Title
Discussion of Tenant Opportunity to Purchase Arrangements
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Hold a discussion on Tenant Opportunity to Purchase arrangements debriefing the special meeting held with local stakeholders that occurred on June 11 and provide direction to staff regarding next steps.
Report
Issue:
Whether to hold a discussion on tenant opportunity to purchase arrangements debriefing the special meeting held with local stakeholders that occurred on June 11 and provide direction to staff regarding next steps.
Staff Contact:
Christa Lenssen, Senior Housing Program Specialist, Community Planning & Economic Development, 360.570.3762
Presenter(s):
Christa Lenssen, Senior Housing Program Specialist, Community Planning & Economic Development
Background and Analysis:
Tenant Opportunity to Purchase (TOPO) policies establish a process for a structured timeframe and process where tenants are notified of an impending sale and provide an opportunity to purchase the property before it is sold to another buyer. Many TOPO policies also include a right of first refusal, allowing tenants to match a bona fide purchase offer from another party.
Frequently, TOPO policies can also include other parties such as nonprofit affordable housing organizations, local government, and/or a public housing authority (also known commonly referred to as Community Opportunity to Purchase (COPO) policies. These policies can apply to a variety of housing types, including single-family homes and multifamily residential properties. In some cases, acquisition by tenants or nonprofit organizations can preserve long-term affordability, particularly when properties are converted to limited equity cooperatives or other permanently affordable ownership models.
TOPO and COPO policies are intended to provide tenants and mission-driven organizations with an opportunity to compete with investors in the real estate ...
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