(a)  Where the property subject to tax sale is owner-occupied residential and contains three (3) or less units, the Rhode Island Housing and Mortgage Finance Corporation shall have a right of first refusal to acquire the tax lien at tax sale, and may assist the owner to discharge the lien or take title and acquire the property in its own name pursuant to regulations to be developed by the corporation, consistent with its purposes. The corporation shall notify the collector of its intention to exercise this right by the later of: (i) thirty (30) days from its receipt of the certified mail notice set forth in § 44-9-10; or (ii) ten (10) days before the date of sale or any adjournment of the sale. Failure of the corporation to notify the collector as provided herein shall extinguish the right of first refusal provided in this section.

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(b)  There shall be an advisory board consisting of six (6) members: one person appointed by the Rhode Island League of Cities and Towns; one person appointed by the Consumer Credit Counseling Services of Rhode Island; one person appointed by Rhode Island Legal Services; one person appointed by the Housing Network of Rhode Island, one appointed by the Urban League of Rhode Island and one appointed by the Center for Hispanic Policy and Advocacy. The advisory committee shall provide advice and recommendations to the governing board of the Rhode Island Housing and Mortgage Finance Corporation regarding that corporation’s activities under this section. The members of the advisory board shall receive no compensation for the performance of their duties, but may be reimbursed for reasonable expenses incurred in carrying out their duties.