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(c) <br />(d) <br />Units for sale. <br />(1) Time limit for inclusionary restrictions. A unit for sale shall be <br />restricted to the target income level group at the applicable <br />affordable housing cost for a minimum of 45 years. <br />(2) Certification of purchasers. The Developer and all subsequent <br />owners of an Inclusionary Unit offered for sale shall certify, on a <br />form provided by the City, the income of the purchaser. <br />(3) Resale price control. In order to maintain the availability of <br />inclusionary units required by this Article, the resale price of an owner <br />occupied Inclusionary Unit shall be limited to the lesser of the fair <br />market value of the unit as established by a licensed real estate <br />agent based upon three comparable properties or the restricted <br />resale price. For these purposes, the restricted resale price shall be <br />the applicable Affordable Housing Cost. <br />(4) Inheritance of Inclusionary Units. Upon the death of an owner of an <br />owner-occupied Inclusionary Unit, title in the property may transfer to <br />the surviving joint tenant or heir (in the case of the death of a sole <br />owner or all owners of the household.) <br />(5) Forfeiture. If an Inclusionary Unit for sale is sold for an amount in <br />excess of the resale price controls required by this Section, the <br />buyer and the seller shall be jointly and severally liable to the City for <br />the entire purchase price of the unit. Recovered funds shall be <br />deposited into the Inclusionary Housing Fund. Notwithstanding the <br />foregoing, it shall be within the discretion of the Executive Director to <br />allow the buyer and seller to cure any violation of the resale price <br />controls within 180 days. <br />Rental units. <br />(1) Time limit for inclusionary restrictions. A rental unit shall remain <br />restricted to the target income level group at the applicable affordable <br />housing cost for 55 years. <br />(2) Certification of renters. The owner of any rental Inclusionary Units <br />shall certify, on a form provided by the City, the income of all <br />members of the household above the age of 18 at the time of the <br />initial rental and annually thereafter. <br />(3) Forfeiture. Any lessor who leases an Inclusionary Unit in violation of <br />this Article shall be required to forfeit to the City all money so <br />Ordinance No. NS-XXX <br />758-36 Page 12 of 17