An Act for a right of first refusal for foreclosed property (Foreclosure TOPA)

This bill establishes a "right of first refusal" for specific nonprofit organizations when a multi-unit apartment building is being foreclosed upon. It requires lenders or banks selling a foreclosed property at auction to first offer the building to designated local community development corporations and other eligible nonprofit groups. These eligible organizations must demonstrate a commitment to preserving or creating affordable housing and have the experience to manage such properties. If one of these groups accepts the offer, the property must be sold to them under terms that ensure it remains affordable for at least 30 years. The law applies to buildings with six or more rental units, excluding hotels, hospitals, and other specific types of facilities.