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or for a business with its principal office in Louisville, and in any case has been so for a period <br /> of at least 90 prior to the date of contract for purchase of the unit. <br /> (c) In the event of any initial sale and transfer by FHFH of an affordable housing unit <br /> in a manner that is not in full compliance with the provisions of Subsection (a) of this Section 10, <br /> such transfer shall be wholly null and void and shall confer no title whatsoever upon the <br /> purported transferee. <br /> 11. Restriction on Subsequent Transfers of Units. <br /> (a) Re -sales and Transfers Only to Eligible Buyers. Except as expressly set forth in <br /> Subsection 11.(b) below, after an initial sale by FHFH, a unit may only be re -sold or transferred <br /> to an "eligible buyer The term "eligible buyer" means a household whose aggregate annual <br /> income is at or below 80% AMI, such determination to be made according to criteria no less <br /> restrictive than those used by the LHA in administration of LHA -owned and operated affordable <br /> housing. At least 15 days prior to the date of closing of a re -sale or transfer, there shall be <br /> provided to the City and LHA written evidence demonstrating that the buyer meets such eligible <br /> buyer criteria. <br /> (b) Exceptions. The following transfers are exempted from the restriction set forth in <br /> Subsection (a) of this Section 11: <br /> (i) A transfer resulting from the death of a unit owner where the transfer is to <br /> such unit owner's spouse or co -owner who is also such unit owner. <br /> (ii) A transfer to a unit owner's estate following such unit owner's death for <br /> the purpose of administering the estate and distributing the assets thereof during a limited <br /> period of time. <br /> (iii) A transfer by a unit owner where the spouse of such unit owner becomes a <br /> co -owner of the applicable unit. <br /> (iv) A transfer resulting from a decree of dissolution of the marriage or legal <br /> separation or from a property settlement agreement incidental to such a decree, by which <br /> a spouse who is a unit owner becomes the sole unit owner of the applicable unit. <br /> 12. Restriction on Resale Price. <br /> 4 <br />