A. Owners of federal preservation projects who have decided to prepay, "opt out," fail to renew the existing federal subsidy or otherwise terminate the existing use restrictions applicable to the project without substitution of substantially similar use restrictions must provide to each affected building tenant a notice, in such form as required by the SHRA, of one hundred eighty (180) days of intent to do so. The notice shall specify, among other matters as directed by the SHRA, the following:
1. The nature of the subsidy maintaining the affordability of the project;
2. Whether the owner intends to convert the participating property to a nonparticipating use; and
3. Whether the owner is involved in negotiations regarding an extension of an expiring contract.
B. Owners of federal preservation projects who have decided to prepay, "opt out," fail to renew the existing federal subsidy or otherwise terminate the existing use restrictions applicable to the project without substitution of substantially similar use restrictions may not disturb any tenancy other than for a just cause eviction, during the notice period set forth in this section.
C. Owners of federal preservation projects that have prepaid, "opted out," failed to renew the previously existing federal subsidy or otherwise terminated the existing use restrictions applicable to the project without substitution of substantially similar use restrictions may not disturb any tenancy other than for a just cause eviction, for a period of one hundred eighty (180) days after expiration of the use or rental restrictions on the project, if the city or SHRA has paid or arranged to pay to the owner on the first day of each month, the monthly subsidy that the owner was receiving immediately prior to the expiration of the use or rental restrictions on the project. (Ord. 2004-043 § 1)