§2348 Priority Sale of Apartment Houses

Summary

The Commission at Los Alamos can give people special priority to buy an apartment building. These priorities can go to occupants, to people connected with the project, or to people who lived in the community when the building was offered for sale and for the six months before that. Occupant — someone who lives in a unit. Project-connected person — someone tied to the project. Community resident — someone who lived in the area at the offer and for the prior six months. A first priority to buy can go only to an occupant or group of occupants (or their assignee) that holds at least 60% of the occupants’ priority interests. A second priority can go only to an entity made up of occupants or those other groups 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 rules in sections 2363–2366 apply to these sales. Priority interests can be transferred under Commission rules, but purchase rights can be transferred only as section 2333 allows. An occupant who does not join a purchase can apply within 30 days of the priority grant for a lease up to 15 months from the first sale offer. The Commission may require buyers to take on landlord duties and will guarantee the lease performance. People who already bought a single-family or duplex under a priority right cannot take part in apartment priorities. The Commission may make other reasonable rules for qualifying.