On August 1, 2008, a new Ordinance went into effect relating to the regulation of conversion condominiums; amending Seattle Municipal Code Section 22.206.160 and Chapter 22.903, and adding new sections.
There are three significant changes:
- Developers are required to pay the equivalent of three month's rent to tenant households earning 80% or less of the area median income based on household size.
- Elderly (65 and older) and special needs tenants can qualify for up to an additional $1,500.00 if they are otherwise eligible to receive relocation assistance (for additional relocation costs).
- Developers have new city reporting requirements--see 22.903.035.B. and 22.903.035. C. They are now required to give notice regarding payment of relocation assistance as well as distribute a relocation information packet. A copy of this notice must be sent to DPD Code Compliance within 30 days of its delivery to tenants. Additionally they are required to provide a report about the relocation to DPD no later than 180 days after the date of the original notice.
A change in state law, which was also effective on August 1, extends the conversion notice period from 90 days to 120 days. It was not necessary for the city to adopt this change, since it will be a state requirement.
Relocation assistance is only available to tenant households that do not elect to purchase their units. Relocation funds are paid directly to eligible tenant households by the developer. Developers pay 100% of the cost.