For any conversion that will include a unit that will be deed restricted for affordability, an affordable housing implementation plan (AHIP) for the affordable unit, approved at the discretion of the director of housing, must be agreed to and signed by the applicant and director of housing.
(2)
The review boards shall require applicants to execute and record a deed restriction limiting the sale or rental of affordable units to eligible households in perpetuity with the Middlesex South Registry of Deeds, or filed with the Land Registration Office, and submit a final AHIP to the director of housing for approval as a condition of any conversion permit approval.
(d)
Conversion permit expiration.
(1)
A conditional/preliminary conversion permit shall lapse and the owner shall reapply for a new permit subject to the then current provision of this ordinance or any successor ordinance, on the last day of the month a unit's notice period expires, or, if a unit does not have a notice period, on the last day of the month one year from date of issuance, unless a final permit has been requested on a form provided by the board.
(2)
A final conversion permit shall lapse by operation of law and the owner shall reapply for a new permit subject to the then current provisions of this ordinance or any successor ordinance in the case of either of the following:
(A)
the owner has failed to file a master deed within one year after the date on which the conversion permit has been granted;
(B)
the unit for which a final conversion permit has been granted has not been sold to a bona fide purchaser for fair market value in an arm's length transaction within two years after the date of the granting of said permit;
(I)