Bill > B26-0359

This bill establishes a Tenant Buyout Notification Program within the Department of Housing and Community Development to increase transparency and fairness in rental property transactions. The bill defines a "buyout agreement" as a written agreement where a landlord (offeror) pays a tenant to voluntarily vacate a rental unit or transfer purchase rights. Before making a buyout offer, landlords must provide tenants with a written notice explaining their rights, and the offer must be at least equal to the city's standard relocation assistance payments and consistent across comparable tenants. The buyout agreement must be written in the tenant's primary language and include a prominent statement that tenants are not required to sign and may consult an attorney. The agreement must be signed by both parties, with the monetary payment made immediately or placed in a secure escrow account, and cannot exceed a maximum amount determined by the Rental Housing Commission. The Commission will establish these maximum payment thresholds every three years, considering factors like household size, unit size, length of tenancy, tenant age or disability status, and fair market rent. If a buyout agreement does not meet all these requirements, it will be considered void and unenforceable, and tenants can cancel the agreement within the applicable statute of limitations period.

Housing and Urban Affairs

https://lims.dccouncil.gov/Legislation/B26-0359