SECTION 330:36-8-11. Qualified Contract

Latest version.

(a) Under IRC §42(h)(6)(E)(i)(II), OHFA's only obligation is to present to the Owner a bona fide Qualified Contract to acquire the Development for the Qualified Contract Price. There is no requirement in the IRS Code that the prospective buyer actually purchase the Development. Whether or not the Owner and the prospective buyer execute a contract and close the transaction is beyond the responsibilities and control of OHFA.
(b) Presentation of a Qualified Contract by OHFA terminates any future possibility of terminating the Extended Use Period set forth in the Regulatory Agreement whether or not the Qualified Contract is executed and the transaction closed.

[Source: Added at 23 Ok Reg 2980, eff 7-13-06; Amended at 28 Ok Reg 1658, eff 1-1-12; Amended at 30 Ok Reg 1987, eff 1-1-14]

                    
                        var val = document.getElementById('citecontent').innerHTML;
                        art.dialog.defaults.title = window.location.href;
                        art.dialog.data('cite', val);
                        art.dialog.data('homeDemoPath', '/Scripts/plus/artDialog/');
                        art.dialog.open('/Scripts/plus/artDialog/citeiframe.html');