H. Rent-to-Own Program

 

[§201H-181]  Rent-to-own program.  (a) The corporation may establish a rent-to-own program under which dwelling unitsthat are for sale may be rented to program participants.  Under this program,the corporation shall credit a portion of the rent received toward the purchaseof the unit.

(b)  The sales price shall be established atthe beginning of the rental term and shall remain fixed for the first fiveyears after the rental agreement is executed.  During this period, the participantshall have the option of purchasing the unit at the designated sales price.  Ifthe participant does not elect to purchase the unit within the five-yearperiod, the renter shall forfeit the right to continue living in the unit andthe unit shall be made available to another purchaser or renter.

(c)  The corporation shall have the right toreestablish the sales price upon expiration of the option period or upon resaleof the unit. [L 2006, c 180, pt of §4]