March 2, 2020
The Town is proposing a Deed Restriction program in Winter Park to help provide more dedicated workforce housing options. Here’s how it works – property owners can voluntarily join the program and restrict their property to full-time working residents. In return, the property owner receives funds that may be used for any purpose.
The property must be occupied only by a full-time working resident employed in the Fraser Valley, whether it’s the homeowner or a renter. When selling, the owner can sell the property at fair market value as long as the next owner also restricts the occupancy to someone working in the community.
Through joining the program, homeowners will receive funds that can be used for anything – from mortgages and property remodel expenses to college tuition and other debts or payments.
In the end, having deed-restricted properties helps the Town move toward our goal of increasing the inventory of attainable housing options in Winter Park without continually building new units.
Sound good to you? Would you take advantage of a program like this? If so, let us know by emailing Assistant Town Manager, Alisha Janes.