75.— (1) A housing authority may suspend the reduction of the charged share provided for under section 74 in respect of any year ending on the anniversary of the apartment assignment order, where the apartment purchaser fails to comply with any of the terms and conditions of the apartment assignment order.

(2) Where the housing authority suspends the reduction of the charged share under subsection (1), the charged share on the property shall be calculated in accordance with the following formula:

Y x 100 - R

Z

where—

(a) Y is the difference between the purchase price of the apartment at the time of sale to the apartment purchaser and the purchase money,

(b) Z is the purchase price of the apartment at the time of sale to the apartment purchaser, and

(c) R is the portion of the charged share that has been released in accordance with this subsection.

(3) (a) Where a housing authority has suspended the reduction of the charged share under subsection (1), the housing authority shall, as soon as practicable thereafter, notify the apartment purchaser in writing of the suspension and the reasons for the suspension.

(b) The housing authority shall, on the expiration of the charged period, give a statement to the apartment purchaser in writing, in the prescribed form, indicating the amount of the charge outstanding under the charging order on the date of expiration of the charged period, which amount shall be expressed as a percentage of the market value of the apartment, equivalent to the charged share of the housing authority in the apartment on that date calculated in accordance with subsection (2).

(4) (a) The apartment purchaser shall, within 2 months of receipt of the statement referred to in subsection (3), pay to the housing authority the amount set out in the statement.

(b) Where the apartment purchaser fails to pay the amount referred to in paragraph (a), section 74 (12) applies.

(5) For the purposes of this section, “market value” means the price for which an apartment might reasonably be expected to be sold on the date of expiration of the charged period, in its existing state of repair and condition and not subject to the conditions specified in section 64 (5) or to a charging order.

(6) (a) For the purposes of this section, the market value of an apartment shall be determined by the housing authority or, where the apartment purchaser does not agree with the market value so determined, by an independent valuer nominated by the apartment purchaser from a panel of suitably qualified persons, established by the housing authority, who are of a class or description prescribed under section 77.

(b) The housing authority shall not be liable for any expenses incurred by an apartment purchaser under paragraph (a).