The resulting use of the REO property after its sale shall be for housing for low or moderate income households and shall be subject to a covenant or regulatory agreement to be recorded against the REO property restricting its use for a term determined as follows:
(a) If at the time the REO property is sold or transferred pursuant to this ordinance, LAHD is not providing any additional public funding for the REO property, the term of affordability shall be, at a minimum, the full term consistent with the requirements of the funding previously invested in the REO property; or
(b) If additional public funding is invested in the REO property at the time of sale, the term of affordability shall be, at minimum, the term consistent with the requirements of the additional funding source; however, in the event the resulting term under the additional funding source requirements is less than the full term consistent with the requirements of the funding previously invested in the REO property, the longer term shall be applied in the covenant or regulatory agreement.
SECTION HISTORY
Added by Ord. No. 183,131, Eff. 8-10-14.
Amended by: Ord. No. 187,122, Eff. 8-8-21.