Sec. 231. DEFINITIONS OF QUALIFIED AND PRIORITY PURCHASER AND RELATED PARTY RULE
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## SEC. 231 DEFINITIONS OF QUALIFIED AND PRIORITY PURCHASER AND RELATED PARTY RULE **[**[12 U.S.C. 4121](/us/usc/t12/s4121)**]** ###
(a)Priority Purchaser The term “**priority purchaser**” means
(A)a resident council organized to acquire the housing in accordance with a resident homeownership program that meets the requirements of section 23112; and
(B)any nonprofit organization or State or local agency that agrees to maintain low-income affordability restrictions for the remaining useful life of the housing (as determined under section 222(d)).13 12So in law. Probably intended to refer to section 226. 13So in law. Probably intended to refer to section 222(c). ###
(b)Qualified Purchaser The term “**qualified purchaser**” means any entity that agrees to maintain low-income affordability restrictions for the remaining useful life of the housing (as determined under section 222(c)), and includes for-profit entities and priority purchasers. ###
(c)Related Parties Except as provided in subsection (d), the terms “**qualified purchaser**” and “**priority purchaser**” do not include any entity that, either directly or indirectly, is wholly or partially owned or controlled by the owner of the housing being transferred under this subtitle, is under whole or partial common control with such owner, or has any financial interest in such owner or in which such owner has any financial interest. The Secretary shall issue any regulations appropriate to implement the preceding sentence. ###
(d)Management Exception A qualified purchaser shall not be precluded from retaining as a property management entity a company that is owned or controlled by the selling owner or a principal thereof if retention of the management company is neither a condition of sale nor part of consideration paid for sale and the property management contract is negotiated by the qualified purchaser on an arm's length basis.
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Sec. 231
DEFINITIONS OF QUALIFIED AND PRIORITY PURCHASER AND RELATED PARTY RULE
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