Ordinance No. 18655 - Laserfiche WebLink

Home Browse Search

18655 Sale - every final disposition pr transfer of a condominium unit or purchase of a cooperative share by a developer or his agent, yr by a purchaser from that developer, including the offering of the property as a prize or gift when a monetary change or consideration for whatever purpose is required by the developer or his agent. .Share - a certificate of interest, participation, or owne sr hip in a cooperative corporation includin an g y subscrlptian, membership or occupancy agreement. Special Categor Tenants - any person who is elderly, handicapped or how income. ~"Elderly" means any person who is sixty-two ~62~ years of age ar over at the time of the notice of planned conversion. "Handicapped" means any individual who, at the time of final conversion per- mit issuance, has a physical or mental impairment which substantially limits one or more of such personrs acti- vities relating to housing. "Low-income" means any per- son who, at the time of notice of planned conversion, has a current income of less than $no of the median income on a yearly basis determined for Lane County by the Department of Housing and Urban Development. Unit owner - a developer who awns a snit or share, a person to whom ownership of a unit or share has been conveyed, or a lessee of a unit in a leasehold condominium whose lease expires simultaneously with any lease the expiration or termination of which will remove the unit from the condominium, but not a person having an interest in a unit or share solely as security .for an obligation. Section Z. Scope of Re~,u~.ations. This ordinance shall be applicable to all conversions of rental units to condominiums for which a declaration of unit ownership under oRS 91.506 is filed after the effective date of this ordinance. This Ordinance applies to the conversion of rental units to cooperative apart- ments, including limited equity stock cooperatives and market stock cooperative units, where articles of incorporation are filed and shares are sold after the effective date of this ordi- nance. This ordinance does not apply to any condominium conversion granted an exemption from the operatign of the moratorium under ordinance No. 15535 and for which project either a public report has issued under oRS 91.614 or a waiver thereof has issued under oRS 91.623. Section 3. Limitations ~n Condominium Conversions. t.a~ Nothwithstanding any other provision of law, no person may convert nor shall the~City of Eugene permit the con- version of any rental unit in the City of Eugene into a condo- Ordinance -- 10