(1) Notwithstanding anything to the contrary in this Chapter 7-200, an owner may not enter into a binding agreement of sale for an affordable housing property until the requirements of this Section 7-204 have been met.
(2) During the 45-day period following provision of notice as set forth in subsection 7-203(1), the owner may not accept, consider, or solicit a purchase offer from anyone except an Eligible Party.
(3) If at any time after the 45-day period provided in subsection (2) an owner of an affordable housing property receives a bona fide offer that the owner intends to accept from an entity other than an eligible party, the owner shall provide notice as set forth in Section 7-203 and include with such notice all material terms of any such offer.
(4) Within sixty (60) days of the mailing date of a notice of a bona fide offer pursuant to subsection (2), any eligible party may submit a matched agreement of sale to the owner.
(5) The owner shall accept any matched agreement of sale that is alike in all material respects to the bona fide offer received, provided that a matched agreement of sale submitted by a tenant or tenant organization shall receive priority over any non-governmental eligible party.
(6) Within thirty (60) days of the mailing date, whether electronic or by hard copy, of a matched agreement of sale to the owner, the owner shall accept such matched agreement of sale or enter into good-faith negotiations with the person who submitted the matched agreement of sale.
(7) If, after ninety (90) days from the mailing date, whether electronic or by hard copy, of the matched agreement of sale the parties have negotiated in good faith but no eligible party, tenant, or tenant organization has submitted a matched agreement of sale that is alike in all material respects to a bona fide offer that the owner intends to accept, the owner shall have no further obligations under this Section 7-204.
Notes
| 11 | Added, Bill No. 221017 (approved May 24, 2023). |