42 U.S.C. § 2348 : US Code - Section 2348: Priority sale of apartment houses

Search 42 U.S.C. § 2348 : US Code - Section 2348: Priority sale of apartment houses

(a) Grantees eligible; priorities; applicability of deduction,
financing and indemnity provisions
The Commission is authorized at Los Alamos to grant to occupants
project-connected persons, and persons residing in the community
both at the time of offering of an apartment house for sale and for
the preceding six months, and to any of the foregoing persons
acting together, such priority interests and priority rights for
the purchase of the apartment house as the Commission determines to
be fair and reasonable: Provided, That a first priority right to
purchase may be granted only to an occupant or a group of
occupants, or an assignee (whose membership or ownership is
composed of occupants, or project-connected persons, or persons
residing in the community both at the time of offering of an
apartment house for sale and for the preceding six months, or any
of the foregoing persons) of the priority interests of such
occupants, who or which has obtained the priority interest of at
least 60 per centum of the occupants of the apartment house:
Provided further, That a second priority right to purchase may be
granted only to an entity whose membership or ownership consists of
occupants, or project-connected persons, or persons residing in the
community both at the time of offering of an apartment house for
sale and for the preceding six months, or any of the foregoing
persons (provided that such entity has obtained the priority
interest of at least one occupant), and whose membership or
ownership equals in number, and occupies or agrees to occupy, at
least 70 per centum of the housing units in the apartment house.
The 15 per centum deduction specified by section 2325(a) of this
title, the deduction provided by section 2326(d) of this title, the
financing provisions of section 2362 of this title, and the
indemnity provided by sections 2363 to 2366 of this title shall be
applicable to such priority sales of apartment houses. Priority
interests granted by the Commission under this section shall be
transferable as the Commission may by rule or regulation prescribe,
but no priority right to purchase shall be transferred except as
provided by section 2333 of this title.
(b) Leasing arrangements by non-participants in apartment house
sales; assumption of lessor's obligations
Any occupant who does not participate in the purchase of an
apartment house with respect to which a priority right to purchase
has been granted shall be entitled, at the time of sale by the
Commission, to a lease for occupancy of his housing unit for a
period not to exceed fifteen months from the date the property was
first offered for sale: Provided, That the occupant makes
application for such a lease within 30 days of the grant of such
priority to purchase. In selling any apartment house with respect
to which lease executed under this section is in effect, the
Commission is authorized to provide for the purchaser to assume any
or all obligations of the lessor. The Commission in such event
shall guarantee the lessee's performance of the lease.
(c) Eligibility to participate in priority purchase
Persons who have purchased, either individually or jointly with
other persons, a single-family house or duplex house (or a single-
family unit in a duplex house) at Los Alamos pursuant to a
priority right under this chapter shall not be eligible to
participate in the priority purchase of an apartment house.
(d) Rules and regulations
The Commission is authorized to prescribe by rule or regulation
such other conditions as it may find necessary or desirable for
qualification of priority interests and rights for the purchase of
an apartment house.