The tax exempt status of a housing development approved for such status by resolution of the City shall remain in effect and shall not terminate so long as the mortgage loan remains outstanding and unpaid or the Authority has any interest in the property; provided, that construction of the housing development commences within one year from the effective date of the resolution.
(Ord. 490-02-02, passed 2-18-02; Am. Ord. 566-05-06, passed 5-15-06)