Low-income housing restrictions limiting owners’ options to resell | VailDaily.com

Low-income housing restrictions limiting owners’ options to resell

Christopher N. Osher
The Denver Post
RJ Sangosti, The Denver PostRyan Albizu sits down with his wife, Kevin, and son, Asher, 3, at the Denver home they bought through a low-income housing program. They say reselling it to a buyer who meets the income limits is proving difficult.

Denver’s affordable-housing program seemed like the perfect solution to help Kevin Kate Albizu and her husband, Ryan, buy a home three years ago.

Now the Albizus, like scores of others in the program, say they find it nearly impossible to resell their homes because of city restrictions.

The crunch is occurring because the program’s rules require those who bought the discounted homes under income restrictions to resell only to people who meet those same income restrictions, said Damon Knop, a real estate agent who represents many trying to resell homes in the program.

Tighter lending requirements these days make that difficult, Knop and other critics say.

“The math is just too tight,” Knop said.

Read more: http://www.denverpost.com/emailed/ci_15200385

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