(a) For residential dwelling units at Midtown where one or more of the tenants has been occupying the unit since January 1, 2014 (each, a “Legacy Tenant”), the initial base rent shall be the lower of the following: (1) the rent that was in effect for the unit on May 1, 2014 (the “Chapter 37 Rent”); or (2) the rent as calculated under MOHCD’s then-existing Rent Modification Program for Midtown.
(b) For residential dwelling units at Midtown without a Legacy Tenant, the initial base rent shall be the rent in effect at the time the tenancy commenced as determined by MOHCD’s then-current published maximum affordable rent schedule, or as determined by any successor affordable rent schedule or program for Midtown (either, the “Percentage Rent”).
(Added by Ord. 213-20, File No. 200518, App. 10/30/2020, Eff. 11/30/2020)