HomeMy WebLinkAboutDeed Restriction/667 Bowen St/Rental Rehab �a..
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� DEED RESTRICTION R�c;isr�as or�F:<c:e
� WINN�[6faG0 I:OUNI'1', WI
RECORI)E� (Ih
qTY OF OSHKOSH CDBG RENTAL 04/30i 2C1, t:4::. �M
OREHABILITATION PROGRAM REQUIREMENTS
`, AND DEED RESTRICTION 7u�ie vPGEI
�H FOR PROPERTY AT: RrtGISTeR o� oEt;r:�5
W..._�EP ADDRESS: 667 Bowen Street, Oshkosh, WI RECOROIMG FEE 30.00
PAGES 3
The following CDBG Rental Rehabilitation Program requirements run
with the property and will be binding upon any future purchaser
throughout the term of this agreement.
The property is commonly known as 667 Bowen Street, and legally
described as being in Winnebago County, State of Wisconsin , as
follows:
Recordin Area
Lot 35, Replat of Block 62 of Ford's Addition, 11'"Ward, Name and Return Address
Ciry of Oshkosh, Winnebago County, Wisconsin.
(Tax#911-0206-0000) City Attorney's Office
Oshkosh,W154903-1130
The property owner(s) must indicate that he/she understands these
deed restrictions and will remain in compliance with these requirements by initialing each item, and by
signing and dating this document.
I/We will pay before they become delinquent all tazes and assessments which may be levied or
ssessed against the property described above. I will deliver to the City of Oshkosh, Community
�evelopment Department, upon demand, a receipt showing due payment of any taz or assessment.
IIWe will keep the mortgaged property insured for fre and e�clended coverage perils for at least the
ull and fair market value of the property and pay the premiums thereon when due.
I/We agree to keep the mortgaged property in good condition and repair. I will not do anylhing to
iminish or impair the value of the property.
PERIOD OF AFFORDABILITY
This project must remain affordable based on the funding subsidy per unit. The affordability period
starts when the units are completely rehabilitated and an occupancy permit is issued by ihe City of
Oshkosh Inspection Services Division.
Rehabilitation of up to $14,999. for fve (5)years.
X Rehabilitation of over$14,999. For ten (10)years.
Rehabilitation of over$24,999. For ffleen (15)years.
nced ecnricciov �
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- INITIAL RENTS
� �Maximum rents to be charged will be determined by the City of Oshkosh based on the US
partment of Housing and Urban Development annual Fair Market Rent limits. The City will noti(y the
ner annually when the new rent and income limits are released.
For project lease up, the Fair Market Rent must be used in calculating the rent.
The cost of any tenant paid utility must be subtracted to determine maximum rents allowed.
D ductions for tenant paid utilities are obtained from the City of Oshkosh Community Development
partment. This amount must be recalculated with each lease renewal.
OCCUPANCY
The CDBG assisted unils must be leased lo households whose income does not exceed 60% of
t Area Median Income.
If the initial tenants income should exceed 80% of the Area Median Income, their rent will
i rease to 30°/ of their adjusted household income or the market(street) rent of this or a comparable
it,whichever is less.
At the conclusion of ihe Rental Agreement belween the property owner and the initial tenant,
s sequent occupants must be at or below 60% of the Area Median Income until the end of the Period
o ffordability.
Each year, throughout lhe Period of Affordability, Ihe properly owner will obtain income
i ormation from each tenant and submit it to the City oi Oshkosh, Community Development, ATTN:
CDBG Rental Rehab, 215 Church Avenue, Oshkosh, WI 54901.
�R REOUIREMENTS:
On all projects, an inspection will be conducted every year by City of Oshkosh staff. City staff will
ntact ihe owner to setup an inspection. The assisted unit(s) must meet the City's Minimum Housing
ode and the Section 8 Housing Quality Standards (HQS).
FORCEMENT
In Ihe eveM the property owner violates any of lhe terms of this deed restriction, the City of
O kosh reserves the right to take such action to cure such violation.
�All the terms, conditions and covenanis of this deed restriction will be binding on my heirs, legal
re resentatives,successors or any other individual to whom an interest in the property described above is
as igned.
[Signature page to follow]
DeeJ Resvic�ion -
,
Dated this�day of � f r � 20��
�
ren . Clausing, er
Mailing address: CP1i �/ ��[Alch �f�f l'l�n�(�A�1 W� 5�9��
Phone Number: (_)
ACKNOWLEDGMENT
STATE OF WISCONSIN )
)ss
WINNEBAGO COUNTY )
Personally came before me this�day of�,207 5,lhe above-named JEREMY
F. CLAUSING to me known to be the person who xecuted the toregoing instrumenl.
� 1 /I(lC �.�
' No ary Public
- Winnebago County, Wisconsin ' /
� �. MycommissionispermanenVexpires: 9—'�t��o�
-�,c�...._ .
Prepared By: Darlene Brandt
City of Oshkosh
Deed Ru�ncfion 3