AN ACT ESTABLISHING A TENANT OPPORTUNITY TO PURCHASE PROGRAM.

SB 1098 establishes a Tenant Opportunity to Purchase Program, giving tenants in multifamily apartment buildings the right to match a third-party offer to buy their property when it's sold. Tenants can choose to purchase the property themselves, partner with an affordable housing group to complete the purchase, or assign their purchase right to a nonprofit housing organization or local housing authority. The program explicitly prohibits regulating the sale price of properties, focusing only on enabling tenant participation in sales. This directly affects tenants in qualifying multifamily properties during any third-party sale process.