What happens when a homeowner wants to sell their deed restricted home?
Every home purchased through the Community Housing Program has a Period of Affordability, the minimum of which is 10 years. A home may receive a maximum of 5% appreciation a year during the Period of Affordability. If a homeowner wants to sell during that Period, the City determines the Maximum Resale Price at which the home may be sold, though a homeowner is not guaranteed to sell their home for the Maximum Resale Price. The home must also be sold to a household qualified through the program. If a homeowner sells after the Period of Affordability, the home may be sold at market rate and sold to anyone. The seller will make a payment back to the City that is equal to 25% of the difference between the original purchase price and the new market-rate appraised value. A minimum payment of $5,000 is required.
