Ordinance 2022-1839 - DENIED - Laserfiche WebLink

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Denied on Second Reading b. Rental covenants. The City Manager may release and discharge a rental covenant after thirty years' duration, allowing sale or rental of the property to people who do not qualify under Section 17.76.070, so long as the owner of the units seeking the removal of the deed restriction pays to the City at that time, for each deed -restricted affordable rental unit, the amount of the difference between the value of the unit with and without the deed restriction, as calculated by the City Manager based on reasonable market data collection or projections. If an arm's-length sale of the property accompanies the termination, the units shall be valued proportionally to the value at which the property is priced in the sale, so long as the director determines that valuation to be a reasonable market price. Sec. 17.76.070 Income qualification and local live/work preference. Affordable units may be sold or rented only to a person selected by the City Manager who meets the City's qualifications. Such qualifications shall be based on the person's income and assets, and shall be intended to ensure that only those who require affordable housing shall be eligible. In selecting particular qualified applicants for particular affordable units, the City Manager shall consider applicants' household size compared to the size of available affordable units. If more qualified applicants of the appropriate household size request housing in an affordable unit than there are affordable units available, the City Manager shall give priority to applicants who prove their residency or employment within Louisville to the satisfaction of the City Manager. If applicants are equally so prioritized, the City Manager may select among the applicants by lottery. Sec. 17.76.080 Restriction on rental of for -sale units. No owner of a for -sale affordable unit may fail to continuously occupy the unit as a primary residence, or lease or rent out the unit to any person. The City Manager may grant an exception to this restriction if the owner proves to the satisfaction of the City Manager that the lease or rental is directly necessitated by a bona fide hardship, the property has no outstanding down payment assistance loan from the City, and the lessee or renter will be a person approved by the City Manager as meeting the qualifications of a purchaser of an affordable unit under Section 17.76.070. The owner must notify the City Manager at least 90 days prior to leasing or renting out the unit, to give the City Manager adequate time to consider the proposed exception. Sec. 17.76.090 Credits for excess affordable housing. A. Award of credit. Ordinance No. 1839, Series 2022 Page 13 of 16