WELLINGTON&LINCOLN PARK

Private Development on existing vacant land.  The property was primarily dredge rock located in unincorporated Summit County.  Through annexation, the Town  required 80% of the units developed be deed restricted and 20% market.  In return, the developer yielded greater densities. Approximately  $2,750,000 Water Plant Investment Fees(PIFs) and planning fees were waived.   

Neighborhood Summary:

# of Units: 226 Restricted, 56 Market  Density: 4 UPA
 Type: Single Family, Duplex, & Triplex
 Occupancy: Owner Occupied 
Initial Pricing: $177,000-$519,000
AMI Target: 80%-120% AMI
Neighborhood Amenities: Parks,Trails, Public Transit
Construction Complete: Phased 2001-2018

Covenant Summary:

Employment: 30+ hours per week in 
Summit County
Income Limits: 80% - 150% AMI
Owners are allowed to own other property
Appreciation Limit: 3% per year or the change in AMI from year of purchase to sale date
Commission: 3-7% of sale price
Capital Improvements: 10% - 15% of initial purchase price
Retirement: Partial retirement at age 55 - Full retirement at age 65
Rent: No Short Term Rental Allowed.  Owners can rent rooms to qualified tenants