This bill would give certain not-for-profits or joint ventures between not-for-profits and other entities, as certified by the Department of Housing Preservation and Development (“HPD”), a first opportunity to submit a statement of interest in purchasing and a first opportunity to purchase certain residential properties when offered for sale. The bill would require owners of subject properties to notify HPD and qualified entities when they intend to take action to sell such properties. Qualified entities would have 20 days to submit a statement of interest in purchasing the property, and 70 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. An owner would be able to apply for an exemption to the requirements of this bill on a showing of undue financial hardship. HPD would be required to submit periodic reports on the program.