§ 60.2. PURPOSES.

The purposes of this Chapter are to assist public and private efforts to ensure that housing affordable to very low, low and moderate income households is not permanently removed from the housing stock, to preserve and promote a supply of housing that is affordable to very low, low and moderate income residents in the community, to protect the diversity of the community by preventing displacement of very low, low and moderate income households, and to prevent homelessness.

This Chapter is enacted:

(a) To assist efforts to ensure that the stock of affordable rental units in the community is preserved;

(b) To assist efforts to ensure that very low, low and moderate income households are not unnecessarily displaced from subsidized housing units due to the owner's prepayment of loans or termination of rent subsidies which have the effect of terminating restrictions on occupancy, rent, and use of such units;

(c) To ensure that the City, concerned nonprofit organizations and affected tenant households receive adequate notice that affordability restrictions may terminate to enable them to respond to the potential problems created by conversions of subsidized rental units; and

(d) To ensure that the subsidized rental unit occupants are provided with information and assistance in the event of conversion of such units to market-rate housing.

(Added by Ord. 332-90, App. 10/3/90)