The Town of Fraser has introduced a new Deed Restriction program with hopes to help remedy the lack of affordable housing.
What is a deed restriction?
A deed restriction is a limitation of how a homeowner can use their property. In the Winter Park area it is most commonly seen in home owner associations where there are building restrictions on size or finish. This deed restriction is slightly different, it limits the use of the home to a full-time, working residents who lives in the Fraser Valley. This can be the homeowner themselves or a tenant and it is not just for single family homes, it can be used on condos, townhomes, or multifamily units as well.
The Fraser Deed Restriction Program offers a unique opportunity for current and future homeowners. Those who apply, and granted the deed restriction, will receive a monetary concession in exchange for the attachment of the restriction to their deed. The amounts will vary, and the money the homeowner receives can be used for anything theyd like. This might include a portion of a down payment for a mortgage, an investment property, updates, maintenance, vehicle, college tuition, or even debt payments. The choices are limitless!
The program is modeled after Vails InDeed program. It doesnt put a cap on the price or resale value that the home can be sold for, nor does it have any income requirement of the occupant(s). The only limitation is that the home is occupied by a full-time working resident of the Fraser Valley.
If you are interested in participating or have questions please contact the Town of Fraser.
Written By: Elle Ennis Broker Associate | Real Estate of Winter Park elle@rewinterpark.com
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