A proposal to offer renters the first right of refusal when their landlord wants to sell the property is back on the front burner at Minneapolis City Hall. See Minneapolis OTP Policy Options Stakeholder Presentation 11.5.2020 to review the options being presented. Join our Director of Government Affairs, Eric Myers, on Friday at 9 AM to get all the details and learn how to get involved. Register today.
Background: The City of Minneapolis is seeking policy advice on potential Tenant Opportunity to Purchase Act (TOPA) legislation, newly renamed to ‘Opportunity to Purchase’ (OTP). OTP regulates the conversion of use, sale and transfer of rental housing. Tenants have the opportunity to invoke their rights to purchase, exercise first right of refusal, receive offer of sale notices, receive notices of the transfer and the conversion of property to cooperatives or condominiums.
REALTORS® favor the creation of homeownership opportunities and support a wide variety of housing options. However, TOPA has several drawbacks, unintended consequences, and substantially alters private property rights and ownership.
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