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<br />Ordinance No. NS-XXX <br />Page 13 of 18 <br /> <br />(3) Resale price control. In order to maintain the availability of inclusionary units <br />required by this article, the resale price of an owner occupied inclusionary unit shall be <br />limited to the lesser of the fair market value of the unit as established by a licensed real <br />estate agent based upon three (3) comparable properties or the restricted resale price. <br />For these purposes, the restricted resale price shall be the applicable affordable housing <br />cost. <br /> <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 /> <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 the <br />inclusionary housing fund. Notwithstanding the foregoing, city may allow the buyer and <br />seller to cure any violation of the resale price controls within one hundred eighty (180) <br />days. <br /> <br />(f) Rental units. <br /> <br /> (1) Time limit for inclusionary restrictions. A rental inclusionary unit shall remain <br />restricted to the target income level group at the applicable affordable housing cost for <br />fifty-five (55) years. <br /> <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 above <br />the age of eighteen (18) at the time of the initial rental and annually thereafter. <br /> <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 shall <br />be deposited into the inclusionary housing fund. <br /> <br />(g) Execution and recording of documents. The executive director may require the <br />execution and recording of whatever documents are required to ensure enforcement of <br />this section; including, but not limited to, promissory notes, deeds of trust, resale <br />restrictions, rights of first refusal, options to purchase, and/or other documents, which <br />shall be recorded against all inclusionary units. <br /> <br />(h) General prohibitions. <br /> <br />(1) No person shall sell or rent an inclusionary unit at a price or rent in excess <br />of the maximum amount allowed by any restriction placed on the unit in accordance with <br />this article. <br />