(A) Subject to division (B), below, this chapter shall remain in effect and shall not terminate for a maximum term of 18 years and so long as the housing development remains subject to income and rent restrictions pursuant to § 42 of the Internal Revenue Code of 1986, as amended.
(B) This chapter shall automatically terminate if rehabilitation of the housing development (a) does not commence within 2 years from the effective date of this chapter, or (b) is not completed within 1 year of commencement of rehabilitation. For purposes of this section, “completed” means the issuance of a certificate of occupancy by the Village Building and/or Zoning Official.
(Ord. 05 10-07, passed 10-1-2007)