94-8.1.11 Preservation of Affordability; Restrictions on Resale. Each affordable unit
created in accordance with this section shall have limitations governing its resale
through the use of a regulatory agreement The purpose of these limitations is to preserve
the long term affordability of the unit and to ensure its continued availability for
income eligible households. The resale controls shall be established through a restriction
on the property and shall be in force for perpetuity.
1.
Resale price. Sales beyond the initial sale to a qualified affordable income purchaser
shall comply with the requirements of the DHCD local initiative program.
2.
Right of first refusal to purchase. The purchaser of an affordable housing unit developed
as a result of this section shall agree to execute a condition in its deed restriction
to be approved by the city and DHCD, granting, among other things, the municipality's
and DHCD's right of first refusal to purchase the property in the event that a subsequent
qualified purchaser cannot be located.
3.
The SPGA shall require, as a condition for special permit under this chapter, that
the applicant comply with the mandatory set-asides and accompanying restrictions on
affordability, including the execution of the deed rider. The building commissioner
shall not issue an occupancy permit for any affordable unit without evidence of the
recording of the affordable deed restriction.
94-8.1.12 Conflict with Other Ordinances. The provisions of this section shall be
considered supplemental to this chapter. To the extent that a conflict exists between
this section and other sections of this chapter, the more restrictive ordinance, or
provisions therein, shall apply.