§ 154-131.10. Inability to sell or rent.  


Latest version.
  • A. 
    In the event that low- and moderate-income units cannot be sold or rented, as applicable, within six months of being substantially completed and offered for sale or rent, any inclusionary developer may apply to the court-approved master for relief. Such application must provide evidence of the developer's having undertaken an affirmative marketing effort to sell or rent the units. Relief to the developers shall not include exempting the units from the low- and moderate-income sales prices or rent levels, nor shall relief include exempting the units from restrictions on appreciation allowable upon resale or restrictions on escalation allowable upon rerental. In the event of an application for relief, the applicant shall pay the master's fees related to reviewing such request.
    B. 
    The Master may allow a special exemption qualified buyer/renter to purchase or rent any inclusionary unit based upon a statement of exemptions and surcharge if the Master finds it appropriate. The Master is not limited by this section to those methods of relief.
Added 12-21-1987 by Ord. No. 1987-36