It is determined that the class of Housing Developments to which the tax exemption under this Article shall apply and for which a service charge shall be paid in lieu of such property taxes shall be a 38-unit senior housing developments in the City of Fremont at the time of adoption of this Article that will provide housing to seniors of low income; and which are financed or assisted pursuant to the Act; and which receive an allocation of federal Low Income Housing Tax Credits (LIHTC); and which will be owned, rehabilitated and managed by the Sponsor or its authorized agent; and which will invest an average of at least $29,000 per unit ($1,102,000 total) to renovate and adaptively reuse the former high school into a Housing Development.
It is further determined that the above listed Housing Development, as described and acknowledged in Section 4-49 "Preamble" of this Article, is of this class. (Ord. O-12-04, 7-16-12)