(a) An owner that gives notice of intent shall provide tenant protection assistance under subsection (b) of this section unless: (1) the owner has offered the right of first purchase in accordance with this subtitle; and (2) the assisted project is purchased by a party listed in § 7-204(a) of this subtitle in conjunction with a protected action. (b) Tenant protection assistance consists of: (1) paying each assisted household $475 on or before the day that the assisted household vacates the unit; (2) reimbursing each assisted household for relocation expenses exceeding $475 and up to $950, actually and reasonably incurred; and (3) offering each assisted household that is current in its rent and has not violated any other material term of its lease, a lease extension for at least 1 year from the giving of the notice of intent. (c) (1) Except as provided in paragraph (2) of this subsection, the periodic rent during the extended lease under subsection (b)(3) of this section may not exceed the amount that the assisted household must contribute for periodic rent under the assisted household's current lease. (2) The periodic rent may be increased only on the anniversary of the assisted household's current lease, and the increase may not exceed the lesser of: (i) the increase allowed by applicable federal, State, or local law; and (ii) the product of the amount the household must contribute for periodic rent for the preceding year multiplied by the percentage increase for the U.S. Consumer Price Index that the Secretary selects for the most recent 12-month period. (3) Except as allowed or required by the Secretary, all other terms and conditions governing the extended lease shall be the same as those of the lease in effect on the day preceding the giving of the notice of intent.
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