The purpose of the Home Equity Assurance Program established under the provisions of this chapter shall be to guarantee that the value of property of each member of the Program shall not fall below its fair market value established at the time the member registers in the Program, provided that the member remains in the Program for at least five years, keeps the property well maintained, continuously occupies the property as his or her principal residence and adheres to the guidelines of the Program. By providing a guarantee, the Program is intended to provide relief only from specifically local adverse housing market conditions within the territory of the Program as they may differ from municipal-wide, regional or national housing conditions. The Program is not intended to provide relief from physical perils, such as natural disasters or acts of God, or from depreciation due to failure to maintain a residence. Furthermore, the Program is not intended to provide, serve as or replace homeowner’s insurance or other conventional forms of insurance.
(Ord. 96-37, passed 10-8-1996)