99- 346 C.M.R. ch. 34, § 3

Current through 2024-51, December 18, 2024

Section 346-34-3 - Notice

The owner of a Low-income Rental Housing Project who intends to take such action, must provide Notice to the Tenants of the project, Maine Housing, and the municipal housing authority, if any, for the municipality in which the project is located at least 90 days prior to entering into a contract for sale of the Low-income Rental Housing Project or taking any other action which will terminate rental assistance or affordability restrictions.

a. The Notice to the Tenant must include the following:

i. a statement of the action the owner intends to take;

ii. the anticipated date of the action;

iii. the impact on Tenant and the timing of the impact;

iv. whether governmental assistance is available to the Tenant, in what form, and how Tenants may obtain the assistance;

v. the name and telephone number of the municipality; the municipal housing authority, if any; and a legal services organization that can be contacted to request additional information about an owner's responsibilities and the rights and options of the Tenant;

vi. whether the Tenants will be allowed to remain in their units at the same rent for 6 months following the loss of rental assistance or affordability restrictions; and

vii. whether the Tenant is eligible for relocation assistance as set forth below.

b. The Notice to Maine Housing and the municipal housing authority, if any, must include:

i. a copy of the above described Notice to the Tenant;

ii. a copy of any notices regarding the termination of assistance provided pursuant to Federal law;

iii. an itemized list of monthly operating expenses for the project;

iv. copies of the two most recent financial and physical inspection reports on the project, if any, filed with a federal, state, or local agency;

v. a description of capital improvements made within the two preceding calendar years at the project;

vi. the amount of project reserves;

vii. the rent paid for each unit and the subsidy, if any, paid by a governmental agency for each unit as of the date of the Notice;

viii. the vacancy rate at the project for each of the preceding two years; and

ix. the terms of assumable financing, if any, and the terms of the subsidy contract, if any.

c. An owner may at least 30 days prior to sending the above Notices, request Maine Housing to waive the Notice requirements outlined in 3.b.ii-ix. Maine Housing may waive such Notice requirements if Maine Housing is not interested in purchasing the property.

99- 346 C.M.R. ch. 34, § 3