Section 7-204 - Right of first purchase - Offer.
§ 7-204. Right of first purchase - Offer.
(a) In general.-
(1) The owner shall offer the right of first purchase by written notice to:
(i) each political subdivision in which the assisted project is located;
(ii) each local public housing authority;
(iii) each group that represents tenants at the assisted project and has registered with the Secretary;
(iv) each low-income housing developer that has registered with the Secretary and is exempt from taxation under § 501(a) of the Internal Revenue Code; and
(v) any other person that has experience in the ownership or operation of low-income housing projects, is unrelated to the owner, and has registered with the Secretary.
(2) The owner shall deliver the offer:
(i) with or after the notice of intent; and
(ii) to a person registered with the Secretary within 10 days after the Secretary gives the owner the title and mailing address of the person.
(3) The owner shall deliver a copy of the offer to the Department.
(b) Contents.- The owner's offer shall include:
(1) the terms of the offer, including:
(i) the date of the offer;
(ii) the purchase price, as determined under § 7-205(b) of this subtitle;
(iii) a date for settlement, which must be 1 year or more after the later of:
1. the date of the owner's offer; and
2. the date of the notice of intent;
(iv) a provision stating that:
1. the buyer's obligation is contingent on the buyer's obtaining financing; and
2. the contingency will not expire before the settlement;
(v) a requirement that the first $10,000 of any deposit by the purchaser be nonrefundable, except as provided in § 7-205(c)(1)(iii) of this subtitle; and
(vi) other terms determined under § 7-205(b) of this subtitle; and
(2) a summary of the procedures and timing to exercise the right of first purchase, as specified in this subtitle and in any departmental regulations.
(c) Date of owner's offer.- The date of the owner's offer is the date on which it is delivered to the last political subdivision to which it must be delivered.
[An. Code 1957, art. 83B, § 9-104(b), (c)(1)-(3); 2005, ch. 26, § 2.]