Affordable Housing Covenants are generally registered on your land title as s.905 LGA notices and s.219 LTA Covenants. These covenants limit a) WHO can live in the property and b) HOW MUCH the property can be sold for.
The OWNER (meaning all persons on title) must:
a) RESIDE in the Property;
b)Be part of a HOUSEHOLD whose gross annual income does not exceed the Affordable Ownership Income level. This includes everyone over 15 years old living in the residence;
c)Total Household income cannot exceed: $63,737 ( in 2009, City of Kelowna)
d)File a statutory declaration (evidence under oath) that the Owner continues to meet the criteria while remaining an owner (1-4 times each year).
A Seller of an affordable housing unit is responsible for vetting Buyer to ensure they meet the above criteria.