This bill would give certain qualified entities, as set by Department of Housing Preservation and Development (“HPD”) rule, a first opportunity to submit a statement of interest in purchasing and a first opportunity to purchase certain residential buildings or lots zoned for residential use when offered for sale. The bill would require owners of subject properties to notify HPD and qualified entities when subject properties will be listed for sale. Qualified entities would have 45 days to submit a statement interest in purchasing the property, and 90 days to submit a first offer to purchase the property. Qualified entities would also have a right of first refusal if an owner receives an offer from a person other than a qualified entity. HPD would be required to submit periodic reports on the program established by this bill.