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 Denver
 Code of Ordinances
 Chapter 27. HOUSING
 Article III. PRESERVATION OF AFFORDABLE HOUSING

  § 27-49. Local preservation projects—Tenant and city notice provisions.  

Latest version.

  • (a)

    When the owner of a local preservation project takes action which will make the affordable housing no longer affordable or has decided to pursue a sale of the local preservation project, the owner must provide ninety (90) days' advance notice to the city. The notice shall meet standards developed by OED. During the ninety (90) day notification period, the owner may not sell or contract to sell the property, but may engage in discussions with other interested parties.

    (b)

    Owners of local preservation projects who have decided to take action described in section 27-49(a), must provide a written notice of ninety (90) days to tenants. This shall be in addition to the notice to be provided to the city under section 27-49(a). During this notice period the owner may not initiate a no cause eviction.

    (c)

    Owners of local preservation projects who have decided to sell the local preservation project shall provide a right of first refusal to the city or its designee, and any such purchase and sale agreement entered into by the owner of local preservation projects shall be contingent upon the right of first refusal of the city or its designee to purchase the local preservation project. The owner of the local preservation project shall provide the contingent purchase and sale agreement to the city or its designee upon its execution. Upon receipt of the contingent purchase and sale agreement, the city shall have one hundred twenty (120) days to notify the owner of the local preservation project of its or its designee's intent to purchase the local preservation project or its intent to facilitate the purchase of the local preservation project by its designee, an entity willing to preserve the affordability of the housing provided in the local preservation project. If the city or its designee is willing to purchase the local preservation project on terms that are economically substantially identical to the terms of the contingent purchase and sale agreement and shall agree to close within one hundred twenty (120) days from the date the city and the owner sign a purchase and sale agreement, the owner shall sell the local preservation project to the city or its designee on those terms.

(Ord. No. 757-00, § 1, 9-25-00; Ord. No. 291-05, § 14, 5-2-05; Ord. No. 571-15, § 3, 9-14-15; Ord. No. 1089-18, § 3, 10-22-18)