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San Juan board authorizes amendment raising Anvil townhomes appreciation cap to 3%
Summary
The board authorized an amendment to the Anvil townhomes covenants to change the resale appreciation cap from 1% compounding to 3% simple, responding to buyer concerns; staff will complete title work and execute documents when title confirms recording approach.
Anne Chase, speaking for the housing authority, asked the commissioners to authorize a covenant amendment for the Anvil townhomes that would raise the appreciation cap in section 8.8(a) from 1% compounding to 3% simple annual appreciation. Chase said the change responds to prospective buyers who are uncomfortable with the original 1% compounding cap and that title counsel is reviewing whether a blanket amendment can be recorded or whether individual records are required.
Board members discussed example resale math over 10–30 years and the potential county exposure if buybacks are required in the future. Commissioners noted that the 3% simple cap is already used on nearby deed restrictions and that purchasers are never guaranteed the cap; the cap only limits maximum resale price when the seller follows program rules. A motion to authorize execution of an effectuating document (subject to title feedback) passed by voice vote.
Chase said the housing authority has two units under contract, a third expected to follow, and staff will report back once title clarifies the recording process.
Action: motion made and seconded; voice vote recorded as 'Aye' (no roll call).
