The ODU CDC is building workforce/ affordable housing near the university campus on 43rd Street for sale at prices that workforce families, in particular teachers beginning their careers can afford. The workforce housing is intended to appeal primarily to Norfolk Public School teachers but other key members of the workforce such as city employees, police officers, and fire department employees will be eligible to purchase the houses. The objective of the housing is to keep families from being forced out of the city by the high cost of housing. The land for this project was conveyed to the ODU CDC by the City of Norfolk.
Each WorkForce Housing Unit at 43rd Street will be subject to Restrictive Covenants that apply to all current and future owners; please review the source documents and legal counsel to review prior to purchasing a WorkForce Housing Unit.
Term of Covenant: 10 years as WorkForce Housing. Applicability: All current and future owners of the home.
All current and future owners grant the ODU CDC the right of first refusal to buy the home for the Maximum Resale Price (as defined below) as long as the Covenant is effective.
Resale: All current and future owners must notify ODU CDC of its intent to sell. This “Intent to Sell Notice” must contain the Current Appraised Value and the Maximum Resale Price of the Home as defined below. ODU CDC then has to notify the owner of its intent to purchase within 30 days from the notice of the Intent to Sell. ODU CDC can either purchase the home or assign its right to purchase to an eligible buyer. This purchase must be consummated within 60 days of the date of ODU CDC’s Purchase Notice.
Condition of Property: All current and future owners shall deliver the home in the same condition as it was on the date of the Covenant, reasonable wear and tear excepted.
Primary Residence: The owner shall maintain the Home as his or her Primary Residence, occupying that Home for a minimum of eight (8) full months out of any twelve (12) month period.
Residential Use: Owners shall use the Home for residential purposes.
Leasing Restrictions: Owners shall NOT lease, refinance, encumber or grant a mortgage on the Home without prior consent of the ODU CDC.