The loans shall be made with no interest charged while the unit remains available
for low income occupancy.
4.
If for any reason the units become unavailable for low income occupancy, the remainder
of the loan shall be required to be repaid, and in addition the Director of Housing
may require the immediate repayment of the remaining balance or said Director of Housing
may charge interest on the remaining balance at the then prevailing rate for the Washington
State Housing Finance Commission bond program.
D.
The total amount of grants and loans authorized under this section shall not exceed
Six Thousand Dollars ($6,000) per unit for any three (3) year period.
E.
The Director of Housing shall prescribe such additional terms and conditions of such
loans and grants as he or she deems appropriate. Within 30 days of September 7, 1985,
the Director of Housing shall promulgate regulations describing the circumstances
under which loans and grants will be approved and the general terms and conditions
of such loans and grants.
(Ord. 125492, § 66, 2017; Ord. 119273 § 41, 1998: Ord. 115958, § 30, 1991; Ord. 114865 § 4, 1989; Ord. 112383 § 8, 1985.)