Prince George's County, Maryland has provided a $15 million nest egg for a program designed to maintain its existing affordable housing stock.
Prince George’s County, Maryland in November created the Right of First Refusal Preservation Fund—providing $15 million to support the preservation of affordable housing in the county through the county's Right of First Refusal (ROFR) program, reports Jack Pointer for WTOP. The program "requires property owners who want to sell a building of 20 rental units or more to notify the county’s Department of Housing and Community Development after they enter into a contract," writes Pointer. "The department can exercise its ROFR rights and buy the property, or assign its buying rights to a third party."
The program has already intervened in two cases in the county, as detailed in the source article, linked below.
FULL STORY: Prince George’s County launches fund to preserve affordable housing
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