Bill > S2833

This bill establishes a five-year Tenant Opportunity to Purchase Pilot Program that allows municipalities to create local initiatives aimed at preventing housing displacement. Under the program, municipalities can implement the pilot in specific zip codes that meet three key eligibility criteria: (1) at least 70% of housing units must be rentals, (2) the area must have high displacement rates demonstrated by elevated eviction rates and supportive housing program applications, and (3) the area must have a high poverty rate based on the percentage of residents living at or below the federal poverty line. The executive office of housing and livable communities will be responsible for developing detailed regulations defining these criteria by December 31, 2027, with the program set to begin accepting applicants by June 30, 2028. After the five-year pilot period, each participating municipality must produce a comprehensive report evaluating the program's effectiveness, including metrics such as the number of housing units purchased, displacements prevented, and recommendations for potentially establishing a permanent tenant opportunity to purchase program. The overall goal is to provide tenants with more opportunities to purchase and remain in their housing, particularly in areas experiencing significant economic pressure and potential displacement.

Budget and Finance

Joint Committee on Housing (Joint)

https://malegislature.gov/Bills/194/S2833