§ 7-204

(a) (1) The owner shall offer the right of first purchase by written notice to:

(i) each political subdivision in which the assisted project is located;

(ii) each local public housing authority;

(iii) each group that represents tenants at the assisted project and has registered with the Secretary;

(iv) each low-income housing developer that has registered with the Secretary and is exempt from taxation under § 501(a) of the Internal Revenue Code; and

(v) any other person that has experience in the ownership or operation of low-income housing projects, is unrelated to the owner, and has registered with the Secretary.

(2) The owner shall deliver the offer:

(i) with or after the notice of intent; and

(ii) to a person registered with the Secretary within 10 days after the Secretary gives the owner the title and mailing address of the person.

(3) The owner shall deliver a copy of the offer to the Department.

(b) The owner’s offer shall include:

(1) the terms of the offer, including:

(i) the date of the offer;

(ii) the purchase price, as determined under § 7-205(b) of this subtitle;

(iii) a date for settlement, which must be 1 year or more after the later of:

1. the date of the owner’s offer; and

2. the date of the notice of intent;

(iv) a provision stating that:

1. the buyer’s obligation is contingent on the buyer’s obtaining financing; and

2. the contingency will not expire before the settlement;

(v) a requirement that the first $10,000 of any deposit by the purchaser be nonrefundable, except as provided in § 7-205(c)(1)(iii) of this subtitle; and

(vi) other terms determined under § 7-205(b) of this subtitle; and

(2) a summary of the procedures and timing to exercise the right of first purchase, as specified in this subtitle and in any departmental regulations.

(c) The date of the owner’s offer is the date on which it is delivered to the last political subdivision to which it must be delivered.