825 R.I. Code R. 825-RICR-30-00-3.2

Current through December 3, 2024

Section 825-RICR-30-00-3.2 - SCOPE OF REGULATIONS

A. Transfers to which these regulations apply.

1. A Transfer is deemed to take place, and these regulations apply, upon the occurrence of any of the following events:

a. A sale, conveyance, assignment or transfer of:

(1) A Housing Development;

(2) The right to receive rents or profits from a Housing Development; or

(3) A Substantial Interest in an Owner.

b. A change in the legal form of an Owner; or

c. The death or withdrawal of a general partner of an Owner.

B. Prepayments to which these regulations apply. Prepayment of the entire outstanding balance of the Mortgage Loan, whether or not made in connection with a sale, conveyance, assignment or other transfer of the Housing Development.

C. Exception. The occurrence of an event specified in §§ 3.2(A)(1)(a) through (c) of this Part, within one year following the date of closing of the Mortgage Loan shall not constitute a Transfer if such event was expressly disclosed in the application for the Mortgage Loan and was expressly consented to in writing by the Corporation.

825 R.I. Code R. 825-RICR-30-00-3.2