(A) For-sale affordable housing units.
(1) A for-sale affordable housing unit, the unit may be sold to a private party who meets the income level and eligibility requirements established in this chapter.
(2) The parties to the transaction shall execute and record all documentation as required by this chapter and reviewed by the city (or its authorized designee), including, at a minimum, each of the following:
(a) The affordable housing unit shall be sold to and occupied by an eligible low- and moderate-income household;
(b) The affordable housing unit shall be conveyed subject to restrictions that shall permanently maintain the affordability of such affordable housing units for eligible low- and moderate-income households; and
(c) The resale price of any permanently affordable housing unit shall not exceed the purchase price paid by the seller of that unit plus inflation as measured by the Consumer Price Index (all urban consumers, all cities average, residential real estate) for the period of time that the unit owner resided in the unit.
(B) Rental affordable housing units.
(1) For covered development projects with that contain affordable housing units for rent, the owner of the development shall execute and record such documentation as required by this chapter to ensure the provision and continuous maintenance of the affordable housing units.
(2) All documents shall be submitted to the city (or its authorized designee) for review to ensure, at a minimum, each of the following:
(a) The affordable housing units must be leased and occupied by eligible low- and moderate-income households;
(b) The affordable housing units must be leased at rent levels affordable to eligible low- and moderate-income households; and
(c) Preference for the affordable housing units shall be given to eligible households pursuant to the priorities set forth in § 158.10.
(Ord. 2005-45, passed 12-5-2005)