The following shall apply to the sale of vacant units in a building:
(a) Beginning at the issuance by the Mayor's Office of Housing of a Certificate of Clearance until at least 66% of Member Shares representing the total number of converted units are bought by Qualifying Households, Member Shares must be sold (or conditionally sold) first to Qualifying Households at the price established in Section 1399.9. The Subdivider or Limited Equity Housing Cooperative may adjust the purchase price annually up to an inflation allowance at a rate determined by the Mayor's Office of Housing and published on their website but which shall not exceed a 10% annual increase on the price initially established in Section 1399.9 on the date an application for a Certificate of Clearance was submitted.
(b) After at least 66% of Member Shares representing the total number of converted units are bought by Qualifying Households, the Limited Equity Housing Cooperative may sell Member Shares at any price.
(c) Existing tenants living in overcrowded conditions within a building subject to conversion under this Article, shall be given the right of first refusal to purchase a Member Share and occupy any vacant units at the time of initial conversion. In the event that there are multiple tenants competing for a Member Share and the right to occupy a vacant unit, the Subdivider shall conduct a lottery among the interested and eligible candidates. For purposes of this Section, "overcrowded conditions" shall be defined as existing households containing more than 2 persons per bedroom plus one.
(Added by Ord. 319-08, File No. 081513, App. 12/19/2008)