Required notice of opportunity to purchase participating property
- • exceptions
- • procedure
- • rules
(1) Except as provided in subsection (2) of this section, a property owner shall provide notice by registered or certified mail, return receipt requested, to the Housing and Community Services Department and each local government entitled to notice under ORS 456.260 (Requirement of property withdrawal notice), of the opportunity to offer to purchase a participating property at least 13 months prior to the occurrence of any of the following actions if the action will result in withdrawal of the participating property from publicly supported housing:
(a) Refinancing of the primary mortgage;
(b) Recapitalizing for purposes of rehabilitation or repair;
(c) Entering into an agreement to sell the property to a new property owner; or
(d) Withdrawing the participating property from publicly supported housing.
(2) Subsection (1) of this section does not apply when:
(a) A local government or the state takes the participating property by eminent domain or a negotiated purchase in lieu of eminent domain;
(b) There is a forced sale of the participating property under a foreclosure; or
(c) The participating property is subject to a deed in lieu of foreclosure.
(3)(a) The property owner shall provide the notice required in subsection (1) of this section to afford the qualified purchasers the opportunity to purchase required by this section within the time frames indicated in subsection (5) of this section.
(b) A property owner is under no obligation to accept a qualified purchaser’s offer made pursuant to subsection (5) of this section.
(4) The department may appoint a designee to act as purchaser of the participating property and shall give the property owner notice of the appointment of a designee. The department must consult with each local government where the property is located before appointing a designee under this subsection. The department must enter into a written agreement with the appointed designee providing that the designee and any of the designee’s successors or assigns:
(a) Agree to preserve the affordability of the participating property; and
(b) Assume all rights and responsibilities attributable to the department as a prospective purchaser of the participating property.
(5) A qualified purchaser may, within 90 days from the date of a property owner’s notice under subsection (1) of this section, submit an offer to the property owner to purchase the participating property. Failure by all qualified purchasers to submit a timely offer constitutes an irrevocable waiver of the each qualified purchaser’s rights under this section, and, subject to ORS 456.263 (Acceptance of third party offer to purchase participating property), the property owner may sell the participating property to a third party or withdraw the participating property from publicly supported housing.
(6) If, within 210 days from the date of a property owner’s notice under subsection (1) of this section or within such other period of time to which the qualified purchasers and the property owner may agree, the property owner has not accepted any qualified purchaser’s offer to purchase the participating property, each qualified purchaser’s offer shall expire, each qualified purchaser’s right to purchase the participating property under this section shall terminate and, subject to ORS 456.263 (Acceptance of third party offer to purchase participating property), the property owner may sell the participating property to a third party or withdraw the participating property from publicly supported housing.
(7) At any time after the notice described in subsection (1) of this section has been provided, a qualified purchaser may request, in writing, that the property owner make available, within 30 days of the request, documents that are relevant to the participating property at the property owner’s principal place of business or at a commercial photocopying facility.
(8)(a) Notwithstanding the provisions of ORS 192.311 (Definitions for ORS 192.311 to 192.478) to 192.478 (Exemption for Judicial Department) relating to public records, the documents provided by the property owner to a qualified purchaser under subsection (7) of this section are confidential and exempt from public inspection except with the written consent of the property owner or as ordered by a court.
(b) Notwithstanding paragraph (a) of this subsection, disclosure may be made to potential funding sources, regulatory agencies or agents or consultants of a qualified purchaser in connection with a transaction between the property owner and a qualified purchaser under this section, subject to appropriate confidentiality agreements.
(9) The department shall adopt rules to implement the provisions of this section. [2017 c.608 §6]
Note: See note under 456.250 (Definitions for ORS 456.250 to 456.265).
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.