RESALE OF PROPERTY. The Resale Option is used when only development subsidies such as site acquisition, rehabilitation, or construction financing are provided to the developer and no direct subsidy is provided to the homebuyer and the unit is sold at the fair market value. The Resale Option ensures that the home remains affordable over the entire period of affordability, even in the event of subsequent sales. Under this option the minimum period of affordability is based on the entire amount of HOME funds invested in the property and the affordability is secured with a recorded covenant or deed restriction. The developer (or City, if lien holder) may use purchase options, rights of first refusal or other preemptive rights to purchase the property before foreclosure to preserve affordability. Unless the Consortium has established a presumption of affordability for the property’s neighborhood in accordance with the specialized procedures per the HOME Final Rule at 24 CFR 92.254(a)(5)(i)(B), the homeowner is required to sell the property to an eligible low-income buyer at an affordable price. The sale must meet three criteria:
RESALE OF PROPERTY. 17.1 The Purchaser shall not be entitled to sell or otherwise alienate the property to a third party within a period of 3 (three) years from the date of transfer, unless with the prior written approval of the Seller, which approval the Seller will not unreasonably withhold or delayed.
RESALE OF PROPERTY. 18.1 The Purchaser acknowledges that in order to ensure that his successors-in- title are made fully aware of the above onerous conditions, the rules provide that any prospective purchaser must be provided with a copy of the Home Owners' Association Rules.
RESALE OF PROPERTY. 22.1 The Purchaser may not sell the Property within the Restriction Period without the written consent of the Developer. The Developer may charge a fee in respect of any such consent granted.
RESALE OF PROPERTY. 16.1 Unless the Seller consents thereto in writing the Purchaser shall not advertise for sale or enter into an Agreement of Alienation in respect of the Property prior to the date on which the Property is transferred to the Purchaser.
RESALE OF PROPERTY. 17.1. The Purchaser may not sell the Property within the Restriction Period without the written consent of the Seller, which consent will not be unreasonable withheld.
RESALE OF PROPERTY. The Purchaser is not entitled to sell, cede or make over any rights and/or obligations in respect of this agreement prior to registration of transfer without the written consent of the Seller, and is likewise not entitled to sell, cede or make over the Property or the right to take transfer thereof.
RESALE OF PROPERTY. 22.1. The Purchaser may not sell the Property prior to the end of the Development Period, without the written consent of the Seller having been obtained.
RESALE OF PROPERTY. 20.1 The Purchaser shall not be entitled to resell or in any other way alienate the Property until such time as the Property has been transferred into the name of the Purchaser.
RESALE OF PROPERTY. The Resale Option is used when only development subsidies such as site acquisition, rehabilitation, or construction financing are provided to the developer and no direct subsidy is provided to the homebuyer and the unit is sold at the fair market value. The Resale Option ensures that the home remains affordable over the entire period of affordability, even in the event of subsequent sales. Under this option the minimum period of affordability is based on the entire amount of HOME funds invested in the property and the affordability is secured with a recorded covenant or deed restriction. The developer (or City, if lien holder) may use purchase options, rights of first refusal or other preemptive rights to purchase the property before foreclosure to preserve affordability. Resale restrictions must be imposed at the time that the HOME-assisted purchase takes place, and secured through deed restrictions, covenants running with the land, or other similar mechanisms. Unless the Consortium has established a presumption of affordability for the property’s neighborhood in accordance with the specialized procedures per the HOME Final Rule at 24 CFR 92.254(a)(5)(i)(B), the homeowner is required to sell the property to an eligible low-income buyer at an affordable price. The sale must meet three criteria:
