SECTION 330:36-8-9. Three-year Period

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(a)   If OHFA fails to present a Qualified Contract (QC) before the expiration of the 1YP as described herein, the Development will remain subject to the Three-Year Period requirements of Code Section 42(h)(6)(E)(ii).
(b)   The Three-Year Period will commence with the recording of a Release of the Regulatory Agreement.
(c)   During the Three-Year Period the Owner may not evict or terminate a tenancy of an existing tenant of any Low-Income Unit except for good cause. During the Three-Year Period the Owner may not increase the Gross Rent with respect to any Low-Income Unit except as permitted under Section 42 of the Code.

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

                    
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