Sec. 05.10.04.02. Acceptance of Owner’s Offer of Right of First Purchase

A. The acceptance of an owner’s offer of a right of first purchase is governed by §§7-204-7-211 of the Act and this regulation.

B. In determining which party’s acceptance will most benefit the assisted households, the Secretary shall consider the following factors as applicable to each prospective purchaser:

(1) The duration of the low income rental restrictions for the project following the purchase;

(2) The number of units to receive or continue to receive, project-based rental assistance or other subsidies, under the prospective purchaser’s ownership of the project;

(3) Projected tenant rents for a period of at least 5 years under the prospective purchaser’s ownership;

(4) Tenant ownership and operation or ownership and operation by a nonprofit developer, local government, or local housing authority;

(5) The experience and expertise of the purchasers in the ownership and operation of low income residential rental property;

(6) The economic feasibility of the project following purchase;

(7) The type, nature, and extent of any proposed physical improvements to the project;

(8) The extent of any tenant services proposed by the prospective purchaser;

(9) The extent to which the proposed ownership would minimize financial hardship and displacement to the tenants; or

(10) Any other relevant factor, including the preferences of the tenants, as determined by the Secretary.