(A) The Director must establish standards of eligibility for the MPDU program in regulations adopted by the county and must revise the standards when changes in market conditions affect the ability of moderate-income households to buy or rent housing. These standards must establish moderate-income levels for varying sizes of households which will qualify a person or household to buy or rent an MPDU. The Director may establish different income eligibility standards for buyers and renters.
(B) In establishing standards of eligibility and moderate-income levels, the Director must consider:
(1) The price established for the sale or rental of MPDUs under this chapter;
(2) The term and interest rate that applies to the financing of MPDUs;
(3) The estimated levels of income necessary to carry a mortgage on an MPDU; and
(4) Family size and number of dependents.
(C) A person who rents an MPDU and lawfully occupies it when the unit is offered for sale may buy the unit, regardless of the person’s income at the time of sale, if the person met all eligibility standards when the person first rented the unit.
(D) To be eligible to buy an MPDU, a person and members of that person’s household must not have owned any residential property during the previous 3 years. The Director may waive this restriction for good cause.
(Ord. 02-25-321, 11-21-2002; Ord. 14-23-678, 11-13-2014; Bill No. 22-27, 10-18-2022)