H. Rent-to-Own Program
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/hi/h-rent-to-own-programA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
H. Rent-to-Own Program
[§201H-181] Rent-to-own program.
(a)The corporation may establish a rent-to-own program under which dwelling units that are for sale may be rented to program participants. Under this program, the corporation shall credit a portion of the rent received toward the purchase of the unit.
(b)The sales price shall be established at the beginning of the rental term and shall remain fixed for the first five years after the rental agreement is executed. During this period, the participant shall have the option of purchasing the unit at the designated sales price. If the participant does not elect to purchase the unit within the five-year period, the renter shall forfeit the right to continue living in the unit and the unit shall be made available to another purchaser or renter.
(c)The corporation shall have the right to reestablish the sales price upon expiration of the option period or upon resale of the unit. [L 2006, c 180, pt of §4]