For-rental and for-sale affordable dwelling units created in compliance with this chapter must be marketed as follows:
(a) During the first marketing period, affordable dwelling units must be marketed, and may be rented or sold, as applicable, to households earning the percentage of the AMI specified in Table 29-1.4, at prices affordable to such households.
(b) If, at the end of the first marketing period, the declarant has been unable to obtain a contract for the rental or sale of an affordable dwelling unit to a qualified renter or purchaser, then during the second marketing period, the affordable dwelling unit may be marketed, and rented or sold, as applicable, to households earning the percentage of the AMI that is 20 percent higher than the percentage of the AMI specified in the first marketing period, provided that the percentage of the AMI cannot exceed the HUD AMI income limit; but at prices affordable to households earning the percentage of the AMI specified in Table 29-1.4.
(c) If, at the end of the second marketing period, the declarant has been unable to obtain a contract for the rental or sale of an affordable dwelling unit to a qualified renter or purchaser, then during the third marketing period, the affordable dwelling unit may be marketed, and rented or sold, as applicable, to households earning the percentage of the AMI that is 20 percent higher than the percentage of the AMI specified in the second marketing period, provided that the percentage of AMI cannot exceed the HUD AMI income limit; but at prices affordable to households earning the percentage of the AMI specified in Table 29-1.4.
(d) If, at the end of the third marketing period, the declarant has been unable to obtain a contract for the rental or sale of an affordable dwelling unit to a qualified renter or purchaser, then the affordable dwelling unit may be marketed, and rented or sold, as applicable, to households earning not more than the HUD AMI income limit; but at prices affordable to households earning the percentage of the AMI specified in Table 29-1.4.
(Added by Ord. 18-10)