Prince George’s Right of First Refusal Implementation
Witnesses are needed to help offer opposing testimony this Thursday morning on legislation that would implement Prince George’s County’s right of first refusal law. CR-51-2015 will be considered by the Committee on Transportation, Housing and Environment at 10:00 on Thursday, September 24. The Committee meeting will be in the County Administration Building, Room 2027, 14741 Governor Oden Bowie Drive, Upper Marlboro, MD 20772.
Recall that legislation was enacted in 2013, after a bitter fight, requiring sellers of multifamily rental housing with 20 or more units to grant the County DHCD a right of first refusal. However, the law contained a provision suspending the implementation of the law until the Council passed a resolution designating areas of the County in which the law would be applied. This resolution would designate the entire County as the area where the right of first refusal should be enforced, putting the law into effect in 30 days.
AOBA Position – Oppose CR-51 as an unwarranted intrusion of the County between willing buyers and sellers of apartment communities. Implementing the right of first refusal will add risk to apartment sales due to delays, the risk of non-performance by the County and it’s assignees, and financial losses to contract buyers who have conducted due diligence.
For AOBA members who do not wish to see future sales of multifamily rental properties jeopardized by the County, here is your chance to object and help make our case.
Please contact Ron Wineholt at firstname.lastname@example.org if you or a member of your staff is available for testimony this Thursday.