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Work group reviews right-of-first-refusal tools aimed at preserving affordable rental housing
Summary
Staff presented models from other states for rights of first refusal and right-of-first-offer policies intended to help local governments or designees preserve affordable housing when owners sell or convert subsidized properties. Presenters summarized varying notice periods, assignment rules and enforcement mechanisms.
Jessica Hoff, policy analyst for the Virginia Housing Commission staff, briefed the Local Land Use and Community Living Work Group on how rights of first refusal and related purchase opportunity policies operate in other states and the different statutory choices a legislature can make.
Hoff explained that these statutes typically specify a triggering event (such as a sale or a conversion that would end affordability), a required notice from the owner to the right-holder, a time period in which the right-holder can act, and either a requirement that the owner accept a fair-market offer or an arrangement in which the owner first markets the property and…
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