Smith Ranch

Property Information

# of Units: +/- 200 deed restricted
Type: Single family, duplex, & townhome
Occupancy: Owner occupied
AMI Target: 80%-120% AMI
Neighborhood Amenities: Soft surface trail, green corridor, public transit
Completion: Multi-phase; currently under construction

Restrictive Covenant Highlights

Employment: 30+ hours per week on an annual average basis in Summit County
Income Limits: 80% – 120% AMI
Appreciation Limit: 2% per year not compounded annually
Commission: 1.75% of the resale price
Capital Improvements: 5% of the initial purchase price over a cumulative period of 10 years and the same 5% for each successive 10 year period upon approval
Retirement: A person at or above full benefit age for federal Social Security may remain in unit, so long as they occupied the unit for a period of 7 years
Rent: No short term rental allowed; owners can rent rooms to qualified tenants upon approval

Restrictive Covenants

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