(a) The initial purchase price for each Member Share under this Article shall be determined by a formula as specified in this Section.
(b) The initial purchase price at conversion shall be set as of the date of the Subdivider's Notice of Intent to Convert and shall not exceed the following:
(1) For purchasing tenants who are members of a Qualifying Household, the initial purchase price may not exceed: (10% × [Total Development Cost]) ÷ [total number of units to be converted].
(2) For all other purchasing tenants there is no limit on the initial purchase price for a member share.
(c) The Carrying Charge for Resident Members who reside in a Qualifying Household shall not exceed the Maximum Annual Rent as provided herein.
(Added by Ord. 319-08, File No. 081513, App. 12/19/2008)