Acceptance of Deed Restriction and Down Payment Assistance Program Participation
IHAPP Deed Restriction
As a condition of the IHAPP grant, a new deed restriction will be recorded against all IDD Units at Walton Oaks and Auburn Oaks. The deed restriction will remain in effect for a period of ten (10) years following the initial sale of each IDD Unit and will include the following income and certification requirements:
Income Requirements. Across all IDD Units at Walton Oaks and Auburn Oaks, at least 75% of occupants, whether owners or renters, must have annual household income at or below 30% of Area Median Income (AMI), currently $22,020 in Oakland County. All occupants of IDD Units must have annual household income at or below 60% of AMI, currently $44,040.
Income Certification. The Developer (Three Oaks Communities), the homeowners association for each neighborhood once formed and controlled by its Board of Co-owners, or an authorized third party designated to perform this function, will be responsible for certifying the income eligibility of occupants of IDD Units:
Upon the initial sale or lease of an IDD Unit; and
Whenever the ownership or occupancy of an IDD Unit changes during the applicable ten-year deed restriction period.
TOC reserves the right to not enter into a Purchase Agreement with any buyer, or not to approve a lease agreement, for an IDD Unit if doing so would violate the terms of the IHAPP grant.
Click [here...waiting on CHN to provide] to review the legal description of the deed restriction.
New Down Payment Assistance Program
In consideration of the IHAPP deed restriction requirements, and to further improve affordability for IDD residents, the Developer is establishing a new Down Payment Assistance (DPA) Program providing $20,000 of assistance per standard IDD Unit. For IDD condominium units that are combined into a larger unit, the amount of DPA will be adjusted proportionately based on the square footage of the combined unit.
The DPA will be:
Structured as a soft second mortgage. The DPA will bear 0% interest, require no scheduled principal payments, and be applied at closing in addition to or in replacement of any deposits you may have already paid, subject to any financing terms your chosen financial institution may require.
Assumable upon resale. The DPA may be assumed by a subsequent eligible owner upon resale of the IDD Unit, subject to the HOA bylaws, deed restrictions, and other applicable requirements in effect at the time of transfer.