Sail Lofts

Property Information

# of Units: 10 units
Occupancy: Owner occupied
Unit Type: Condo
AMI Target: 90%-130% AMI
Completed: Building 17 summer 2019; Building 16 under construction

Restrictive Covenant Highlights

Employment: 30 hours per week on annual basis in Summit County
Income Limits: 90% – 130% (20% additional income allowance for qualified occupants)
Appreciation Limit: Fixed 2% per year
Commission: 1.75% of the resale price
Capital Improvements: 3% of the purchase price can be added over a period of 10 years upon approval
Retirement: A person over 65 years of age shall remain a qualified occupant regardless of his or her working status, so long as he or she has occupied the restricted unit for not less than 7 years
Rental: Units may be rented to an approved tenant, and may not be short term rented

Restrictive Covenants

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