The "Community Opportunity to Purchase Act" is a legislative proposal aimed at addressing the housing crisis in Rhode Island by empowering qualified nonprofit organizations to acquire multi-family residential buildings. The bill introduces a new chapter, CHAPTER 18.3, COMMUNITY OPPORTUNITY TO PURCHASE ACT, to Title 34 of the General Laws, which includes definitions for key terms such as "multi-family residential building" and "qualified nonprofit housing development corporation." It establishes a framework that allows these nonprofits to purchase properties at market prices, with a focus on properties constructed over 20 years ago. The nonprofits will have a right of first offer lasting up to 90 days, contingent upon a payment of 0.5% of the asking price, and the bill prioritizes local nonprofits over out-of-state organizations. Additionally, the bill mandates the recording of a "notice of special restrictions" against purchased buildings and outlines enforcement measures requiring sellers to submit a declaration of compliance within 15 days of a sale, with penalties for non-compliance. It ensures that existing property rights remain unaffected by the new provisions. Overall, the act aims to facilitate the acquisition of properties by qualified nonprofits, thereby promoting the creation and preservation of affordable rental housing for low- and moderate-income residents in the state. The act will take effect upon passage.