This subchapter shall remain in effect and shall not terminate so long as a mortgage loan remains outstanding and unpaid and the housing project remains subject to income and rent restrictions under the LIHTC Program. If the development is no longer subject to income and rent restrictions under the LIHTC Program, then the exemption from all ad valorem property taxes established by this subchapter shall terminate upon the payoff of the mortgage loan or upon the sale of the development to an unrelated third party.
(Ord. 204, passed 2-12-2018)