(a)   As an alternative to the requirements provided in section 9.06(a) or 9.09, a developer may purchase and substantially rehabilitate NOAH units in a manner that preserves long-term affordability.
   (b)   A developer that proposes to use the alternative described in subsection (a) above must submit an affordable housing plan for review and approval by the Community Development Department  that demonstrates how the proposal will achieve the objectives of this chapter by creating opportunity housing equal to or excess of the value of the required opportunity housing units. The value determination must consider the number and type of units that would be preserved, affordability, and the duration of affordability.
   (c)   A qualified developer, with the consent of each party with a legally recognized interest, seeking to acquire a NOAH property with at least 20 dwelling units in the city in order to preserve the property as having at least 20% of the units affordable to households at or below 60% of AMI for ten years may apply to the city for assistance, at a per unit rate listed in City Code Appendix A in order to submit its first year application to the State of Minnesota for a property tax reduction certification, commonly known as 4d classification. The requirements of a qualified developer are set forth in the opportunity housing guidelines.
(Ord. 2019-16, passed 2-25-2019; Ord. 2020-40, passed 11-23-2020)