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Delegate proposes optional right-of-first-refusal to help localities preserve subsidized rental housing
Summary
Delegate Bennett Parker and the Virginia Housing Alliance presented a permissive right-of-first-refusal (ROFR) bill that would let localities or qualified designees match third-party offers on certain publicly supported multifamily properties when affordability restrictions expire; bill includes a 2-year notice, a 30-day match window, and requirements to maintain affordability for a set period.
Delegate Bennett Parker and the Virginia Housing Alliance presented draft legislation giving localities the option to adopt a right-of-first-refusal to preserve state- or federally-subsidized rental housing when affordability restrictions expire.
Under the draft, localities that adopt an ordinance could require owners of publicly supported multifamily properties (generally 20 or more units and subject to programs such as the low-income housing tax credit) to give written notice to tenants and the locality at least 24 months before affordability restrictions terminate. A locality could then appoint a ‘‘qualified designee’’ (a nonprofit, for-profit, or resident association) to act on its behalf and, if the owner accepts a third-party…
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