As a condition to any Housing Trust Fund award for any eligible activity, the eligible applicant shall first, among other applicable requirements as established from time to time by the City Council, execute and record such agreements, conditions and restrictive covenants, or other similar instruments, as shall be required by the City Council (“conditions”). Among other requirements, the conditions may bind the eligible applicant and the property, if applicable, to the requirements of this subchapter and provide that all awards shall be used in strict compliance with the requirements of the City Council and the conditions. The conditions may also include a requirement that if the property or development is no longer being used for affordable housing pursuant to the requirements of the specific award, the eligible applicant or successor owner of the property or development may be required to reimburse the Housing Trust Fund for up to 100% of the award, plus applicable interest.
(Ord. 2011-01, passed 1-3-2011)