§ 44-9-8.3 - Sale of owner-occupied residential property to housing agency.
SECTION 44-9-8.3
§ 44-9-8.3 Sale of owner-occupiedresidential property to housing agency. – (a) Where the property subject to tax sale is owner-occupied residential andcontains three (3) or less units, the Rhode Island Housing and Mortgage FinanceCorporation shall have a right of first refusal to acquire the tax lien at taxsale, and may assist the owner to discharge the lien or take title and acquirethe property in its own name pursuant to regulations to be developed by thecorporation, consistent with its purposes. The corporation shall notify thecollector of its intention to exercise this right by the later of: (i) thirty(30) days from its receipt of the certified mail notice set forth in §44-9-10; or (ii) ten (10) days before the date of sale or any adjournment ofthe sale. Failure of the corporation to notify the collector as provided hereinshall extinguish the right of first refusal provided in this section.
(b) There shall be an advisory board consisting of six (6)members: one person appointed by the Rhode Island League of Cities and Towns;one person appointed by the Consumer Credit Counseling Services of RhodeIsland; one person appointed by Rhode Island Legal Services; one personappointed by the Housing Network of Rhode Island, one appointed by the UrbanLeague of Rhode Island and one appointed by the Center for Hispanic Policy andAdvocacy. The advisory committee shall provide advice and recommendations tothe governing board of the Rhode Island Housing and Mortgage FinanceCorporation regarding that corporation's activities under this section. Themembers of the advisory board shall receive no compensation for the performanceof their duties, but may be reimbursed for reasonable expenses incurred incarrying out their duties.