Sale or transfer to nonprofit organizations and public bodies.

CFR · 2024-01-01 · US · Title 7

(a) (1) The expense of the borrower's appraisal shall be borne by the borrower. The appraiser selected may not have an identity of interest with the borrower. (2) If the two appraisers fail to agree on the market value, the Agency and the borrower will jointly select an appraiser whose appraisal will be binding on the Agency and the borrower. The Agency and the borrower shall jointly fund the cost of the appraisal. (b) (1) The borrower must advertise and offer to sell the project for a minimum of 180 days. The borrower may choose to suspend advertising and other sales efforts while eligibility of an interested purchaser is determined. If the purchaser is determined to be ineligible, the borrower must resume advertising for the balance of the required 180 days. (2) The Agency will assist the borrower in initially notifying nonprofit organizations and public bodies. (3) The borrower must provide the nonprofit organizations and public bodies contacted with sufficient information regarding the housing project and its operations for interested purchasers to make an informed decision. The information provided must include the minimum value of the housing project based on the market value determined in accordance with paragraph (a) of this section. (4) If an interested purchaser requests additional information concerning the housing project, the borrower must promptly provide the requested materials. (c) (d) (e) (1) The purchaser must agree to maintain the housing project for very l

official document · source cfr-2024 · id 7:§ 3560.659