The City shall continue to monitor all units considered at risk of conversion to market rate and assist property owners in maintaining the affordability of these units. The City shall support and assist property owners in applying for State and Federal funding to preserve at-risk housing, and as funding permits, shall provide financial assistance to nonprofit housing developers in the acquisition and rehabilitation of at-risk housing projects. The City shall ensure that property owners comply with State noticing requirements to notify tenants one year ahead of their intent to terminate subsidy contract or affordability covenants. As necessary, the City shall also provide technical assistance to tenants to access other affordable housing resources.
The City continues to monitor all units considered at risk of conversion to market rate and assist property owners in maintaining affordability of these units. The City supports and assists property owners in applying for State and Federal funding to preserve at-risk housing, and a as funding permits, shall provide financial assistance to nonprofit housing developers in the acquisition and rehabilitation of at-risk housing projects. The City will continue to proactively engage with owners of affordable housing to identify resources to maintain the units as affordable. The continues to ensure that property owners meet noticing requirements if affordability restrictions are terminated.