§2348 Priority Sale of Apartment Houses

Summary

Allows the Commission at Los Alamos to give priority rights to buy apartment houses to occupants, people connected to the project, and community residents who lived there when a house is offered and for the six months before. A first priority can go only to an occupant or group who holds at least 60% of the occupants’ priority interests. A second priority can go only to an entity made up of those same kinds of people that has at least one occupant’s interest and whose members equal and occupy (or agree to occupy) at least 70% of the units. The 15% deduction in section 2325(a), the deduction in section 2326(d), the financing rules in section 2362, and the indemnity in sections 2363–2366 apply. Priority interests can be transferred under Commission rules, but the priority right to buy cannot be transferred except as section 2333 allows. Any occupant who does not join a purchase can apply within 30 days for a lease up to 15 months from the first offering date. The buyer may take on the lessor’s duties, and the Commission will guarantee the lease. People who already bought a single‑family or duplex under a priority right cannot take part in an apartment priority purchase. The Commission may make other reasonable rules for qualifying.