Skip to main content
Loading…
This section is included in your selections.

(1) The exemption for affordable unit(s) provided in Sections 9.284(1)(d) and (1)(k) automatically terminates if the unit(s) cease to qualify as affordable at any time during the specified period of affordability. For purposes of this section, affordability shall be calculated using the Area Median Income determination for the preceding calendar year.

(2) The tax shall be immediately due and payable to the City as of the date the unit no longer qualifies as affordable, together with the penalty described in Section 9.288. The amount of the construction excise tax shall be calculated using the percentage in effect at the time the unit(s) ceases to qualify.

(3) The person responsible to pay shall be the owner of record of the unit(s) at the time the unit(s) ceases to qualify. The seller and buyer, jointly and separately, shall be obligated to pay if the unit(s) ceases to qualify as the result of a sale; including a sale to a person occupying the unit whose income exceeds the Area Median Income determination for the prior year.

[Added Sec. 8, Ord. No. 2018-15, Feb. 15, 2018.]