Preservation of Federally Insured or Assisted Housing

SECTION 34-45-10

§ 34-45-10. Rule making.

(a) The department shall issue such rules and regulations as may be necessary or appropriate to effectuate the purposes of this chapter. The rules and regulations shall include but need not be limited to:

(1) Specific procedural safeguards to assure that every person and entity upon whom a right of first refusal is conferred by this chapter, in accordance with the order and priorities established by § 34-45-8(c), is afforded a fair and reasonable opportunity to exercise their right; and

(2) Provisions as may be necessary or appropriate to assure that a person upon whom a right of first refusal is conferred by this chapter shall be permitted:

(i) Not less than sixty (60) days from receipt of any bona fide offer made pursuant to § 34-45-8 within which to accept the offer, and

(ii) Not less than one hundred twenty (120) days from his or her acceptance of the offer within which to secure financing as may be necessary therefor.

(b) Within sixty (60) days after June 10, 1988, the department shall publish a form containing a summary of rights and obligations pursuant to this chapter, and sources of technical assistance, which shall include, but not be limited to, information regarding counseling, subsidy programs, relocation services, housing purchase and rehabilitation financing, formation of tenant organizations, purchase of developments and conversion of developments to cooperative ownership.

History of Section.
(P.L. 1988, ch. 508, § 1; P.L. 1989, ch. 493, § 1.)