The city shall have the exclusive right to purchase up to one-third of the for-sale workforce housing units within the development. Once the developer notifies the city that the workforce housing unit is for sale, the city has 30 days to notify the developer of their intent to purchase the unit. Any workforce housing unit the city elects not to purchase shall be offered exclusively to eligible buyers for a period of 60 days from the date the city’s right to purchase the unit expires. An eligible buyer is defined as “a household whose Workforce Housing application has been approved and who meets all the home ownership requirements of the Workforce Housing Program. The remaining two-thirds of the for-sale workforce housing units must be offered exclusively to eligible buyers for a 90-day period beginning the date on which the city is notified that the units are for sale.
After the 90-day time period has expired, any workforce housing unit which has not been sold to the city or an eligible buyer may be offered for sale to the general public. Upon the sale of a workforce housing unit to a non-eligible buyer, the developer shall pay to the City the difference between the actual sales price and the prices as reduced by the amount of the workforce housing discount, less any additional sales commission actually paid by the developer up to a maximum of two (2) percent of the sales price and any closing cost assistance actually paid on behalf of the buyer up to a maximum of three (3) percent of the purchase price.
Developer’s Initial Sales Process Timeline