ARCH Local’s Only 20%

Deed Restriction Documents – Make sure lender reviews for you:

In a nutshell:

ARCH will pay 20% of purchase price, in the form of a zero interest and deferred payment which loan will be in second position to the primary mortgage. At closing, the Local Deed Restriction will be recorded on the property and remain in perpetuity.

Local Deed Restriction Requirements:

Initial requirements:

Qualified Buyer may not own other real property – this applies to each occupant of the home including non-owners.
Total assets for a Qualified Buyer must be less than $500,000 as defined in the documents. This applies to each occupant of the home including non-owners.
Buyer will be required to take the Finally Home Class online or in person.

Ongoing requirements:

At least one adult in the household must work “full-time” (1,500 hrs. / year) in Blaine County (Exceptions for retirement, disability etc.)
The unit must be Owner-occupied; 9-month minimum (i.e. This must be the Qualified Buyers Principal Place of Residence).
Written verification of continued employment in Blaine County, use of property as a primary residence is required annually.
Owner must allow physical inspection of the property with advance notice.

Resale

There is No maximum appreciation cap on the unit resale value.
Subsequent Buyers must meet the same requirements; ARCH retains a first option to purchase the property at resale.
Selling owner shall pay a 3% administrative fee at sale.