§ 26-805 Right of first refusal.
AC § 26-805
(a)A tenant association, or if applicable, a qualified entity, shall notify the owner and the department in writing of its intent to exercise its right of first refusal within sixty days from receipt of notice from the owner pursuant to subdivision a of section 26-802 of this chapter.
(b)The tenant association, or if applicable, a qualified entity, following notice by the owner in compliance with subdivision a of section 26-802 of this chapter, shall have one hundred twenty days from the date of the notice of the determination of the appraised value to submit its offer to purchase.
(c)The tenant association, or if applicable, a qualified entity, following notice by the owner in compliance with subdivision a of section 26-803 of this chapter, shall have one hundred twenty days from the date of a bona fide offer to purchase to submit its offer to purchase.
(d)If through no fault of a tenant association, or if applicable, a qualified entity, or the owner, the time periods provided for in subdivisions b or c of this section need to be extended, then such time periods may be extended by the department. Should such time period be extended past the notice period provided for in subdivision a of section 26-802 of this chapter, then the provisions of the applicable assisted rental housing program shall remain in full force and effect to the extent permitted by law.
(e)Unless the owner and a tenant association, or if applicable, a qualified entity, otherwise agree to purchase the assisted rental housing below its appraised value, the owner shall sell such assisted rental housing at the appraised value or at the price contained in a bona fide offer to purchase price as approved by the department.
(f)The department shall promulgate rules for the timely completion of all lending program applications, credit reviews and loan closings.
(g)If a tenant association, or if applicable, a qualified entity, does not submit its offer in writing to the owner and the department within the time periods stated in subdivisions b or c of this section following notice by the owner in compliance with subdivision a of section 26-802 of this chapter, then such right will be deemed waived and the owner shall have no further obligations under this section. However, where a tenant association, or if applicable, a qualified entity, has previously submitted a notice in accordance with subdivision a of this section decides not to exercise such right, it may withdraw such notice by giving written notice to that effect to the owner and to the department. Editor's note: For related unconsolidated provisions, see Appendix A at L.L. 2005/079.
