DEED RESTRICTED HOME OWNERSHIP

A deed restriction is a simple yet effective tool to help local families afford homeownership in an environment of high market-rate housing, like in Northwest Colorado. The deed restriction exists to ensure that the property remains affordable now and in the future.

Income: Housing units will be sold to people who fall within the income range targeted for each development. This is represented by a percentage of the Area Median Income (AMI). At the 8th Street Townhomes, the planned target for homeownership is 80%-140% AMI.

Sole Residency: The Community Affordability Agreement requires the owner to live in the unit as their sole residence. No short-term rentals are allowed. Some long-term rentals of additional bedroom(s) in the deed-restricted unit are only permitted under certain circumstances outlined in the deed restriction, and the owner must continue to live in the unit.

Affordability: The Townhomes at 8th Street will be deed restricted at 80%-140% AMI for 99 years.