A Proposed Bill Would Exempt Certain DC Homes From TOPA
Certain homeowners in DC will likely cheer legislation introduced on Tuesday that, if passed, will exempt their homes from the city’s controversial TOPA regulations.
At-Large Councilmember Anita Bonds introduced the “TOPA Accessory Dwelling Unit Act of 2017” which would exempt owner-occupied, single family homes with accessory dwelling units from the city’s Tenant Opportunity to Purchase Act.
Under the bill, only properties with two units would be exempt, and one of the units must occupy at least two-thirds of the total square footage and be occupied by the homeowner. In short, TOPA gives residents of a home the right of first refusal if their landlord or the owner puts the home on the market.
story continues below
loading...story continues above
“In single-family homes with one accessory dwelling unit, some tenants have abused the spirit of the law by delaying the sale of the property for up to 6 months and demanding large amounts of money from the owner in exchange for not exercising the TOPA law,” a press statement from Bonds’ office read. “This practice has led to a growing cottage industry of ‘TOPA lawyers’ and adds to the overall cost of a single family home sale which is passed to the buyer and decreases affordability. The Committee on Housing and Neighborhood Revitalization has reviewed all single-family home TOPA offers of the past several years and found that offers very rarely resulted in tenant purchases.”
Similar Posts:
- The TOPA Arbitrator: This DC Company Wants to Help Tenants Buy or Sell Their Rights
- Capitol Hill Tenant Offering TOPA Rights to the Highest Bidder
This article originally published at https://dc.urbanturf.com/articles/blog/a_proposed_bill_would_exempt_certain_dc_homes_from_topa/12660.
Most Popular... This Week • Last 30 Days • Ever
When Dan and Tanya Snyder couldn't sell their 30,000 square foot home , the former ow... read »
Cash-out refinancing is a popular financial strategy that allows homeowners to conver... read »
This weekend, the Gallery-Place Chinatown Task Force pitched its ideas to Mayor Murie... read »
DC continues to get close to meeting Mayor Muriel Bowser's goal of producing 36,000 n... read »
For years, UrbanTurf has reported on the hefty profits that DC-area home sellers have... read »
- Dan Snyder Gave His Potomac Home Away, And Now It's Coming Back On The Market
- How Does Cash-Out Refinancing Work?
- A Gallery Walk, A Night Market: 8 Big Ideas Pitched For DC's Chinatown
- 34,000 And Counting: DC Is 96% of Way Towards Meeting 2025 Housing Production Goals
- As Profits Rise, Capital Gains Tax Hits More DC Home Sellers
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro