Page:United States Statutes at Large Volume 105 Part 3.djvu/437

 PUBLIC LAW 102-242—DEC. 19, 1991 105 STAT. 2321 serious interest shall be in such form and include such information as the Corporation may prescribe. "(3) NOTICE OF READINESS FOR SALE. — Upon the expiration of the period referred to in paragraph (2) for a property, the Corporation shall provide written notice to any qualifying multifamily purchaser that has expressed serious interest in the property. Such notice shall specify the minimum terms and conditions for sale of the property. " (4) OFFERS BY QUALIFYING MULTIFAMILY PURCHASERS. —A qualifying multifamily purchaser receiving notice in accordance with paragraph (3) shall have 45 days (from the date notice is received) to make a bona fide offer to purchase the property. The Corporation shall accept an offer that complies with the terms and conditions established by the Corporation. If, before the expiration of such 45-day period, any offer to purchase a property initially accepted by the Corporation is subsequently rejected or fails (for any reason), the Corporation shall accept another offer to purchase the properly made during such period that complies with the terms and conditions established by the Corporation (if such another offer is made). The preceding sentence may not be construed to require a qualifying multifamily purchaser whose offer is accepted during the 45-day period to purchase the property before the expiration of the period. "(5) EXTENSION OF RESTRICTED OFFER PERIODS.— The Corporation may provide notice to clearinghouses regarding, and offer for sale under the provisions of paragraphs (1) through (4), any eligible multifamily housing property— "(A) in which no qualifying multifamily purchaser has expressed serious interest during the period referred to in paragraph (2), or "(B) for which no qualifying multifamily purchaser has made a bona fide offer before the expiration of the period referred to in paragraph (4), except that the Corporation may, in the discretion of the Corporation, alter the duration of the periods referred to in paragraphs (2) and (4) in offering any property for sale under this paragraph. "(6) SALE OF MULTIFAMILY PROPERTIES TO OTHER PURCHASERS. — "(A) TIMING.— I f, upon the expiration of the period referred to in paragraph (2), no qualifying multifamily purchaser has expressed serious interest in a property, the Corporation may offer to sell the property, individually or in combination with other properties, to any purchaser. "(B) LIMITATION ON COMBINATION SALES. —The Corporation may not sell in combination with other properties any property for which a qualifying multifamily purchaser has expressed serious interest in purchasing individually. "(C) EXPIRATION OF OFFER PERIOD. —I f, upon the expiration of the period referred to in paragraph (4), no qualifying multifamily purchaser has made an offer to purchase a property, the Corporation may offer to sell the property, individually or in combination with other properties, to any purchaser. " (7) LOW-INCOME OCCUPANCY REQUIREMENTS.— "(A) SINGLE PROPERTY PURCHASES. —With respect to any purchase of a single eligible multifamily housing property

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