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I. Use and Occupancy Regulations.

A. Each unit shall be used and occupied only by a qualified occupant as their primary residence. Units must be occupied a minimum of 9 months within any 12 month period.

B. A person who is self-employed and/or works from home may be authorized in writing as a qualified occupant if they meet the following criteria:

1. Work an average of at least thirty (30) hours per week on an annual basis for a business that is located within and Summit County and the business requires their physical presence within the boundaries of Summit County in order to complete the task or furnish the service; and,

2. Demonstrates they are earning at least minimum wage from this employment.

C. Units that require owner occupancy pursuant to a restrictive covenant may not be rented for more than a maximum of 12 months cumulative during the term of an owners ownership, and may only be rented to an Authorized Lessee. Owners may rent rooms within the unit to qualified occupants at a rental rate approved by the Town.

D. Exceptions.

1. Retirees: An occupant who owns a home and has claimed retirement status may be authorized to retire and remain in deed-restricted units, if the person is age 65 years or older if such person has occupied the unit as a qualified occupant for a minimum of seven (7) consecutive years prior to ceasing to be a qualified occupant.

2. Persons with a disability: A person who becomes disabled after commencing ownership or occupancy of a unit, when such disability prevents the person(s) from working the required number of hours set forth in the deed restriction, may be permitted to remain in their unit for a period of time of unemployment if authorized in writing by the Town.

3. Relief in extraordinary circumstances.

a. A person may request relief from these workforce housing regulations and/or the terms of a restrictive covenant by filing a request in writing to the division of housing setting forth a narrative explaining the need for the exception as well as written evidence confirming the reason for the request, including, but not limited to, such items as: a former employer’s documentation of involuntary unemployment; confirmation of employment requiring a relocation.

b. Within thirty (30) days or within a reasonable timeframe of receipt of a written request for relief, the housing director shall review and make a determination as to whether relief is warranted and may grant an exception to an occupancy requirement for any qualifying circumstance(s) upon finding that:

i. The qualifying circumstance(s) justifying the grant of an exception to the restrictive covenant is a circumstance that has transpired subsequent to occupancy of the unit and/or is outside the control of the applicant to correct; and,

ii. Strict application of the terms of the restrictive covenant would result in a significant hardship on the qualified owner; and,

iii. The grant of the requested exception is limited to the scope necessary to grant reasonable relief to the applicant, consistent with the intent and purpose of the restrictive covenant, and will not have an adverse effect on the community or surrounding neighborhood.

c. If the exception is granted, the director may impose specific conditions of approval, and shall establish the duration of the term of such exception.

II. Resale/Lottery/Notice of Intent to Sell.

A. An owner shall promptly notify the Town, or its designee when they intend to sell any workforce housing unit in the form attached hereto as Exhibit D.

B. The Town reserves the right to require that properties be sold via a lottery process and /or through the Summit Combined Housing Authority, with such process to be determined by the Town at the time of sale, in general conformance with these workforce housing regulations. The Town shall have ten (10) days after receiving the notice of intent to sell to determine whether a lottery will be required.

C. When the Town is selling Town-owed assets, including buy down units, the Town may utilize the SCHA to sell units, but the Town also has the right to sell units directly to Town employees and/or utilize other realtors to provide marketing services based on market conditions and employee recruitment/retention needs. When selling units the Town will prioritize hard to fill positions, full time employees, critical recruitments, duration of employment, etc. The Town has the right to set resale prices based on comparable units and market conditions. The Town may also utilize Town-owned assets, including buy downs as temporary transitional housing pursuant to policies established by the Town.

D. For deed restricted units with an appreciation cap, each buyer must sign an appreciation limiting promissory note and a deed of trust at the time of purchase of a unit. At the time of sale, the town will release the deed of trust after confirming the resale price does not exceed the maximum per the appreciation formula. A new note and deed of trust is executed with the new buyer.

III. Income Testing.

A. To the extent the Town reguires Income testing, it shall be done only at the time a person purchases or leases a unit. The income of any person (s) on a deed, loan or filing jointly as a household shall be counted for determining the household income, except for non-occupant co-borrowers who do not occupy or use the unit.

B. Additional income obtained by persons in an eligible household after purchasing or leasing the unit shall not have any effect on the household's qualifications or income classification under this restriction. For the purpose of capping income and qualifying households, the Town will use the actual household size or 1.5 persons per bedroom whichever is greater. The Town will generally allow a 30% buffer between the price cap and the income cap to provide flexibility for homebuyers to qualify for financing without being cost burdened.

IV. Priority of Purchase Based on Area Needs. Based upon the purpose and intent of each individual affordable workforce housing development, certain categories of applicants may be given priority in the purchase or rental of housing units within a particular development. Examples of categories of applicants that may be granted priority status include the following:

Area Employees: To facilitate reductions in traffic and automobile use throughout the County, persons employed within a specific geographic area proximate to the proposed development.

Persons needed for the Town workforce or with longevity living or working in Summit County.

Lower income households within the approved income range for qualified buyers or renters.

If a development allows employer-owned units, priority may be given to persons who wish to purchase a unit, before opening up the sale to local employers and businesses.

V. Terms and Recording of Restrictive Covenant.

A. Each workforce housing unit shall be governed by a restrictive covenant that:

1. Mandates that occupancy shall be by a qualified occupant and may not be left vacant pursuant to article 2.

2. Shall include a provision that relief may be granted from its terms in extraordinary circumstances, consistent with article 2.

3. Shall be recorded with the Summit County Clerk and Recorded and shall run with the land in perpetuity.

4. Shall include language to protect the restrictive covenant from being released in the event of a foreclosure, to the greatest extent possible. Restrictive covenants shall further specify that, if the restrictive covenant is released in the event of a foreclosure, the Town or its assignee shall have the first right of refusal to purchase the unit, in order to preserve the unit as affordable workforce housing to the greatest extent possible.

B. The division of housing has discretion to include any other provisions that the Town deems necessary and warranted based on current market conditions and other project specific considerations including, covenants limiting the maximum resale price or rental price as the case may be, restricting owners from owning other residential property within Summit County or the State, income testing requirements, if any, allowance for local employers to acquire deed restricted units for sale or rental for workforce based on terms established by the Town.

C. Asset tests may be required by the Town in specific restrictive covenants depending on the price point.