(A) Subject to division (B) below, this subchapter 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 a federally aided mortgage and so long as the housing development submits the required annual notification of exemption pursuant to M.C.L.A. § 125.1415a(1), as amended.
(B) This subchapter shall automatically terminate if construction of the housing development does not commence within two years from the effective date of this subchapter, or is not completed within one year of commencement of construction. For purposes of this section,
COMPLETED means the issuance of a certificate of occupancy by the city building and/or zoning official.
(Ord. 334, passed 2-13-2012)