The Community Opportunity to Purchase Act is back on the table less than six months after it was vetoed by then-Mayor Eric Adams — in a less dramatic form.

A new version of the controversial bill was introduced Thursday with the backing of 22 New York City Council members. The legislation would give certain nonprofits first dibs to purchase multifamily properties that hit the market or receive an offer.

The bill was first introduced in 2024 and sparked outcry from the real estate industry. The city council passed a watered-down version in a 31-10 vote in December, but its Adams veto, unlike many others handed out at that time, wasn't overruled.

The latest version features another set of revisions, the most significant being that it targets a smaller universe of buildings.

COPA would apply to multifamily buildings with four or more units under any one of the following conditions:

• The building is in the city's Alternative Enforcement Program, which applies to buildings with chronic issues.

• The city has determined it to be a distressed property subject to an in rem foreclosure action.

• The property has an average of at least three open violations per day over the previous year.

• The building has an order to correct a chronic underlying condition that has gone unresolved for at least one year.

• The owner has been denied a certification of no harassment within the preceding year and there has been no cure.

• The building has fewer than 100 units and is subject to an affordability restriction, other than 421-a, that is set to expire within two years.

It also shortens timelines for bids. Qualified entities would have 20 days to submit a statement of interest and 70 days to submit a first offer to purchase the property, down from 25 and 80 days, respectively, in last year's bill.

Originally, COPA excluded for-profit entities. It was later changed to allow nonprofits to partner with for-profit companies approved by the Department of Housing Preservation and Development. Now, for-profits aren’t required to be certified by HPD, but the nonprofit partner must have a controlling interest in the joint venture.

The latest version also softens enforcement. If an owner sells an applicable property without notifying the city, the landlord would face a penalty capped at 15% of the sales price. Previously, there was no cap, and the landlord would be taken to court, where a judge would decide the penalty if a rule violation was found.

If a seller receives a higher offer for the property, the nonprofit buyer would have a right of first refusal, meaning it could match the offer. If the seller doesn't receive any COPA offers, it may move forward with a sale without any restrictions.

An owner would also be able to apply for an exemption to the bill if it shows evidence of undue financial hardship.

The bill has been spearheaded by Council Member Sandy Nurse, who represents District 37 in Brooklyn, which covers Cypress Hills, Bushwick, City Line, Ocean Hill, Brownsville and East New York.

COPA has a greater chance of becoming law this time around, given Mayor Zohran Mamdani’s support for the legislation. In February, a spokesperson for the mayor said his administration would be “working closely with Council Member Nurse to reintroduce and pass the legislation.”

The new bill is set to be discussed during the council's scheduled meeting Thursday afternoon.