Laserfiche WebLink
<br />Ordinance No. NS-XXX <br />Page 12 of 16 <br /> <br /> <br /> <br /> <br /> (5) Forfeiture. If an inclusionary unit for sale is sold for an amount in <br />excess of the resale price controls required by this section, the buyer and the seller <br />shall be jointly and severally liable to the city for the amount in excess of the affordable <br />housing cost at the time of such sale of the inclusionary unit. Recovered funds shall be <br />deposited into the inclusionary housing fund. Notwithstanding the foregoing, city may <br />allow the buyer and seller to cure any violation of the resale price controls within one <br />hundred eighty (180) days. <br /> <br /> (f) Rental units. <br /> <br /> (1) Time limit for inclusionary restrictions. A rental inclusionary unit shall <br />remain restricted to the target income level group at the applicable affordable housing <br />cost for fifty-five (55) years.in perpetuity. <br /> <br /> (2) Certification of renters. The owner of any rental inclusionary unit <br />shall certify, on a form provided by the city, the income of all members of the household <br />above the age of eighteen (18) at the time of the initial rental and annually thereafter. <br /> <br />(3) Forfeiture. Any lessor who leases an inclusionary unit in violation of <br />this article shall be required to forfeit to the city all money so obtained. Recovered funds <br />shall be deposited into the inclusionary housing fund. <br /> <br /> (g) Execution and recording of documents. The executive director may require <br />the execution and recording of whatever documents are required to ensure enforcement <br />of this section; including, but not limited to, promissory notes, deeds of trust, resale <br />restrictions, rights of first refusal, options to purchase, and/or other documents, which <br />shall be recorded against all inclusionary units. <br /> <br /> (h) General prohibitions. <br /> <br /> (1) No person shall sell or rent an inclusionary unit at a price or rent in <br />excess of the maximum amount allowed by any restriction placed on the unit in <br />accordance with this article. <br /> <br /> (2) No person shall sell or rent an inclusionary unit to a person or <br />persons that do not meet the income restrictions placed on the unit in accordance with <br />this article. <br /> <br /> (3) No person shall provide false or materially incomplete information to <br />the city or to a seller or lessor of an inclusionary unit to obtain occupancy of housing for <br />which that person is not eligible. <br /> <br /> (i) Principal residency requirement. <br />