Relates to the right of tenant association to have the first option to purchase a housing unit

This bill gives tenant associations in assisted rental housing the right to be the first to purchase their building if the owner plans to convert it (e.g., stop offering affordable rents). To qualify, a tenant association must form with support from at least 60% of tenants and notify the owner and housing division. If a third party makes a "bona fide offer" to buy the building, the tenant association can match that offer or purchase it at the appraised value. The bill applies specifically to properties with federal, state, or city rent restrictions that keep housing affordable for low-income households.