Along with the notice of intent, the owner shall deliver to each assisted household: an application form on which the assisted household may include the information required by § 7-214(a) of this subtitle; an extended lease form for a designated household that contains the terms required by this subtitle and clearly indicates that the lease will be effective only if: the assisted household executes and returns the lease form within 60 days after the giving of the notice of intent; and the assisted household is allocated one of the units made available to designated households, based on its ranking under § 7-214(b) of this subtitle and the number of assisted households executing and returning leases; and a notice that sets forth the rights and obligations of the assisted household under the provisions of this subtitle concerning extended leases for designated households. Within 75 days after the giving of the notice of intent, the owner shall notify each assisted household that submits the documentation required by § 7-214 of this subtitle: whether the household meets the standards of § 7-214 of this subtitle, or, if not, an explanation of which standards have not been met; and whether the extended lease has become effective. An extended lease for a designated household shall be for a term beginning on acceptance and ending at least 3 years after the giving of the notice of intent. The initial periodic rent for the extended lease may not exceed the amount the household is required to contribute for rent under the household’s current lease. The periodic rent may be increased only on the anniversary of the assisted household’s extended lease, and the increase may not exceed 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. Except as otherwise provided in this section, the extended lease shall contain the same terms and conditions as the lease in effect on the day before the giving of the notice of intent.