1. Development must be for a taxable use. 2. Development must be for a single-family, owner-occupied home. The following to be recorded housing restriction shall apply for not less than a period of thirty (30) years: a) The single-family home shall be owner occupied for not less than a period of thirty (30) years. 3. If the Preferred Bidder proposes to sell the single-family home with a recorded affordable housing restriction, the following restrictions shall apply for not less than a period of thirty (30) years: a) The single-family home shall be sold to a qualified homebuyer who must meet the following criteria: i. Income Eligibility: A person(s) earning no more than 80% of Area Median Income – as determined by the United States Department of Housing and Urban Development (HUD). ii. First Time Homebuyer: An individual, or an individual and their spouse, who has not owned a primary residence for at least the last 3-year period...
