Maximum Resale Price. A. The Maximum Resale Price of the Property may not exceed the sum of: (i) the Purchase Price paid by the Owner for the Property, plus: (ii) an increase of three percent (3%) of such Purchase Price per year (prorated at the rate of 1/12 for each whole month, but not compounded annually) from the date of the Owner’s purchase of the Property to the date of the Owner’s sale of the Property; (iii) capital improvements made to the Property by the Owner (if and only if such improvements are allowed by the Town pursuant to the Guidelines); and (iv) a maximum of two percent (2.00%) of the sum of items (i), (ii), and (iii) of this Section A to provide the selling Owner with assistance in paying any sales commissions to a licensed real estate broker, attorneys’ fees, and closing costs incurred by the Owner in connection with the sale of the Property.
B. Pursuant to the Guidelines, each Owner shall be responsible for ensuring that at the transfer of his or her Property, the same is clean, the appliances are in working order, and that there are no health or safety violations regarding such Property. Prior to the sale of the Property the Town is authorized to take necessary actions and incur necessary expenses for bringing the relevant Property into saleable condition. Such actions and expenses include, but are not limited to, cleaning the Property and making necessary repairs to or replacements of appliances and/or Property fixtures, such as windows, doors, cabinets, countertops, carpets, flooring and lighting fixtures, and/or correcting any health or safety violations on such Property. Expenses incurred by the Town to bring the Property into a saleable condition shall be itemized and documented by the Town and deducted from Owner’s proceeds at closing of the Transfer of such Property.
C. No Owner shall permit any prospective buyer to assume any or all of the Owner’s customary closing costs.
D. Nothing in this Restrictive Covenant represents or guarantees that the Property will be re-sold at an amount equal to the Maximum Resale Price. Depending upon conditions affecting the real estate market, the Property may be re-sold for less than the Maximum Resale Price.
Maximum Resale Price. The Maximum Resale Price shall be calculated by CLT and shall be the lesser of either the Index Price or the Appraisal Price, as defined in Sections 10.5 and 10.6 below. The Residential Unit may not be sold for a purchase price in excess of the Maximum Resale Price. In the event such Maximum Resale Price is less than the Mortgage Price, the Lessee shall remain solely liable for any deficiency under the Permitted Mortgage. Finally, to ensure that the sales price of any Residential Unit is limited to the Maximum Resale Price (as it may be adjusted), no purchaser of the Residential Unit shall assume any obligation of a selling owner, nor shall such purchaser pay or provide to a selling owner any other form of consideration in connection with the sale of the Residential Unit. The calculation of the Maximum Resale Price, as made by CLT, shall be final and binding on all parties. Notwithstanding the foregoing, there is no requirement and CLT will not assure that, due to market conditions or the condition of the Improvements, the price actually paid will be the full amount of the Maximum Resale Price determined by CLT, and it may, in fact be less.
Maximum Resale Price. The maximum purchase price an Attainable Unit may be sold to a new eligible buyer will be equal to the lesser of: (1) the current appraised value of the Attainable Unit; or (2) the sum of then owner’s purchase price of the Attainable Unit plus twenty five percent (25%) of the increase in the market value of the unit when appraised as if not deed restricted (determined by subtracting the purchase price from the current appraised value) (“Maximum Resale Price”). Resale of Attainable Units will be restricted to income eligible buyers with a maximum household income at or below 125% of the AMI affordability level for Flagstaff based on then current HUD figures as adjusted for household size. In determining the Maximum Sales Price, the eligible buyers’ housing expense ratio will not exceed thirty-five percent (35%) without approval by the City of Flagstaff Housing Director or designee.
Maximum Resale Price. The Maximum Resale Price for each Sale subsequent to the initial Sale shall be calculated in accordance with Schedule 3 attached hereto and incorporated herein. The Agency shall approve the Maximum Resale Prices for each For Sale Affordable Unit prior to the marketing and sale of such For Sale Affordable Unit.
Maximum Resale Price. A. The Maximum Resale Price of a Property shall be no greater than the sum of:
i. The Original Purchase Price paid by the Owner when the Owner acquired ownership of the Unit;
1 For example: Using 2022 AMI numbers, a two-bedroom unit designated for 100% AMI would use the three- person income limit ($92,100). $92,100 ÷ 12 = $7,7675. $7,675 x .3 = $2,303. $2,303 - $450 = $1,853. With a 5% downpayment and assuming a 6.13% interest rate, the maximum loan amount $1,853 would support is $304,950. As such, together with the downpayment in the amount of $16,050, the Purchase Price would be $321,000.
ii. Plus a percentage not more than the greater of (1) a two-percent (2%) increase in the Original Purchase Price per year (prorated at the rate of 1/12th for each whole month) from the date the Owner acquired ownership of the Unit to the date of the listing of the Unit for resale by YVHA, which percentage shall be calculated annually without compounding2; or (2) fifty-percent (50%) of the average annual increase in AMI, annualized over the period of Owner’s ownership of the Unit, from the date the Owner acquired ownership of the Unit to the date of the listing of the Unit for resale by YVHA, which percentage shall be calculated annually without compounding3 ; and
iii. Plus the cost of Qualified Capital Improvements, except that the increase to the Maximum Resale Price due to Qualified Capital Improvements shall not exceed one-percent (1%) of the Original Purchase Price per year of ownership.4 Qualified Capital Improvements means those improvements to the Unit performed by the Owner, which qualify for inclusion in the preceding paragraph, as set forth in the Brown Ranch Qualified Capital Improvements Rules maintained by YVHA, and as may be amended from time-to-time, and which will be published on the YVHA website. No Owner-Seller shall permit any prospective buyer to assume any or all of the Owner’s customary closing costs or accept any other consideration which would cause an increase in the Purchase Price above the Maximum Purchase Price.
Maximum Resale Price. The maximum purchase price an Affordable Unit may be sold to a new owner will be equal to the lesser of: (1) the current appraised value of the Affordable Unit; or (2) the sum of then owner’s purchase price of the Affordable Unit plus twenty five percent (25%) of the increase in the market value of the unit if not encumbered (determined by subtracting the purchase price from the current appraised value) (“Maximum Resale Price”).
Maximum Resale Price. The Maximum Resale Price for each Sale subsequent to the initial Sale shall be calculated in accordance with Schedule 1 attached hereto and incorporated herein. The Agency shall approve the Maximum Resale Prices for each For Sale Affordable Unit prior to the marketing and sale of such For Sale Affordable Unit. The Owner may refinance the Property for a loan amount not to exceed the Maximum Resale Price and shall provide notice within ten (10) business days to the District prior to closing on such loan.
Maximum Resale Price. An owner may desire to sell a deed-restricted for-sale employee housing unit (Employee Housing Unit) provided that the resale price and prospective purchaser meet the standards of the Guidelines and the Master Deed Restriction. Resale price may not exceed:
A. The original purchase price on the original date of purchase plus
B. An increment equal to three (3) percent or one and one half percent (1.5%) per annum, depending upon the property, (see Master Deed Restriction) of the original purchase price from the original date of purchase (prorated at the rate of 0.25% for each whole month of any part of any year) plus
C. The value of capital improvements (including professional architect’s fees) made to the Employee Housing Unit not exceeding fifteen (15) percent of the original purchase price. For every ten (10) years from the original date of purchase and deed restriction, another ten (10) percent of the original purchase price may be added to the value of the property for capital improvements plus
D. The value of any special assessments made by a homeowner's association or by a local government that has been paid by the owner.
Maximum Resale Price. No Owner of the WHU shall sell the WHU for an amount greater than the Maximum Resale Price for the WHU, which Maximum Resale Price shall be calculated as follows:
(a) Start with the purchase price paid for the WHU by the Owner upon such Owner's acquisition of the WHU (the “Prior Purchase Price”), which Prior Purchase Price may include all reasonable and customary expenses of the purchase incurred at the time of purchase by the Owner as evidenced by a title company settlement sheet (including, but not limited to, closing costs and recording fees, but specifically excluding any costs of financing);
(b) For each year from the date that the Owner acquired the WHU until the date of the listing of the WHU, multiply the Prior Purchase Price and any increases thereto as a result of the application of this subsection b. for prior years (in order to effect a compounding of the increase in the Prior Purchase Price) by the lesser of three percent (3%) or the percentage increase in the most recent CPI-U (hereinafter defined) for such year. Any such increase shall be prorated by day for any partial years. “CPI-U” shall mean the United States Department of Labor (Bureau of Labor Statistics) Consumer Price Index for All Urban Consumers - All Items Index for the consolidated metropolitan statistical area which includes the City and County of Denver, Colorado, which are published on a monthly basis. In the event that the CPI-U is substantially changed, re-named, or abandoned by the United States Government, then in its place shall be substituted the index established by the United States Government that most closely resembles the CPI-U;
Maximum Resale Price. In no event shall a Unit be sold for an amount (“Maximum Resale Price”) in excess of the Initial Purchase Price plus an increase of 2% per year to the date of an Owner’s listing or advertising a Unit to sell (pro-rated at the rate of .167 percent for each whole month for any part of a year), which percentage shall be calculated annually without compounding.1 NOTHING HEREIN SHALL BE CONSTRUED TO CONSTITUTE A REPRESENTATION OR GUARANTEE BY THE COUNTY OR THE DECLARANT THAT UPON RESALE THE OWNER SHALL OBTAIN THE MAXIMUM RESALE PRICE.
1 For example, if the original purchase price of a Unit is $100,000, at the end of Year 1 the Unit could be sold for a maximum of $102,000. At the end of Year 2, the Unit could be sold for a maximum of $104,000, and at the end of Year 5, the Unit could be sold for a maximum of $110,000.
