(A) Sale of affordable housing units.
(1) In covered development projects that contain for-sale units, affordable housing units shall be resold to low- and moderate-income households in perpetuity, or as long as permissible by law.
(2) The owner of the covered development project shall execute and record all documents required by § 158.12 to ensure compliance with this section, in each case, the owner of a for-sale affordable housing unit shall occupy such unit, and such unit may not be leased or subleased unless expressly approved by the city and such lease or sublease is to permit occupancy by a low- or moderate-income household.
(B) Rental of affordable housing units.
(1) (a) In covered development projects that contain rental units, affordable housing units shall be rented to low- and moderate-income households in perpetuity, or as long as permissible by law.
(b) The owner of the covered development project shall execute and record all documents required by § 158.12 to ensure compliance with this section.
(2) In each case, the rental affordable housing unit shall be occupied by a low- or moderate-income household, and such unit may not be leased or subleased unless expressly approved by the city and such lease or sublease is to permit occupancy by a low- or moderate-income household.
(a) In the event that the owner of a covered development project with one or more rental units sells the development, the new owner shall be required to continue to provide the affordable housing units in accordance with this chapter.
(b) If the owner of a covered development project with one or more rental units converts the development to condominiums, the development shall be subject to the for-sale development requirements of this chapter.
(Ord. 2005-45, passed 12-5-2005)