Article 1 DEFINITIONS
Appreciation Limiting Deed of Trust means the deed of trust to be executed by the purchaser of a unit and delivered to the Town for recording with the Clerk and Recorder of Summit County, Colorado, in a form approved by the Town.
Appreciation Limiting Promissory Note means the promissory note to be executed by the purchaser of a unit and delivered to the Town in the form attached as Exhibit C, or such form as may be approved by the Town.
Area Median Income means the median annual income for the County (or such next larger statistical area calculated by HUD that includes the County, if HUD does not calculate the area median income for the County on a distinct basis from other areas), as adjusted for household size, that is calculated and published annually by HUD (or any successor index thereto acceptable to the Town, in its reasonable discretion).
Assets means the sum of all real and personal property, money, and other things of value owned or controlled by a person at the time of their purchase or lease of a property.
Authorized Lessee means any qualified occupant, approved by the Town or its designee who shall lease a Unit at such rental rates as shall be established by the Town.
Capital Improvements mean except as otherwise provided in a restrictive covenant, improvements made by the owner that increase energy efficiency, water conservation or improvements that result in the addition of garage and/or storage or the finishing of unfinished space.
Eligible Household means a household approved by the Town or its designee that meets the specific AMI income caps as established in any specific restrictive covenant.
Maximum resale price means the maximum purchase price determined in accordance with article 4.
Primary Residence means the place in which a person's habitation is the person's usual place of return. A person can have only one (1) primary residence.
Purchase Price shall mean all consideration paid by the purchaser to the seller for a unit.
Qualified Occupant means a person and their dependents, if any, who at all times during ownership or occupancy of the unit: (i) earns his or her living from a business operating in and serving Summit County, and (ii) works in Summit County at such business an average of at least thirty (30) hours per week on an annual basis or (iii) otherwise meets an exception of the municipal code and/or these workforce housing regulations.
Employed within Summit County means that the person earns their living from a business or organization operating in and serving Summit County, which requires their physical presence within the boundaries of Summit County in order to complete the task or furnish the service, by working at such business or organization an average of at least thirty (30) hours per week on an annual basis. Employed within Summit County does not mean remote working for a business that is not located in and serving Summit County.
Qualified Owner a natural person or an approved local employer.
Restrictive Covenant means a covenant imposing conditions on the use of real property.
Unit means a physical portion of the property to be constructed for purposes of residential use only and may be created as a separate transferable real property interest by the filing of subdivision or similar plat(s) or map(s).
Workforce Housing means employee housing or workforce housing as defined in 9-1-5 and 9-1-16 of the development code.