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/ DATE: 07/92 SECI10N:3334 PAGE: 1 ...... LEASEHOLD COOPERATIVES When one or more dwellings or one or more buildings, which each contain several dwelling units is owned by a nonprofit corporation subject to the provisions of chapter 317 and qualifying under section S01(c)(3) or 501(c)( 4) of the Internal-Revenue Code of 1986, as amended through December 31,1990, or a limited partnership which corporation or partnership operates the property in conjunction with a cooperative association, and has received public fmancing, homestead treatment may be claimed by the cooperative association on behalf of the members of the cooperative for each dwelling unit occupied by a member of the cooperative. The cooperative association must provide the assessor with the social security numbers of tho~e members. To qualify for the treatment provided by this subdivision the following conditions must be met: (a) the cooperative association must be organized under chapter 308A and all voting members of the board of directors must be resident tenants of the cooperative and must be elected by the resident tenants of the cooperative; ~ (b) the cooperative association must have a lease for occupancy of the property for a term of at least 20 years, which permits the cooperative association, while not in default on the lease, to participate materially in the management of the property, including material participation in establishing budgets, setting rent levels, and hiring and supervising a management agent;' (c) to the extent permitted under state or federal law, the cooperative association must have a right under a written agreement with the owner to purchase the property if the owner proposes to sell it; if the cooperative association does not purchase the property when it is offered for sale, the owner may not subsequently sell the property to another purchaser at a price lower than the price at which it was offered for sale to the cooperative association unless the cooperative association approves the sale; , -'> (d) a minimum of 40 percent of the cooperative association's members musthave incomes at or less than 60 percent of area median gross income as determined by the United States Secretary of Housing and Urban Development under section 142(d)(2)(B) of the Internal Revenue Code. For purposes of this clause, "member income" means the income of a member existing at the time the member acquires his or her cooperative membership; (e) if a limited partnership owns the property, it must include as the managing general partner a nonprofit organization operating under the provisions of chapter 317 and qualifying under section SOI(c)(3) or 501(c)(4) of the Internal Revenue Code of 1986, as amended through December 31, 1990, and the limited partnership agreement must provide