All affordable units offered for sale or rent in accordance with the requirements of this chapter shall be subject to certain restrictions as reflected in the Affordable Housing Agreement.
(a) Units offered for Sale.
(1) Initial Sales Price and Resale. During the term of affordability, the maximum sales price permitted for initial sale and resale of an inclusionary unit designated for owner-occupancy shall be at a price established by the City.
(2) Owner Occupancy Required. All affordable units sold that are subject to the requirements of this chapter shall be occupied and used as owner's principal place of residence.
(3) Permitted Changes in Ownership. An affordable unit designated for owner-occupancy may be transferred or inherited subject to requirements established by the City, but all new owners shall continue to be subject to the terms of all recorded restrictions.
(4) Continued Occupancy. Purchasers of an affordable unit may continue to occupy that unit if their incomes rise above allowable income limits provided they continue to meet the other requirements of this program.
(b) Units offered for Rent.
(1) Establishment of Rental Rates. Affordable units offered for rent to eligible lower, very-low, and extremely-low income households shall be rented at a maximum rate established by the City's Housing Division on an annual basis. Rental rates are calculated based on requirements stipulated in the State housing law.
(2) Continued Occupancy. Tenants of an affordable unit may continue to occupy that unit if their incomes rise above allowable income limits provided they continue to meet the other requirements of this program.
(§ 1, Ord. 1506-NS, eff. October 9, 2008, as amended by § 6, Ord. 1543-NS, eff. October 8, 2010)