The covenant recorded with your home has requirements about maintaining, improving, selling or refinancing. Below is a summary, but you should review your covenant and the Owners Guide for specific information related to your home.
In order to receive resale credit for major home improvements, they must comply with the capital improvement policy and be preapproved by the city before the work starts.
You must notify us of your intent to sell your home before listing it. We will provide you with the maximum resale price and promote your home on our website. All homes go through a 30-day open marketing period followed by a fair selection process coordinated by the city. Resale homes are also subject to inspection and may require repair if they do not meet maintenance and upkeep requirements.
The covenant recorded for your home lets you refinance for up to 93 percent of the home's maximum resale value. Please notify us of your intention to refinance and we will provide you with the maximum resale value of your home and a letter to share with your lender. Before closing we will review loan documents to confirm that the refinance complies with our mortgage policy and your covenant.
The program maintains strict occupancy and rental restrictions to prohibit the homes from becoming income properties:
- Owner occupancy is required.
- Short term rentals (30 days or less) are never permitted for owners of permanently affordable homes per city ordinance.
- Long term rentals of the entire home are limited to one year out of every seven, but not permitted in the first five years. Licensing regulations must be followed.
- When occupied full-time by the owner, a long-term rental of one single room in the home may be permitted after the first year of ownership. Licensing regulations must be followed.
- Licensing regulations must be followed for all rentals.
The City's Solar Grant Program provides financial support for the installation of solar electric and solar thermal (hot water) systems on individual residences that are part of an affordable housing program. Visit the Solar Grant page to learn more and apply.