WILLIAM DONALD SCHAEFER, Governor                      Ch. 96

(II) OCCURS WITHIN 1 YEAR FOLLOWING THE

EFFECTIVE DATE OF A PREPAYMENT UNDER § 9-102(B)(1) OF THIS TITLE
OR A TERMINATION, EXPIRATION, OR FAILURE TO RENEW OR EXTEND UNDER
§ 9-102(B)(2) OF THIS TITLE.

(B)  (1) THE OWNER SHALL PROVIDE THE OFFER OF THE RIGHT OF
FIRST PURCHASE OF THE ASSISTED PROJECT BY A WRITTEN NOTICE,
DELIVERED CONCURRENTLY WITH OR FOLLOWING THE NOTICE OF INTENT,
AND WITH A COPY TO THE DEPARTMENT, TO THE FOLLOWING PARTIES:

(I)  THE LOCAL HOUSING AUTHORITY, IF ANY;

(II)  EACH APPLICABLE LOCAL JURISDICTION; AND

(III)   IF THE FOLLOWING HAVE REGISTERED WITH THE
SECRETARY:

1.  ANY GROUP REPRESENTING ANY OF THE
EXISTING TENANTS AT THE ASSISTED PROJECT; AND

2.  ANY LOW INCOME HOUSING DEVELOPER
EXEMPT FROM TAXATION UNDER § 501(A) OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED, OR THE CORRESPONDING PROVISION OF ANY
SUCCEEDING INTERNAL REVENUE LAW; AND

3. ANY OTHER INDIVIDUAL, PARTNERSHIP, OR
CORPORATION WITH EXPERIENCE IN THE OWNERSHIP OR OPERATION OF LOW
INCOME HOUSING PROJECTS AND WHICH IS UNRELATED TO THE OWNER.

(2) THE OFFER SHALL BE DELIVERED TO THE PARTIES
REGISTERED PURSUANT TO THE PROVISIONS OF SUBSECTION (B)(1)(III)
OF THIS SECTION WITHIN 10 DAYS AFTER THE SECRETARY HAS DELIVERED
TO THE OWNER THE TITLE AND MAILING ADDRESS OF A PERSON TO WHOM
THE OFFER CAN MAY BE DELIVERED.

(C)  THE OWNER'S OFFER SHALL INCLUDE:

(1)  THE DATE OF THE OWNER'S OFFER, WHICH SHALL BE
DEEMED TO BE THE DATE ON WHICH THE OFFER IS DELIVERED TO THE LAST
LOCAL JURISDICTION REQUIRED TO RECEIVE THE OFFER;

(2)  THE TERMS OF THE OFFER, WHICH SHALL INCLUDE:

(I)  THE PURCHASE PRICE AS DETERMINED UNDER
SUBSECTION (D) OF THIS SECTION;

(II)  A FINAL DATE FOR SETTLEMENT, WHICH MAY NOT
BE EARLIER THAN 1 YEAR FROM THE LATER OF THE DATE OF THE OWNER'S
OFFER OR THE DATE OF THE NOTICE OF INTENT;

(III)  A CONTINGENCY FOR THE ACQUISITION OF
FINANCING WHICH MAY NOT EXPIRE BEFORE THE FINAL DATE FOR
SETTLEMENT;

- 1769 -