§ 41B.8. PRESERVATION AS RENT-RESTRICTED AFFORDABLE HOUSING; TENANT PROTECTIONS.

Any Multi-Family Residential Building Purchased by a Qualified Nonprofit under the first-right-to-purchase conferred by this Chapter 41B shall be maintained as rent-restricted affordable housing in perpetuity. For purposes of this subsection (b), “rent-restricted affordable housing” shall mean that the mean value of all rents paid by residential tenants in the Building shall not exceed 80% of Area Median Income, and that the gross household income of new tenants in the Building shall not exceed 120% of Area Median Income. The Agency shall establish procedures to ensure that each Building acquired under this Chapter is subject to a Notice of Special Restrictions that: (a) sets forth the manner in which that Building shall be preserved as rent-restricted affordable housing, and (b) provides that no existing residential tenants at the time of the Purchase or new residential tenants following the Purchase may be evicted without just cause consistent with the substantive provisions of Administrative Code Section 37.9(a).

(Added by Ord. , File No. 181212, App. 5/3/2019, Eff. 6/3/2019)