A Deed restriction is a legal covenant that limits a property’s use, typically to ensure affordability and maintain the vitality of a community. It is recorded with the county and stays with the property, meaning it applies to all current and future owners, not just the original buyer. The Grand Junction Deed Restriction Basics are as follows:

• Income Qualification: 100% of the Area Median Standard (see chart below). Buyers must income qualify for the initial purchase of the home. See the chart below for the maximum adjusted gross income a household may earn. The more members of the household (children included), the higher the maximum income limit.

• Net Asset Standard: Total net assets shall not exceed 3 times the Original Purchase Price

• Residency Requirement: Your Juniper Grove must be your primary residence and cannot be leased. You must live in it at least 8 months out of the year.

• Property Ownership: In general, no member of a Household can own any other Improved Residential Property. If you do, you must sell it within a year.

• Resale Guidelines: To preserve long-term affordability, the home's resale price is limited by a deed restriction. Owners may sell for the original purchase price plus 3% annual appreciation, along with certain approved capital improvements and eligible adjustments, as outlined in the resale formula.