific timelines ranging from 20-120 days depending on building size.

• Tenants must form an organization representing a majority of occupied units and select a certified supportive partner to exercise purchase rights; single-household units may exercise rights without forming an organization.

• Establishes HCR certification process for "qualified purchasers" (nonprofits meeting affordability and community engagement criteria) who receive second right of purchase if tenants waive their rights.

• Requires permanent affordability restrictions on purchased properties for 99 years with annual appreciation capped at 3% simple interest, enforced through deed covenants or community land trust leases.

• Imposes civil penalties up to $1,000 per day per tenant-occupied unit for violations, plus damages, attorneys' fees, and mandatory penalties of 10-30% of sale price for knowing/willful violations; allows courts to enjoin non-compliant sales.