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In this Chapter 7-200, the following definitions apply:
(1) Affordable Housing Property. Any building or substantially-related buildings under common ownership containing 4 or more dwelling units leased or intended to be leased to households for occupancy as their primary residences, where one or more of the following conditions apply:
(a) Tenants receive a federal housing subsidy pursuant to 42 U.S.C. § 1437f that is not a tenant-based subsidy;
(b) A loan financing the property is insured or assisted under § 221(d)(3), § 202, or § 236(a) or (b) of the National Housing Act, 12 U.S.C. § 1701q, § 1715l(d)(3), or § 1715z-1, or § 515 of the Housing Act of 1949, 42 U.S.C. § 1485; 42 U.S.C. §§ 5301 et seq.; or 42 U.S.C. §§ 12722 et seq; or
(c) The property is subject to a Low-Income Housing Tax Credit use agreement pursuant to 26 U.S.C. § 42.
(2) Bona-fide Offer. An offer evidenced by a purchase contract reflecting a sales price equal to or more than the appraised value prepared by a certified appraiser, and an earnest money deposit equal to at least five percent (5%) of the sales price as identified in the purchase contract.
(3) Certified Appraiser. A licensed real estate appraiser who is a Member of the Appraisal Institute or who meets standards comparable to those imposed by the Appraisal Institute; and who is experienced in determining the appraised value of multifamily real estate.
(4) Department. The Department of Planning and Development.
(5) Eligible Party. An entity that has met qualifications established by the Department or its designee. Such qualifications may include, but shall not be limited to, the ability to finance the purchase, improvements and long- term maintenance of the property without reliance on City-administered funds, consent to long-term affordability of the property upon purchase, development expertise, knowledge of development process.
(6) Long Term Affordability Indenture. A deed restriction against the property, executed and recorded by the owner and approved as to form by the Law Department, which requires the property be maintained as affordable (using the same standard and remaining duration of affordability as the program under which the property qualifies as an Affordable Housing Property) and allows the City to inspect for, or demand proof of, continued compliance with this requirement. Where a property qualifies as an Affordable Housing Property under multiple programs, the terms of the program with the restrictions that are longest in duration shall be used for the Long Term Affordability Indenture.
(7) Matched Agreement of Sale. An agreement of sale between an owner and an eligible party made to substantially match the terms of an offer from an entity other than an eligible party.
(8) Notice of Intent. A notice of intent to take a protected action as defined below; or to sell, convey, or otherwise transfer an affordable housing property under the conditions of subsection 7-203(5).
(9) Owner. A person or legal entity that holds legal title to an affordable housing property or any mortgagee in possession, receiver, trustee, or other person that may take a protected action.
(10) Protected Action. An action taken by an owner that includes one or more of the following:
(a) The prepayment in full before the maturity date of mortgage financing, if the prepayment would have the effect of removing the affordability restrictions applicable to the Affordable Housing Property, and the financing is:
(.1) Insured under § 221(d)(3) of the National Housing Act, 12 U.S.C. § 1715l(d)(3), and assisted under either § 101 of the Housing and Urban Development Act of 1965, 12 U.S.C. § 1701s, or under § 8 of the United States Housing Act of 1937, 42 U.S.C. § 1437f;
(.2) Insured under § 221(d)(3) of the National Housing Act, 12 U.S.C. § 1715l(d)(3), and bears interest at a rate determined under § 221(d)(5) of the National Housing Act;
(.3) Insured or assisted under § 202 or § 236(a) or (b) of the National Housing Act, 12 U.S.C. § 1701q or 12 U.S.C. § 1715z-1(a) or (b);
(.4) Insured or assisted under § 515 of the Housing Act of 1949, 42 U.S.C. § 1485; or
(.5) Held by the United States Department of Housing and Urban Development and either currently or formerly insured or assisted, as an affordable housing property.
(b) The expiration, termination before expiration, or failure to exercise any renewal option, under an agreement providing for project-based rental assistance for any units in an affordable housing property under § 8 of the United States Housing Act of 1937, 42 U.S.C. § 1437f; or
(c) The expiration or termination of affordability and use restrictions in the Low-Income Housing Tax Credit use agreement pursuant to 26 U.S.C. § 42.