§ 34-45-7 - Opportunity to purchase.
SECTION 34-45-7
§ 34-45-7 Opportunity to purchase. –No owner shall:
(1) Sell, lease, or otherwise dispose of, or prepay anyobligation secured by, a federally insured or assisted development in a mannerwhich would result in either:
(i) A discontinuance of the use of the development as afederally insured or assisted housing development or a development that wasfederally insured or assisted within the preceding two year period, or
(ii) Cause the termination of any use restrictions whichapply to the development, or
(2) Record a declaration of condominium, pursuant to chapter36.1 of this title, with respect to all or any portion of a federally insuredor assisted development, or
(3) Terminate any contract subject to the provisions of§ 34-45-5 of this chapter unless he or she shall have first provided eachof the persons and entities listed below an opportunity to purchase thedevelopment at a price and upon terms which represent a bona fide offer tosell, in compliance with the provisions of § 34-45-8. The persons andentities to whom such an opportunity to purchase shall be provided are:
(i) The tenant association of the development,
(ii) The corporation,
(iii) The housing authority of the city or town in which thedevelopment is located, and
(iv) The municipal government of the city or town in whichthe development is located.