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Board approves Anvil Town Homes association governance and directs 3% appreciation cap for covenants
Summary
Trustees approved the HOA articles and officer appointments for Anvil Town Homes, adopted the association's 2026 budget, and directed staff to seek a blanket amendment to recorded affordability covenants to set a 3% simple appreciation cap.
The Town’s housing team and trustees completed multiple procedural steps on March 9 tied to the recently built Anvil Town Homes neighborhood.
The board adopted the articles of incorporation for Anvil Town Homes Association, Inc., approved written consent for Anvil Town Homes LLC to appoint directors and officers, and approved the association’s 2026 budget. The initial officer slate approved in the written consent lists Ann Chase as president, Elizabeth Suffins as treasurer and Molina Marks as secretary; the board noted the initial directors are placeholders until units sell and owners replace the declarant-appointed board.
Separately, trustees considered an amendment to affordability covenants recorded against Anvil Town Homes, specifically the formula limiting owners’ resale appreciation. Staff said some prospective buyers told them a 1% compounding annual cap felt too restrictive and might discourage buyers. After debate about preserving long-term affordability versus enabling modest homeowner equity, trustees directed staff to present a blanket amendment to the county commissioners setting a 3% simple appreciation cap to align with covenants on other nearby properties (Martha Rose).
Board members emphasized the covenant protects affordability in perpetuity but that permitted capital improvements and market conditions will still affect resale outcomes. Staff noted any amendment to recorded covenants must proceed through the county.
