(A)   Owner-occupied dwelling units initially occupied by individuals or families earning no more than 80% of the median family income for the Charleston-North Charleston-Summerville Metropolitan Statistical Area, as published annually by the U.S. Department of Housing and Urban Development and adjusted for household size, may be awarded a Workforce Housing Exemption Grant by the town.
      (1)   Grant amount.  The amount of the grant shall be equal to the amount of municipal impact fees required to be paid upon issuance of a building permit.
      (2)   Procedure.
         (a)   An applicant seeking a Workforce Housing Exemption Grant must submit a grant application to the town prior to the issuance of a building permit. Applications shall be accompanied by an affidavit certifying that the occupants are qualified pursuant to this section.
         (b)   Completed applications shall be processed on a first-come, first-served basis. Grants shall be awarded pursuant to the provisions herein until such time as the grant funds, if any, appropriated by Town Council have been exhausted.
         (c)   If the Workforce Housing Exemption Grant application is approved, the applicant will receive a voucher for the grant amount that shall be presented to the permitting office at the time of issuance of a building permit. The amount indicated in the voucher shall be deducted from the total fees required to be paid at the time of issuance of the building permit.
      (3)   Term of affordability.
         (a)   Resale of workforce housing units receiving a Workforce Housing Exemption Grant shall be limited by deed restriction to the original sales price, adjusted for inflation, plus the cost of any eligible improvements, and to a purchaser eligible, as described above, for a period of not less than ten years after issuance of the certificate of occupancy.
         (b)   The maximum annual increase permitted for inflation shall be 3%, which is the approximate 30-year average annual increase in the Consumer Price Index (CPI).
         (c)   The owner must provide an itemized list of all capital improvements and upgrades for which credit is requested as part of the resale price. All improvements claimed must be documented with receipts, contracts, or other evidence supporting their value.
         (d)   The deed restrictions shall include, at a minimum, the following elements:
            1.   Duration.
            2.   Occupancy requirement and restrictions against leasing/subleasing.
            3.   Restriction on resale.
            4.   Requirement to notify the town in the case of conveyance (for owner- occupied units), lease renewal (for rental units), or establishment of a new rental contract (for rental units).
            5.   Right of first refusal, if applicable.
            6.   Distribution of gross sales proceeds, if applicable.
         (e)   A copy of the deed restrictions shall be submitted to the town for approval prior to issuance of a certificate of occupancy for the dwelling unit receiving a Workforce Housing Exemption Grant.
(Ord. 11034, passed 5-10-11; Am. Ord. 14047, passed 8-12-14)