Laws, Regulations & Annotations

C

220.0000 CHANGE IN OWNERSHIP

Annotation 220.0061

220.0061 Cooperative Housing Corporation. A transfer of stock in a cooperative housing corporation which conveys the exclusive right to occupancy of all or part of the corporate property is not a change of ownership if:

(1) The cooperative was financed or insured under state or federal programs specified in Revenue and Taxation Code section 62(i);

(2)The regulatory and occupancy agreements have been approved by the appropriate state or federal agency; and

(3)The transfer is to a person or family qualifying for purchase by reason of limited income as defined by the law authorizing the financing or insuring of the cooperative in the regulations of the governmental agency administering the program. C 8/30/1990.