NY A03100

Establishes a right of first refusal and first opportunity to purchase for tenant associations (representing at least 60% of occupied units) or qualified entities when owners of assisted rental housing intend to convert, sell, or withdraw from affordable housing programs

Requires owners to provide 12 months advance written notice to tenant associations and the Division of Housing and Community Renewal before taking any action that would result in conversion, including details on ownership, rent schedules, mortgage amounts, and inspection reports

Creates an appraisal process using a three-member advisory panel to determine property value, with tenant associations having 120 days from the appraisal determination to submit a purchase offer at or below appraised value

Imposes civil penalties of $5,000 per month per dwelling unit (up to $100,000 per unit maximum) on owners who violate the law's provisions, plus attorneys' fees and costs

Mandates that tenant associations or qualified entities who purchase the property must maintain it as affordable housing for the duration of the building's useful life, with rents not exceeding 30% of tenants' gross household income