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(a) Any Below Market Rate Loan made under the Program shall be subject to a Declaration of Restrictions. The term of the Declaration of Restrictions shall be sufficient to ensure that units acquired, improved, or rehabilitated remain affordable for as long as all or any portion of the buildings financed with the Loan operate as multi-family residential facilities.
(b) Market Rate Loans made under the Program shall be subject to a Declaration of Restrictions only to the extent set forth in the Program Regulations. The repayment liability for funds from any Market Rate Loan used for rehabilitation of a residential building shall not be passed through to tenants as a capital improvements rent increase or otherwise.
(Added as Sec. 66.5 by Ord. 1-93, App. 1/7/93; amended by Ord. 1-01, File No. 001968, App. 1/12/2001; Ord. 122-06, File No. 060386, App. 6/14/2006; redesignated and amended by Ord. 270-18, File No. 180890, App. 11/9/2018, Eff. 12/10/2018)
(Former Sec. 66.6 added by Ord. 1-93, App. 1/7/93; amended by Ord. 287-96, App. 7/12/96; repealed by Ord. 1-01, File No. 001968, App. 1/12/2001)