5350

COUNTY LOCAL LAWS

CRITICAL PUBLIC NEED FOR HOUSING FOR FAMILIES OF LOW
INCOME, THE MONTGOMERY COUNTY HOUSING AUTHORITY OR ANY
OTHER HOUSING DEVELOPMENT AGENCY OR CORPORATION
DESIGNATED BY THE COUNTY EXECUTIVE SHALL HAVE THE OPTION
TO PURCHASE OR LEASE UP TO ONE-THIRD OF ALL MODERATELY
PRICED DWELLING UNITS WHICH ARE SOLD OR RENTED PURSUANT
TO SUBSECTION (2) OF SECTION 25A-3 OF THIS CHAPTER. THE
DEPARTMENT OF COMMUNITY AND ECONOMIC DEVELOPMENT SHALL
NOTIFY THE AUTHORITY OR OTHER DESIGNATED AGENCY OR
CORPORATION PROMPTLY UPON RECEIPT OF NOTICE FROM THE
APPLICANT AS PROVIDED UNDER SUBSECTION (A) OF THIS
SECTION OF THE AVAILABILITY OF MODERATELY PRICED DWELLING
UNITS. THE AUTHORITY OR OTHER DESIGNATED AGENCY OR
CORPORATION MUST, WITHIN SIXTY (60) DAYS AFTER NOTICE IS
RECEIVED BY THE DEPARTMENT OF COMMUNITY AND ECONOMIC
DEVELOPMENT PURSUANT TO SUBSECTION (A) OF THIS SECTION,
EXERCISE ITS OPTION HEREUNDER BY AGREEING TO PURCHASE OR
LEASE A SPECIFIED NUMBER OF MODERATELY PRICED DWELLING
UNITS COVERED BY THIS OPTION. ANY MODERATELY PRICED
DWELLING UNITS NOT PURCHASED OR LEASED UNDER THIS
SUBSECTION SHALL BE SOLD OR RENTED ONLY TO ELIGIBLE
PERSONS PURSUANT TO SUBSECTION (A) OF THIS SECTION DURING
THE PERIOD OF TIME REMAINING FOR ELIGIBLE PERSONS TO
PURCHASE OR LEASE UNDER THAT SUBSECTION. THE APPLICANT
AND THE AUTHORITY OR OTHER DESIGNATED AGENCY OR
CORPORATION SHALL DETERMINE, THROUGH NEGOTIATIONS, WHICH
OF THE MODERATELY PRICED DWELLING UNITS THE AUTHORITY,
AGENCY OR CORPORATION SHALL PURCHASE OR LEASE. IT IS
FURTHER PROVIDED THAT NOTHING CONTAINED HEREIN SHALL BE
CONSTRUED TO PREVENT THE AUTHORITY, AGENCY OR CORPORATION
FROM PURCHASING OR LEASING MORE THAN ONE-THIRD OF SUCH
MODERATELY PRICED DWELLING UNITS IF BOTH THE APPLICANT
AND THE AUTHORITY, AGENCY OR CORPORATION WISH TO MAKE
SUCH AN ARRANGEMENT.

25A-7. CONTROL OF RESALE AND RE-RENTAL PRICES.

(A) SALES HOUSING; PRICE AT RESALE. MODERATELY

PRICED DWELLING UNITS CONSTRUCTED OR OFFERED FOR SALE

UNDER THIS CHAPTER SHALL NOT BE SOLD BY THE FIRST

PURCHASER OR SUBSEQUENT PURCHASER FOR A PERIOD OF FIVE

YEARS FROM THE DATE OF ORIGINAL SALE FOR A PRICE GREATER

THAN THE HIGHER OF THE FOLLOWING, AS DETERMINED BY THE
COUNTY EXECUTIVE:

(I) A SALES PRICE (INCLUDING CLOSING COSTS
AND BROKERAGE FEES) WHICH EXCEEDS THE ORIGINAL SELLING
PRICE PLUS THAT PERCENTAGE OF THE UNIT'S APPRECIATION IN
VALUE ATTRIBUTABLE TO THE INCREASE IN THE COST OF LIVING
FOR THE PERIOD BETWEEN PURCHASE AND RESALE, AS DETERMINED
BY THE U.S. DEPARTMENT OF COMMERCE CONSUMER PRICE INDEX,
PLUS THE FAIR MARKET VALUE OF IMPROVEMENTS MADE TO THE
UNIT BETWEEN THE TIME OF PURCHASE AND RESALE, OR