(A) Notwithstanding § 155.079, the service charge to be paid each year in lieu of taxes for the part of the housing development which is tax exempt and which is occupied by other than low income persons or families shall be equal to the full amount of the taxes which would be paid on that portion of the housing development if the housing development were not tax exempt. For purposes of determining the full tax service charge to be paid for the units, the City Assessor shall annually determine the state equalized value of all units in the same manner as for nonexempt property of a like kind.
(B) The term
LOW INCOME PERSONS OR FAMILIES shall be those persons whose income does not exceed 80% of the area median income. The sponsor shall certify on December 31 of each year the units occupied by persons other than LOW INCOME PERSONS OR FAMILIES, as defined herein. Vacant units shall be proportioned between low income and fully taxable units in the same proportion as the previous year.
(C) The sponsor shall require occupants to certify their income for purposes of this subchapter upon occupancy and at the end of each 5-year period thereafter during the period that service charges equal an amount less than full taxes.
(D) For the initial year of operation, only the service charge shall not exceed 4% for any unit should total occupancy not exceed 50% of the completed units. The limitation on payment of annual service charges as set out herein shall apply to all subsequent years.
(Prior Code, § 13-91) (Ord. 86-2A1, passed 6-19-1986)