Section 64.06 - Sale by Owner to Designee or Third Party760 CMR 64.06 contains standards and procedures for the Sale by the Owner of Publicly-assisted Housing to a Designee or Third Party, in accordance with M.G.L. c. 40T, § 4, so long as the Owner complies with all other requirements of M.G.L. c. 40T and 760 CMR 64.00.
(1)Sale to Third Party. If any of the following events occur, the Owner may complete a Sale of the Publicly-assisted Housing to a Third Party within two years from the applicable date specified in M.G.L. c. 40T, so long as the Owner complies with all other requirements of M.G.L. c. 40T and 760 CMR 64.00: (a) the Department and its Designee irrevocably waive their rights of offer, for the two-year period from the applicable date specified in M.G.L. c. 40T, by failing to submit a timely offer to the Owner, as set forth in M.G.L. c. 40T, § 3(c);(b) the Department and its designee waive their rights of offer as set forth in M.G.L. c. 40T, § 3, by prior written communication to the Owner;(c) the Department or its Designee fails to enter into a Purchase Contract with the Owner following the Owner's acceptance of an offer from the Department or its Designee, as set forth in M.G.L. c. 40T, § 3(c);(d) the Department or its Designee fails to execute a proposed Purchase Contract offered by the Owner, as set forth in M.G.L. c. 40T, § 4(b);(e) the Department or its Designee executes a Purchase Contract, but fails to perform in accordance with such Purchase Contract, as set forth in M.G.L. c. 40T, 4(d);(f) the Department or its Designee fails to make a timely counteroffer, or the Owner rejects such counteroffer, in either case as set forth in M.G.L. c. 40T, § 4(e); or(g) the Department and its Designee waive their rights of first refusal and counteroffer as set forth in M.G.L. c. 40T, § 4, by prior written communication to the Owner.(2)Failure of Performance by Department or Designee. For the purposes of M.G.L. c. 40T, § 4(d), failure of performance shall be deemed to occur on the Time For Performance set forth in the Purchase Contract, if the Department or its Designee fails to satisfy the terms and conditions of the Purchase Contract.(3)Terms and Conditions of Third Party Purchase Contract. In making a determination under M.G.L. c. 40T, § 4(e), and the procedures set forth in 760 CMR 64.08 as to whether the economic terms and conditions of a Purchase Contract are the same as or materially more favorable than the terms of the Third Party Contract, giving rise to the Department's rights pursuant to M.G.L. c. 40T, § 4(b), the Department will consider, in its reasonable discretion, such factors, as the Department may determine to be relevant in guidance, including, but not limited to, changes to the purchase price, property description, transaction structure, deposit amount, or Time for Performance.(4)Submission of Documents to Department. (a)Submission of Purchase Contract. The Owner shall, not later than seven days after the execution or amendment of a Purchase Contract with a Third Party, provide the Department with a copy of such document. The Owner shall accompany the submission with written confirmation demonstrating that the Purchase Contract was executed within the applicable two-year period set forth in M.G.L. c. 40T, § 4. The submission shall include a certification by the Owner that the document is accurate and complete and there are no other agreements between the Owner and the Third Party, or an affiliate of either, with respect to the Sale of the Publicly-assisted Housing. Together with this submission, the Owner and the Third Party may seek a Preliminary Certificate of Compliance from the Department, pursuant to 760 CMR 64.08.(b)Submission of Transfer Document. A new Owner shall provide the Department with a copy of any deed or other document transferring the previous Owner's interest in Publicly-assisted Housing, not later than seven days after the recording or filing of the deed or other document with the registry of deeds or the registry district of the land court of the county in which the affected real property is located. Together with this submission, the new Owner may seek a Final Certificate of Compliance from the Department, pursuant to 760 CMR 64.08.Amended by Mass Register Issue 1320, eff. 8/26/2016.Amended by Mass Register Issue 1324, eff. 8/26/2016.