The County may approve a request to subordinate an Inclusionary Housing restriction in order for the owner to refinance the property under the following conditions:
(a) The lien position of the County loan will remain the same.
(b) The purpose of the new primary loan (fixed rate only) is to reduce the interest rate being paid and/or reduce the homeowner’s home loan payment.
(c) No equity cash out is being taken.
(Ord. 1451, eff. January 1, 2015)