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<br />Ordinance No. NS-XXX <br />Page 11 of 16 <br /> (4) If tenants are displaced due to rehabilitation of housing to meet the <br />inclusionary unit requirement, the developer shall be responsible for relocation costs as <br />required by state law. <br /> <br /> (5) No city, housing authority, or public funds, subsidies, or participation of any <br />kind shall be expended on the production or building of any inclusionary housing projects <br />associated with meeting the inclusionary unit requirement. <br /> <br />(d) Timing of construction. All inclusionary units in a residential project or proposed <br />off-site new inclusionary units or rehabilitated units shall be constructed concurrent with, <br />or before the construction of the market rate units. If the city approves a phased project, <br />a proportional share of the required inclusionary units shall be provided within each phase <br />of the residential project. <br /> <br />(e) Units for sale. <br /> <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 for a minimum of <br />fifty-five (55) years. <br /> <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 /> <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 />