On March 31, 2018, the city of Denver sent letters to homeowners who are in violation of the 2016 Affordable Housing Plan. Homeowners are being given 30 days to respond to the violations.
In 2016, Denver established a $150,000,000.00 fund to create affordable housing in the fast-growing Denver market. Part of this plan included designating homes to remain affordable by putting a limit on how much the homes could be sold for and placing income restrictions on those who could purchase the home.
On March 21, 2018, prompted by a 9news report, Denver’s Office of Economic Development found that 1,302 homes with the affordable deed restrictions violate the Affordable Housing Plan.
Owners of these homes are now being sent letters notifying them that they are in violation of the deeds placed on their homes and are being asked that they remedy the violations. These remedies could include requesting that the owners of these homes sell their home at a loss.
What to do if you have received a letter:
1) Begin gathering all the documents that you signed at the closing of your home.
2) Consult with a real estate attorney to review all documents pertaining to your home purchase to protect your rights.
3) DO NOT, UNDER ANY CIRCUMSTANCES, sign a release unless and until a competent attorney has reviewed it.
We are currently assisting homeowners to review their options with respect to these notices. Our attorneys have vast experience handling real estate matters such as these, and we would be happy to consult with you on how you can best protect your rights moving forward.
If you or anyone you know has been impacted by this issue, or if you would like more information on The Nelson Law Firm, LLC, please visit our website at www.nelsonlawfirm.net, or email or call us at 303.861-0750 or firstname.lastname@example.org.