§ 4.7.8. Resale and subsequent rentals of affordable units.

To maintain the availability of workforce housing units which may be constructed pursuant to the requirements of this program, the following resale conditions shall be imposed on the workforce housing units and included in the deed or restrictive covenant and recorded in the Public Records of Palm Beach County:

a.

All workforce housing units shall remain affordable for a period of no less than 40 years commencing from the date of initial occupancy of the unit, subject to the limits set forth in this section and Section 4.7.9.

b.

All workforce housing units must be rented or sold to eligible households. There shall be no provisions for releases from the sale or rental of workforce units to eligible households. Workforce housing units may be resold to non-eligible households only when the restriction expires.

c.

Deed restrictions or restrictive covenants and/or bylaws designed to ensure continued affordability shall be embodied in legally binding agreements meeting the requirements of this Article, which shall be approved by the City Attorney prior to recording. Notwithstanding the foregoing, workforce housing units sold as part of any Delray Beach Community Land Trust sale shall not contain resale restrictions other than those contained in the ground lease recorded as part of the original sale. (Ord. No. 23-17, § 2, 7-6-17)

d.

Workforce housing unit resales shall be limited to households of the same category relative to income.

e.

The sales price of workforce housing units may not exceed the upper limit of affordability for the income category to which the unit was originally assigned.

f.

Transfers of title under the following circumstances shall be allowed, and are not subject to the restrictions included in this program:

i.

Transfers upon death of owner. [Amd. Ord. 25-08 6/17/08]

g.

No resales of workforce housing units shall be completed until the requirements of this chapter are met.