The proposed bill, known as the "Community Opportunity to Purchase Act," aims to enhance the ability of qualified nonprofit organizations to purchase multi-family residential buildings in order to address the ongoing housing crisis in the state. The act establishes a framework that grants qualified nonprofits a first right to purchase multi-family residential buildings that are at least 20 years old. This right of first offer lasts for a period of 60 days, which can be extended to 90 days with a non-refundable payment equal to one-half of one percent (0.5%) of the asking price.

The bill outlines specific criteria for organizations to be certified as qualified nonprofits, which include being a bona fide nonprofit exempt from federal income tax under 26 USC 501(c)(3), demonstrating a commitment to providing affordable housing for low- and moderate-income residents, and showing capacity to effectively acquire and manage residential real property. Rhode Island housing is responsible for establishing a process for annual selection and certification of qualified nonprofits.

Additionally, the act requires sellers of multi-family residential buildings to submit a signed declaration to Rhode Island housing within 15 days of the sale, affirming compliance with the act's requirements. The act also emphasizes the confidentiality of seller information and ensures that existing property rights are not affected by the new provisions. Overall, the legislation seeks to empower qualified nonprofits to secure properties that can be converted into affordable housing options.