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Members propose county buy‑back of deed‑restricted units to strengthen long‑term affordability
Summary
Board members suggested purchasing deed‑restricted ownership units (e.g., Bear Hollow) when available, updating deed restrictions to prevent nightly rentals and using resale proceeds to fund future affordable development; staff acknowledged compliance challenges.
Committee member (S6) proposed the county purchase ownership units that are poorly deed‑restricted (Bear Hollow example), update the deed restrictions to ban nightly rentals and owner‑occupancy requirements, then resell with enforceable covenants and use proceeds to fund the housing authority. "When the county buys them back currently, we update the deed restrictions," S1 confirmed, but staff also warned there are compliance and enforcement challenges to track.
Members discussed whether resale restrictions currently have 'teeth' and asked staff to study resale price deltas for restricted units versus market value as part of evaluating the buy‑back strategy. The proposal was framed as one potential capital strategy to generate funds and strengthen enforceability of future deed restrictions.
