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HomeMy WebLinkAboutC03-104 Division of Housing Beneficiary and Rent Use Covenantwhen Recorded Return To: ATTENT ON: E~zabeth SmHh USING Q ~~~ 1313 SHERMAN STREET, ROOM 518 Page: 1 of 3 DENVER, CO 80203 04/07/2003 05 :49P Teak J Simonton Eagle CO 129 R 0.00 D 0.00 COLORADO DIVISION OF HOUSING BENEFICIARY AND RENT USE COVENANT THIS BENEFICIARYAND RENT USE COVENANT is made this 14th day of March , 2003, by the Golden Eagle Elderly Housing Corporation, anon-profit corporation, (°Owneri'), fee simple owner of certain property further described herein. WHEREAS, the Owner is recipient of funds from the Colorado Division of Housing to be used for the acquisition of the following described real property in the Town of Eagle, County of Eagle, State of Colorado (the °Property"): (Insert Legal Description as Attachment A) WHEREAS, as a condition to the receipt of such funds, Owner has agreed to record a covenant to run with the Property to insure that certain rental and occupancy limitations associated with the program are met; NOW, THEREFORE, the following is established as a covenant running with the Property; 1. Restriction. For the term of the Restriction, the Property shall be used primarily to provide housing for Eligible Beneficiaries at Affordable Rents, as defined herein. 2. Eligible Beneficiaries. The owner, its successors, assignees, heirs, grantees, or lessees shall insure that the units listed below are affordable to households whose income is equal to or less than the listed Area Median I ncome (AMI) at the time the household initially occupies their rental unit. Income eligibility requirements are defined by the Department of Housing and Urban Development (HUD), or if no longer published, by an equivalent type index. Assisted Units (CDBG) # of Units Income of Beneficiaries (2-person family) 6 30 < 30% if Area Median Income ($18,000) < 50% if Area Median Income ($29,950) If at some time during the period of affordability, the units cannot be filled at the agreed upon beneficiary levels of 6 units at 30% AMI and 30 units at 50% AMI, Eagle County may follow RD Instruction 1930-C which stipulates the order of selection of tenants on the waiting list. Before allowing this variation, DOH will review the Marketing Plan in use at the time of the requested variance. In addition, Eagle Countywill submit quarterly copies of the waiting list to DOH for the period of affordability of the project. At no time will a unit be leased to a household over the 80%AMI level. 8Z6~23 Page: 1 of 2 03!17!2003 11:59A Teak J Simonton Eagle, CO 129 R 0.00 D 0.00 • • 3. Affordable Rents. To insure the housing is affordable to low income households, the 36 DOH assisted rental units must have rents that are less than the HUD AMI rents, less the HUD approved utility allowances. County EAGLE 1-Bedroom 50% of AMI Rents eff. (2003) 30% of AMI Rents eff. (2003 $701 $421 4. Long Term Affordability. The owner, its successors, assignees, heirs, grantees, or lessees shall ensure that this property remains affordable, without regard to the term of any mortgage of transfer of ownership, for a period of not less than 50 years. This affordability restriction may terminate upon foreclosure or transfer in lieu of foreclosure, unless the owner of record, before the foreclosure, or anyone with business or family ties to the owner, obtains an ownership interest in the property through the foreclosure. 5. Change in Use. If this property is not used for housing the above described beneficiaries, at the above described rents for 50 years following the date of contract execution, the owner, its successors and assignees, heirs, grantees, or lessees shall be required to repay the State the grant funds attributed to this properly, unless the State authorizes the transfer of repaid funds to one or more public housing entities, or private nonprofit corporations. 6. Enforcement. County of Eagle, Colorado Division of Housing and/or the Department of Housing and Urban Development, or appropriate representatives thereof may enforce this Covenant. 7. Upon satisfaction of the above covenants, DOH will release the owner, its successors, assignees, heirs, grantees, or lessees of this agreement. PNRTOP~EyRTY OWNER'S LEGAL NAME ~OI,blE1V FTMA E ELDCE HOUSING CORPORATION By ~ ~ 1~a Typed Nar~'7~om'C. `Lone Title President State of Colorado ) )ss. County of ) IVwIYIANIYIVIVIV~II~IVN~flIIII~IA~ 829.' n:.. lV °a D Date TheoLLLLL/ng instr~mer~t wash su~s~ri~~d toy gdlacl~o~wleldyg~l before rr~e Pis~day of March, 2003 , b/ Tomb /es den o o en a e er ousin or o 0 y Witness my hand and official seal My commission expires: ~~~D~; ~~ ~®.~ p R ~' AGB ;~ JAN~CE ~~,•' ®`e~OLOFtiP~O $~~~2~ Page : 2 of 2 03!17/2003 11:59A Teak J Simonton Eagle, CO 129 R 0.00 D 0.00 ' ' '"' ~• -,ec ld, Goldf.n C ~ :l~rly Hrusin~ r ., / ;' Begin,:tng at a point on the Easterly line of said Wt 1. 'said point also being on the' Westerly Right-of-Way Line ©f Capilol Street,~Erom which the most SouCherly Carney of said Lot 1 beats S. 35°~J"]2"W. 286.51 feet distant; thence departing said Westerly Right-of-Wby lint 5.86°qC>'00"W, 80.15 feet; thence N. 54°26'28"H. 182.On P4•rt; If~c•nc:~~ N.23°?.f~':'A"H. X13.00 fac•r rci a }~c~int on the Mescerly line of said Lot I; thence a•lony said Wc•sterty line the following two (21 courses ) ~ N.35°33'32'E. f 51.33 fees, 2: N.00°13'00"w. 37.)5 fee[ . e • thence-departing said westerly line N.89°27'00"E. 49.50 Eeee; thence N. 00°33'00"W. 108.00 feet; thence S.89°27.00"W. A9.50 feet to a point on the Westerly line of said Lot 1; thence along said westerly line N.00°33'00"w. 65.00 Eeet to the most Northwesterly Corn~•r of said Lvt 1, said' point also being the Southwesterly Corner caf Lot 62: thr:nce dlonq thy. Northerly line of said F.+ot 1, b~!inq .the same as the .Southerly line of Lots 62 • and 63. N.89°27.00"8. 146.17 feet to the Southeasterly Cornar'of Lot 63: thence along the Easterly Line of Lot 63, N.00°33'00"W. 105.00 Feet to a point on the • Southerly Aigt~t-of-Way Line of Seventh 'Street; thence along said Southerly line N.69°27'00'E. 60.7.8 feet to the No~rthvesterly Corner of Lot• 64; thence along the Westerly line of Lot 64 the following t6ro 12) courses: 1') 5.14"94'26'H. l8. 1J fc:.•c _ 21 5.00°39'00"E. .63.00 feet to the Sovthweacerly Corner of l.ot 64; thence along the Southesly• lilies of Locs 64, 65, 66 and b7 the following Eour I4) courses : • l.) S. B6°27'S2"E. 70.18 feet . 2) S.BG°27'S2"E. 57.79 Eevc _ - . 3) 5_74°27'S2"E. SS.lS fc:ec 4) 5.69°27'S2'E. 54_91 feet . to the Southeas rerly Corner of Lor 67, sa id• .F,otnt also Deinq on the westerly ..Right-of-Hay Line of Capitol Street: thence along said westerly line the following two 121 courses: ' 1) 39.af, feet Jiang th., ire of a .:carve ~to the right with a radius ' of 446.97 lwec, the cl~uccl cat wi~ic:h boars 5.33°05''27"W. 3b.gs feet 2) S_]5°33')2"S+. 495.04 feet • to the point oL brginniny. Said Lot l9 contains 3.190 acres, more or less. EXRIBIT "A" • ~2~213 Page: 3 of 3 Teak J Simonton Eaele, CO 129 R 0.00 04/07/20®00 5~49P