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(e) Units for sale. <br />(1) Time limit for inclusionary restrictions. A unit for sale shall be restricted to <br />the target income level group at the applicable affordable housing cost in perpetuity. <br />(2) Certification of purchasers. The developer and all subsequent owners of an <br />inclusionary unit offered for sale shall certify, on a form provided by the city, the income <br />of the purchaser and that such owners will live in such inclusionary unit as their primary <br />residence. <br />(3) Resale price control. In order to maintain the availability of inclusionary <br />units required by this article, the resale price of an owner occupied inclusionary unit <br />shall be limited to the lesser of the fair market value of the unit as established by a <br />licensed real estate agent based upon three (3) comparable properties or the restricted <br />resale price. For these purposes, the restricted resale price shall be the applicable <br />affordable housing cost. <br />(4) Inheritance of inclusionary units. Upon the death of an owner of an owner - <br />occupied inclusionary unit, title in the property may transfer to the surviving joint tenant <br />or heir (in the case of the death of a sole owner or all owners of the household). <br />(5) Forfeiture. If an inclusionary unit for sale is sold for an amount in excess of <br />the resale price controls required by this section, the buyer and the seller shall be jointly <br />and severally liable to the city for the amount in excess of the affordable housing cost at <br />the time of such sale of the inclusionary unit. Recovered funds shall be deposited into <br />the inclusionary housing fund. Notwithstanding the foregoing, city may allow the buyer <br />and seller to cure any violation of the resale price controls within one hundred eighty <br />(180) days. <br />(f) Rental units. <br />(1) Time limit for inclusionary restrictions. A rental inclusionary unit shall <br />remain restricted to the target income level group at the applicable affordable housing <br />cost in perpetuity. <br />(2) Certification of renters. The owner of any rental inclusionary unit shall <br />certify, on a form provided by the city, the income of all members of the household <br />above the age of eighteen (18) at the time of the initial rental and annually thereafter. <br />(3) Forfeiture. Any lessor who leases an inclusionary unit in violation of this <br />article shall be required to forfeit to the city all money so obtained. Recovered funds <br />shall be deposited into the inclusionary housing fund. <br />(g) Execution and recording of documents. The executive director may require <br />the execution and recording of whatever documents are required to ensure enforcement <br />Ordinance No. NS-XXX <br />Page 10 of 14 <br />City Council 1 — 10 7/26/2021 <br />