§ 4.7.7. For sale housing units.

a.

With the exception of workforce housing units sold as part of the Delray Beach Community Land Trust, all deeds shall include the restrictive covenants applicable to workforce housing units. All sales contracts shall state that the unit is part of a workforce housing program and subject to Section 4.7 of the Land Development Regulations of the City. All deeds to buyers of workforce housing units shall contain restrictive covenants providing that the Community Land Trust shall have the right of first refusal to purchase the workforce housing unit on the same terms and conditions as a prospective buyer. The restrictive covenant shall give the Community Land Trust 15 business days to enter into a contract to purchase the property on the same terms and conditions as the prospective buyer. [Amd. Ord. 39-06 7/25/06] (Ord. No. 23-17, § 1, 7-6-17)

b.

All purchasers of workforce housing units shall be very low, low or moderate income households; provided, however, in exceptional circumstances when persons in households above the moderate income level are displaced due to redevelopment or catastrophic events, the persons so affected shall also be eligible for workforce housing. Under these circumstances, the Density Bonus Allocations under Section 4.74 shall be for moderate income households.

c.

Owners of workforce housing units shall be required to occupy the unit unless evidence is presented indicating that the owner is unable to continuously occupy the unit due to illness or incapacity.

d.

Closing costs and title insurance shall be paid pursuant to the custom and practice in Palm Beach County at the time of opening of escrow. No charges or fees shall be imposed by the seller on the purchaser of a workforce housing unit which are in addition to or more than charges imposed upon purchasers of market rate units, except for administrative fees charged by the City/CRA, or their designee.

e.

Sales prices for workforce housing units will be calculated on the basis of:

i.

The sales price of a new structure for low and very low households may not exceed the maximum price established by the Community Improvement Department under the approved Local Housing Assistance Plan (LHAP).

ii.

For moderate income households, the maximum price shall be established by the Community Improvement Department based on a formula that considers the prevailing mortgage interest rates, as approved by the City Commission by resolution.

f.

No workforce housing units shall be offered for sale to the general public until all requirements of this chapter are met.

g.

All Restrictive Covenants shall meet the requirements of this Article and are subject to approval of the City Attorney.