SEC. 40.18. MAXIMUM AMOUNT OF LOAN.

The loan shall be made only for the purpose of meeting rehabilitation standards and the maximum amounts shall be as follows: Three units, $10,000 per unit; four or more units, $7,500 per unit; and guest rooms, as defined in Section 203.7 of the Housing Code, $2,500 per unit. The Chief Administrative Officer may approve a loan in excess of these amounts following guidelines established by the Chief Administrative Officer only where such excess financing will result in the creation of additional housing units by making habitable a multi-family building which has been abandoned or vacated for a period of one year prior to the date of application, or by the conversion of a multi-family building or portion thereof from commercial use to noncommercial use; provided, that in no case may the loan exceed $17,500 per unit for dwelling units and $11,500 per unit for guest rooms.

(Added by Ord. 482-80, App. 10/17/80)