(a) A nonprofit organization may sell or lease housing units developed on the property only to low-income individuals and families under the terms, conditions, and restrictions of this division and the nonprofit organization’s proposal and quitclaim deed.
(b) Land quitclaimed to a nonprofit organization under this division may be resold to another nonprofit organization prior to development without the property reverting to the city if:
(1) the city manager recommends the resale after reviewing the new proposal submitted in compliance with Section 2-26.7; and
(2) the resale is approved by the city council and the governing bodies of all other affected taxing units.
(c) Land quitclaimed to a nonprofit organization under this division may not otherwise be resold, conveyed, or transferred prior to completion of the development of affordable housing on the land and occupancy of the housing by low-income individuals and families, except that a nonprofit organization may grant a security interest in the property for purposes of developing the land, subject to the city’s possibility of reverter with right of reentry and the terms, conditions, and restrictions of this division and the nonprofit organization’s proposal and quitclaim deed. (Ord. 23713)