Any owner who has both kept rent levels at or below Somerville Housing Authority Section 8 payment standards in place at the time the notice is served for a minimum of three consecutive years and has limited rent increases to no more than five percent annually for three consecutive years shall be exempt from (a) being required to locate comparable rental housing and (b) from providing an additional two-year notice period in the event that after five years, the elderly, disabled or low or moderate-income tenant has not yet located alternative housing.
(g)
Extension of rental agreement. An owner shall give to a tenant who is entitled to notice of intent to convert an extension of such tenant’s rental agreement, whether it be a lease or a written or oral tenancy at will, until the expiration of the notice period or the applicable right to purchase period, whichever is later. Conversely, if the one-year or five-year notice period would expire before the expiration date of such tenant’s rental agreement, then the notice period shall be extended to coincide with the expiration date of such rental agreement.