KHC Logo

Request for Sale to Qualified Tenant or Qualified Buyer

This Request and all attachments must be received by KHC at least 30 days prior to notice to tenants of the potential sale. No sale can occur to a Qualified Buyer, other than an existing tenant, without having received preapproval for direct sale marketing - see KHC website for more information. Asset Management staff will not start processing this Request until all required documents and fees are received.

Contact Information
First Name
Last Name
Email
Phone

Eligible Unit must:

  1. Be in the Extended Use Period;
  2. Have an UPCS inspection completed within the last twelve (12) months;
    1. If the inspection was not done within the previous twelve (12) months, then KHC shall request a new inspection at the cost of the Eligible Seller ($500);
  3. Not have any deficiencies on the most recent inspection completed or have all deficiencies rectified within 30 days of notice of deficiency;
  4. Not have any health and safety deficiencies found on the most recent inspection completed or have all deficiencies rectified;
  5. Be single units (whether single family or part of a multifamily project) where the original LIHTC application included a Right of First Refusal to Tenants, or if the original application did not include a Right of First Refusal to Tenants, the Eligible Seller received prior approval from the KHC Asset Management Committee;
    1. If the original application did not have a Right of First Refusal for Tenants, the Owner shall submit a Tenant Ownership Plan that includes a Right of First Refusal to Tenants prior to commencing discussions with Tenants or Qualified Buyers about the sale of Eligible Units.
  6. Have access to all necessary utilities by and through public rights of way or by permanent easements; and
  7. Have direct vehicular access to a public street.
  8. An appraisal of the unit is not required at the time of submission but KHC's Asset Management Department may ask for one during the process, in its sole discretion.
Organization Name 
Project Number 
Name of Project 
KHC Contact 

Building Select 
Building Number 
Building Address 
Tenant/Purchaser 

Is this the current tenant?

Attach a copy of the preapproval for direct marketing and the income qualification determination and all supporting documentation, including the TIC. Attach a copy of the current lease and if the tenant lived in the building for less than six years, attach a copy of the income qualification determination at the time of move-in, along with all supporting documentation, including the TIC.

Estimated Value of Property 
$
Proposed Sales Price is 
$
Anticipated closing date 

Closing Firm Information (the LURA release will be mailed to the closing firm with instructions to record only upon the sale to the identified buyer)

Firm Name 
Contact Name 
Email 
Address 
Phone Number 

 

I (certify):
  1. The property is not encumbered by any KHC loan or grant.
  2. That the purchaser was properly income qualified at time of move in, or, in the case of a direct sale, the buyer is currently income qualified to be a tenant of this unit under the Low Income Housing Tax Credit Program.
  3. That the purchase price is above the minimum purchase price found in IRC 42(i)(7)(b).
  4. The purchase price, including all owner financing, is equal to or below the appraised value.
  5. The purchase price and terms of the sale are in compliance with: all LIHTC requirements including pledges made in the original LIHTC application, all obligations due tenants and past tenants of the building, and all Federal, State, and local laws.
  6. The previous tenant was not required to move because they were unwilling or unable to enter into a purchase agreement.
  7. That vacant units being marketed for direct sale to income qualified buyers must be ready for habitation and actively marketed for rent to potential renters.

Documents

Submitted by: 
Email: 
Title: 

A nonrefundable fee is associated with this form. Please be aware, KHC will not take any action to either grant or deny your request until the fee is paid in full.

Transfer/Sale  - $250.00
Payment Information
Company
First Name
Last Name
Email
Address
City State Zip
Phone
ACH Bank Information
Account Type
Routing Number
Account Number

 


© 2020 Kentucky Housing Corporation
1231 Louisville Road, Frankfort, Kentucky 40601
(502) 564-7630
(800) 633-8896 (KY only)