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RESTRICTIVE COVENANT <br /> <br /> RESALE RESTRICTIONS AND OFtION TO <br /> DESIGNATE ELIGIBLE PURCHASERS <br /> <br /> EXHIBIT A <br /> <br /> ® Transfer or sale of property shall be restricted to first time homebuyers. First <br /> time homebuyers is defined as any individual(s) who has not previously been the <br /> sole owner of residential property for the previous five years. <br /> <br /> · Purchaser(s) income must not exceed 80% of the median income for the Oakland <br /> PSMA at time of purchase. <br /> <br /> · Purchaser(s) shall provide a minimum 5 % down payment on the property. <br /> <br /> · No more than four person and no less than two l~rson households are permitted <br /> to occupy two bedroom units at the time of purchase. <br /> <br /> · The City may establish preference criteria to determine eligible purchasers. <br /> <br />(sbcovrc .cf2) <br /> <br /> <br />