This is a Preferential Right to Purchase Production form. The assignor reserves the right at any time and from time to time to purchase or designate a purchaser for all of assignees oil and other liquid hydrocarbons produced and saved from the interests in the lands and leases that are the subject of this assignment.
District of Columbia Preferential Right to Purchase Production
Category:
State:
Multi-State
Control #:
US-OG-505
Format:
Word;
Rich Text
Instant download
Description
How to fill out Preferential Right To Purchase Production?
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FAQ
The TOPA process is complex; the program requires a mechanism to ensure tenants are aware of their opportunity to purchase their building before it is sold to an outside buyer, a tenant support system (including loan assistance), and a public education mechanism to solicit and distribute information.
In general, a tenant's rent should not go up by more than 8.9% this year, unless the housing provider has special approval. If a tenant is 62 or older or has a disability, the rent should not go up by more than 5%, unless the housing provider has special approval.
The District Opportunity to Purchase Act (DOPA) is an affordable housing preservation tool that gives the Mayor the authority to purchase certain apartment buildings in order to: (1) maintain existing rental affordable units for tenants; and (2) increase the total number of affordable rental units within the District.
TOPA prevents displacement by empowering tenants to determine the future of their housing when the owner is ready to sell the property.
When a multi-family rental property in DC is contracted for sale, TOPA allows tenants the right to refuse the sale and with the help of a third-party developer buy the building at the contracted sale price.
The District Opportunity to Purchase Act (DOPA) promotes affordable rental housing by maintaining the affordable status of existing affordable rental units as well as increasing the total number of affordable rental units within the District.
Allowable Rent Increases Based on CPI-W For most tenants, the most that their rent can increase is the CPI-W percentage plus 2%, but not more than 10%. For tenants who are elderly or disabled, the maximum increase in rent charged is the CPI percentage only, but not more than 5%.
First Right Purchase Is a Loan Program that Is Repaid to DC Over Time. First Right Purchase assistance is given in the form of a loan that is repaid to the District over a period of time. This means that the assistance given to residents can come back to DC and help re-build funds for affordable housing.
