(1) Before selling a participating property that is subject to a recorded notice of right of first refusal under ORS § 456.262 (3) to a third party other than a qualified purchaser, a property owner shall send notice of the owner’s intent to accept a purchase offer by registered or certified mail, with return receipt requested, to each party acknowledging under ORS § 456.262 (3)(f) a notice of right of first refusal under ORS § 456.262. The notice delivered under this subsection must contain a copy of the third-party offer or the terms and conditions of the offer to purchase that the owner intends to accept.

(2) A qualified purchaser shall have 45 days from the date the notice is mailed to exercise a right of first refusal by delivering a matching offer to purchase the property by certified mail. The matching offer must contain a commitment from the qualified purchaser to preserve the property as affordable on terms determined by the Housing and Community Services Department. The property owner shall accept the first matching offer the property owner receives from a qualified purchaser under this section.

(3) A qualified purchaser’s offer is a matching offer if it is on the same terms and conditions as the third party’s offer to purchase, except that a qualified purchaser’s offer is considered a matching offer notwithstanding a conflicting term that includes:

(a) An earnest money deposit that is no less than the least of the third-party offer, two percent of the sales price or $250,000.

(b) That the earnest money deposit is refundable until the earlier of 90 days or the date of closing.

(c) That closing shall be scheduled at least 240 days after execution of the purchase agreement.

(d) Any nonmaterial term.

(e) Any other term that the property owner has agreed to waive.

(f) A commitment to maintain the affordability of the property required under subsection (2) of this section.

(4) Subsection (1) of this section does not apply if:

(a) More than 36 months have elapsed since the termination date;

(b) The property owner accepted a third party’s offer to purchase the participating property before January 1, 2020, and has provided documentation of the purchase agreement to the department;

(c) The third-party offeror agrees to affordability restrictions on the participating property, as determined by the department, to ensure that the participating property remains publicly supported housing; or

(d) Any additional situations as determined by the department by rule. [2017 c.608 § 7; 2019 c.571 § 6; 2021 c.56 § 5; 2023 c.389 § 9]

See notes under 456.250.