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A rental Building that qualifies for Preservation Homeownership Affordable Housing or Substantial Rehabilitation Homeownership Affordable Housing may convert to Homeownership Affordable Housing. Upon conversion to Homeownership Affordable Housing, tenants in legal occupancy in such a Building who do not wish to purchase a Homeownership Affordable Housing Unit will be treated the same as Grandfathered Tenants in rental Affordable Housing. Such Grandfathered Tenants will also retain the right to purchase their Dwelling Unit. When a Grandfathered Tenant chooses to vacate a Homeownership Affordable Housing Unit, such unit must be sold to an Eligible Buyer.
New Construction Homeownership Affordable Housing Units that are not purchased by Eligible Buyers may be rented in accordance with the rental provisions of the Program on or after the date of issuance of a Completion Notice for New Construction Affordable Housing containing such unit. In addition, for Households that meet the requirements of Section 23-962(f)(1) of the Zoning Resolution, New Construction Homeownership Affordable Housing Units may be rented in accordance with the rental provisions of the Program on or after either (a) the date of issuance of a Completion Notice for New Construction Affordable Housing containing such unit, or (b) the date that such New Construction Homeownership Affordable Housing Unit is issued a temporary or permanent certificate of occupancy.
Where there are insufficient rental and Homeownership New Construction Affordable Housing Units to distribute on not less than sixty-five (65%) of the Residential Stories, as specified Section 23-96(b)(1) of the Zoning Resolution, New Construction Affordable Housing Units shall be distributed on as many Residential Stories as possible.
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