CHANGES TO DC TENANT OPPORTUNITY TO PURCHASE ACT (TOPA)

A leading DC real estate attorney called me and told me the following information. I thought other realtors might find the information useful.

•· The District of Columbia now has the right of 1^st refusal to purchase property.

•· DC's rights are subordinate to the rights of the tenants.

•· Applies to properties with 5 units or more.

•· The District's rights are exercised by providing a written statement of interest to the owner and tenant within 30 days of receipt of the copy of the offer of sale which is filed with DCHD at the time the tenants are notified.

•· If DC chooses to purchase the property, it must be used for affordable housing. DC also has the option of assigning its right to purchase to a person or entity which will maintain the property as affordable housing.

•· If DC issues the statement of interest, they have 150 days to negotiate a contract with the Seller of the property.

•· If the tenants choose to exercise their rights, DC's 150 day negotiation period does not begin until the tenants have failed to consummate a contract

ALL OF THIS IS SUBJECT TO REGULATIONS TO BE ISSUED BY THE DISTRICT OF COLUMBIA. AS OF MARCH 17, 2009, THE REGULATIONS HAD NOT YET BEEN ISSUED.