Tenant Opportunity to Purchase Case Study
Tenant Opportunity to Purchase Law Helps Resident Stay in His Home
Edwin Adino didn’t know his apartment was for sale when he was notified that a third party was purchasing his home. But thanks to the Tenant Opportunity to Purchase Law (TOPL), established by the City Council in 1986, Mr. Andino had a right to match the offer.
TOPL provides Takoma Park residents who rent, like Mr. Andino, with the right to purchase their rental if it is placed on the market for sale or a third-party offers to buy the home. The law increases the possibility for tenants to become first-time home buyers. Affected tenants have a specified period based on the number of rental units in their building to match a third-party purchase contract that the landlord has accepted.
All owners selling a residential rental facility must comply with this law and notify tenants of their right to purchase the property. While some rental units, such as accessory apartments, are exempt from this law, Mr. Andino’s apartment home was subject to TOPL. After reaching out to the City, Mr. Andino applied for downpayment assistance through the City’s Home Stretch Program, which provides $10,000 to income-qualified buyers. Home Stretch works in concert with TOPL to ensure homeownership is a possibility for all residents.
Using both TOPL and Homestretch, Mr. Andino was able to purchase his condominium. Without the full integration of these two critical programs, Mr. Andino might have been displaced from his rental home. Due to The Home Stretch Program and TOPL, he is a proud homeowner in Takoma Park.