§ 8.52.150. Relocation assistance—Rental housing production fee.

A.

In the event a structure is converted to a condominium, cooperative or community apartment, the landlord shall deposit, in an interest-bearing account, one percent of the purchase price of each unit; or, if all units are not sold within 18 months after final map approval, one percent of the current market value for each unsold unit as reflected on the assessor's tax roll at the expiration of said 18-month period. The deposits required by this section shall be deposited within 10 days after the agreement to purchase has been executed, or within 10 days after the expiration of the 18-month period, whichever is applicable.

B.

The county housing authority shall be the owner of the account, and funds deposited therein may be withdrawn by the county housing authority for use in the development of lower-income housing, including, but not limited to, the subsidizing of the cost of land to make a federally subsidized project financially feasible. In the event the county housing authority uses said funds to subsidize a private development, the authority shall require the developer to execute a covenant and agreement that the project shall be restricted to lower-income apartment use for 20 years. In no event, however, may said funds be used for general administrative expenses of the county housing authority. The use of such funds by the county housing authority shall be in accordance with the following priority:

1.

First priority shall be to use the funds within a five-mile radius of the converted project;

2.

Second priority shall be to use the funds within the Supervisorial District of the converted project;

3.

Third priority shall be to use the funds elsewhere within the county housing authority's jurisdiction.

(Ord. 12148 § 1 (part), 1980: Ord. 11950 § 6.5(E), 1979.)