Sec. 7-61
- Citation
- Sec. 7-61
- Parent Document
- Somerville Code of Ordinances ch. 7, art. IV (Condominium/Cooperative Conversion)
- Jurisdiction
- Somerville (municipal)
Other Sections in This Document (153)
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Full Text
1,013 charsthat the owner is obliged to find comparable housing for elderly, disabled, and low or moderate income tenants as provided in section 7-64(f) unless the owner is exempt thereunder or the notice period will be extended for up to two additional years; and that no change may be made in the tenant’s rental agreement during the notice period, except that the owner may increase the rent at the expiration of the tenancy agreement by an amount not to exceed the sum which would result by multiplying said rent by the percentage increase in the consumer price index for all urban consumers as published by the United States Department of Labor, Bureau of Labor Statistics during the calendar year immediately preceding the date of the proposed rent increase, or ten percent, whichever is less and the owner may collect real estate taxes due under a valid tax escalation clause, provided such tax escalation clause was included within the rental agreement existing as of the date of the notice of intent to convert; (H)