With regards to Affordable Housing Units, Owner must provide written notice of intent to sell and request for maximum resale price calculation at least 15 days prior to offering the Affordable Housing for sale. Resale of Affordable Housing Units and Affordable Housing Lots shall be to qualified buyers as governed by Section F of the Ordinance.
The sales price for resale of an Affordable Housing Unit or Affordable Housing Lot shall be calculated by allowing a 3% appreciation, compounded annually, of the initial purchase price paid by the Owner, from the purchase date by the Owner. The 3% appreciation will be prorated to the day when the notice of intent to sell the unit is received by SMRHA.