Q. What does "Qualified Income" mean?
A. Qualified Income is a term used for buyers whose annual gross household income does not exceed a certain limit in order to participate in the opportunity to purchase a home. For Monarch Mills a potential purchaser's annual gross household income cannot exceed $56,184 for one person, $64,227 for two people, and $72,270 for three people.

Q. What is a deed restriction?
A. A deed restriction is a legal provision that places certain limitations on the property you are acquiring. In the case of Monarch Mills, there will be a 20 year deed restriction on 56 of the residences that limit future increase in sale price of the unit.

Q. What if I need to sell my residence at Monarch Mills before 20 years?
A. You may sell your residence before the 20 years has expired but we have set requirements you must follow regarding the deed restriction before you market for sale.

Q. Why have a deed restriction?
A. At this point in time, deed restrictions are a good idea. The deed restriction states that should you sell your home within the initial 20-year period, you may sell it for the original purchase price plus 3% annually, plus the value of specific capital improvements.The rule also states that you can only sell to a party who meets the affordable standards. The reason this is a good idea is because it continues to allow more people to purchase a home in downtown Denver comfortably and affordably.

Q. What happens after the twenty years is up?
A. At the conclusion of 20 years, the property can be sold for market value to any interested buyer, regardless of their income.

Q. Can I own other property and still purchase a residence at Monarch Mills?
A. You may only purchase at Monarch Mills if it is your primary residence. You must plan on living in the residence at Monarch Mills.

Q. Can I purchase a residence, live in it then move out and rent it?
A. No. Rental of residences at Monarch Mills is not permitted. Monarch Mills residences must be occupied by the owner and be the owner's primary residence.

Q. Can I co-sign for my son/daughter to assist them in their purchase?
A. Yes. As long as they meet income requirements to afford living in the residence and do not exceed the qualifying income requirements.

Q. How would I find out if I qualify for a home at Monarch Mills?
A. We have two preferred lenders that we recommend contacting. They are both very knowledgeable regarding the qualified income requirements, interest rates and down payment assistance programs. They are Catherine Parker with Market Street Mortgage: 303.721.1120 and Zach Donahue with Premier Mortgage Group: 303.394.4100 x183. We require all prospective buyers to obtain a pre-approval letter from either one of these lenders.