Page:United States Statutes at Large Volume 103 Part 1.djvu/405

 PUBLIC LAW 101-73—AUG. 9, 1989 103 STAT. 377 eligible multifamily housing property for purposes of inspection. (B) EXPRESSION OF SERIOUS INTEREST. — Qualifying multi- j family purchasers may give written notice of serious in- terest in a property during a period ending 90 days after the time the Corporation provides notice under subparagraph (A), or until the Corporation determines that a property is ready for sale, whichever occurs first. Such notice of serious ^ interest shall be in such form and include such information ^ as the Corporation may prescribe. "(C) NOTICE OF READINESS FOR SALE.—Upon determining that a property is ready for sale the Corporation shall provide written notice to any qualifying multifamily pur- chaser that has expressed serious interest in the property. Such notice shall specify the minimum terms and condi- tions for sale of the property. "(D) OFFERS TO PURCHASE,—A qualifying multifamily pur- chaser receiving notice in accordance with subparagraph (C) shall have 45 days (from the date notice is received) to •^• make a bona fide offer to purchase a property. The Corpora- tion shall accept an offer that complies with the terms and conditions established by the Corporation. "(E) LOWER-INCOME OCCUPANCY REQUIREMENTS. —Not less than 35 percent of sdl dwelling units purchased by a qualify- ing multifamily purchaser under subparagraph (D) shall be made available for occupancy by and maintained as afford- able for lower-income families during the remaining useful life of the property in which the units are located, provided that not less than 20 percent of all units shall be made available for occupancy by and maintained as affordable for very low-income families during the remaining useful life of such property. If a single entity purchases more than 1 eligible property as part of the same negotiation, the requirements of this subparagraph shall apply in the aggre- C gate to the properties so purchased. The requirements of this subparagraph shall be contained in the deed or other recorded instrument. ^ "(F) SALE OF MULTIFAMILY PROPERTIES TO OTHER PUR- CHASERS. — "(i) If, upon the expiration of the period referred to in subparagraph (B), no qualifying multifamily purchaser has expressed serious interest in a property, the Cor- poration may offer to sell the property, individually or in combination with other properties, to any purchaser, "(ii) The Corporation may not sell in combination with other properties any property which a qualifying multifamily purchaser has expressed serious interest in purchasing individually. "(iii) If, upon the expiration of the period referred to in subparagraph (D), no qualifying multifamily pur- chaser has made an offer to purchase the property, the Corporation may sell the property, individually or in combination with other properties, to any purchaser. "(G) EXEMPTIONS. — " (i) CONTINUED OCCUPANCY OF CURRENT RESIDENTS. — No purchaser of an eligible multifamily housing prop- erty may terminate the occupancy of any person resid-

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