“Locals Price” Deed Restriction
Resort communities, such as Frisco, face a serious challenge in creating affordable neighborhoods that serve the needs of employees, particularly the needs of first time home buyers and young families. Certainly rapidly appreciating real property values are a major problem; however, "neighborhoods" dominated by rentals and second homeowners also pose a challenge.
To address these concerns, our team has worked with the Frisco Town Council and Summit Combined Housing Authority to create a program which balances the interests of the Town, the homeowners (current and future), and mortgage lenders and is simple enough to be easily administered.
We have created a program which provides that where the "local price" is paid:
- Residents must work 30 hours per week in Summit County;
- Homeowners must be either individuals, who work 30 hours a week in Summit County, or a local business; and appreciation will be limited to 3% per annum or the percentage increase in AMI (Area Median Income), whichever is less.
