(ii) The tenants in a unit described in subsection (C)(i) shall have a one-time option at any time to opt the unit out of subsection (C), and thereby subject the unit going forward to such rent controls and use restrictions as may apply under the applicable LIHTC and/or Bond regulatory agreement(s). All tenants residing in the unit at the time of the opt-out must consent to the opt-out in writing, on a form prepared by the Rent Board, that advises the tenants of the requirements under subsection (C) and that opt-outs may not be withdrawn. Once an opt-out has occurred in a unit, subsection (C) will not apply to that unit and the unit will be exempt from Chapter 37 for the remaining duration of the applicable regulatory agreement(s).
(iii) This exception for tenant-occupied units subject to LIHTC and/or Bond regulatory agreements is not intended to affect the application of Section 37.2(r)(4) to units where the rent is otherwise controlled or regulated by any use restrictions imposed by the City and County of San Francisco, the Office of Community Investment and Infrastructure, the Housing Authority of the City and County of San Francisco, the State of California Department of Housing and Community Development, or the United States Department of Housing and Urban Development.
(iv) Nothing in this subsection 37.2(r)(4)(C) precludes a landlord from seeking an exemption from rent regulation on the basis of substantial rehabilitation under Section 37.3(g).