7.1 Notifying the Commission.
(a) The Department must notify the Commission within 5 days of approving the Offering Agreement of the availability of WFH Units and must provide the Commission with information about the development and the WFH Units. The Commission has 14 calendar days from the date of the Department’s notification to make a preliminary decision and to identify to the Developer and the Department any units it wants to reserve for possible purchase or lease. This time period may be extended at the Department’s discretion if the Commission requires more time in which to make its decision. During this time period, it is the responsibility of the Commission to deal directly with the Developer regarding the availability of their WFH Units. The Commission has the remainder of a 30 day period, which began on the date of the initial notice from the Department, to notify the Developer and the Department of its final decision on the purchase or lease of the units that were reserved.
(b) After receipt of the final notice on the units that will be acquired by the Commission, the Developer must deliver sales contracts or lease agreements at least 90 days before the estimated delivery of the units. The Commission must execute the contracts for the WFH Units directly with the Developer. The contracts or lease agreements must be returned to the Developer within 30 days of receipt but no later than 60 days before the anticipated date of delivery of the unit.
7.2 Purchase Restrictions. The Commission may not purchase or lease more than 33.3 percent of the units being offered. In addition, the Commission may not purchase or lease more than 33.3 percent of each type of unit which is being offered unless the Department agrees to other ratios. The term “type of unit” refers to substantial differences such as end and interior units, the number of bedrooms in a particular unit, and the presence of architectural compatibility materials, such as brick. The Commission may purchase resale WFH Units in a particular development only if it did not previously purchase its full allotment of units at the initial offering. In no case, may the Commission own more than 33.3 percent of the WFH Units in a particular development. When calculating the number of units the Commission may purchase, if the resulting number has a remainder, the number of WFH Units the Commission may purchase is rounded down to the nearest whole number.