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

This bill (S 107) grants tenant associations in "assisted rental housing" (buildings with federal/state rent controls or subsidies) the right to purchase their building before it converts to market-rate housing. Tenant associations representing at least 60% of occupied units can submit a written offer to buy at the property's appraised value within 120 days of a potential sale, before the owner accepts a third-party offer. The bill defines "affordable" as rents not exceeding 30% of household income or prior rent restrictions, and requires the purchase to maintain long-term affordability. It applies specifically to properties participating in programs like Section 8 or HUD-subsidized housing, giving tenants priority to prevent displacement.