(A) All resale transactions of affordable housing units shall be administered by the Board. From the date on which the Board receives a notice of intent to sell by the owner of a low- or moderate-income unit, the Board shall have the exclusive right to purchase the unit or to refer prospective purchasers to that unit for a period of 90 days unless waived in writing by the Board. In the event that a contract for the unit is executed within the 90-day period set above and the prospective buyer is unable to close, the period during which the Board shall have the exclusive right to market the unit is automatically extended for a period of 21 days from the date it is notified of the buyer's inability to close.
(B) In the event that no contract has been entered into for the unit at the end of a 90-day period, the owner of the unit may seek approval from the Board to sell the unit directly. If the Board determines at that point not to purchase the unit, it shall authorize the applicant to sell the unit as set forth below. However, if the Board, upon investigation of the circumstances, determines that the failure to enter into a contract was the result of negligence, absence of good faith effort or lack of cooperation on the part of the seller, the Board shall require the applicant to attempt to sell the unit for an additional 90-day period.
(C) In the case of a low- income unit, to a low- or moderate- income buyer, or in the case of a moderate-income unit to a buyer whose income does not exceed 120% of median, any subsequent sale shall be fully subject to the resale restrictions contained in these regulations. The deed to the above income purchaser shall specifically contain a deed restriction establishing that it is subject to all the affordability controls outlined in this subchapter.
('74 Code, § 131-85) (Ord. 15-1975, passed 8-11-75; Am. Ord. 369-1987, passed 7-27-87; Am. Ord. 699-94, passed 6-13-94; Am. Ord. 945-99, passed 9-13-99; Am. Ord. 43-04, passed 3-22-04; Am. Ord. 266-15, passed 5-11-15) Penalty, see § 156.999