(C) The term “rental units” shall include units in a building for which either tax credits are reserved or obtained pursuant to the federal Low-Income Housing Tax Credit program under Section 42 of the Internal Revenue Code, 26 U.S.C. Section 42 (“LIHTC”), and/or tax-exempt multifamily revenue bonds are allocated or obtained pursuant to Section 142(d) of the Internal Revenue Code, 26 U.S.C. Section 142(d) (“Bonds”), and that were already tenant-occupied and subject to this Chapter 37 at the time the applicable LIHTC regulatory agreement and/or Bond regulatory agreement was recorded, as follows:
(i) If a tenant’s occupancy of the unit began before the applicable LIHTC regulatory agreement and/or Bond regulatory agreement was recorded, then subsection (C) shall apply to that unit so long as any of the occupants who resided in the unit at the time of the recording still permanently reside there. If the applicable regulatory agreement(s) were recorded on or after January 1, 2018, then the base rent as of the effective date of the ordinance in Board File No. 230770 shall be equal to the rent that was in effect as of the date the recording plus any annual rent increases that may have been allowed under Sections 37.3(a)(1)-(2).