VAIL, Colorado " The town of Vail, Colorado will be taking applications for its affordable housing beginning today.
Qualified applicants will be placed on a housing lottery list used when any of the town's 80 affordable housing units, such as Vail Commons, Red Sandstone Creek and North Trail Townhomes, become available for resale.
Right now, none of the affordable homes are available for purchase, and there is no way to tell what may or may not be available this year and what part the economy may play, said Vail Housing Coordinator Nina Timm.
The potential homes do not include the Chamonix housing, an affordable housing project the town hopes to build in West Vail. There will be a separate application process for the Chamonix homes once plans, pricing and a timetable are set.
Applicants will be placed into tiers based on the number of years working and living in Eagle County and resale units will be awarded to the top person on the list. Priority will be given to those living and or working in Vail.
Applications are due by noon June 4, and a lottery is scheduled for 5 p.m. on July 8 for any available homes. The applicants or an applicant's representative must be present to be eligible for the drawing. The priority list will then be used for all homes that are resold from July 9, 2009 through July 7, 2010.
To qualify for the lottery, applicants must:
- Currently own no other residential real estate in Eagle County, or it must be a town of Vail deed-restricted employee housing unit.
- Plan to use the residence as an owner-occupied primary home
- Be employed at an Eagle County business and must work a minimum of 30 hours each week over the course of a year and continue working that same amount until the sale of the property or retirement
- Earn at least 75 percent of total income working at an Eagle County business
- And agree to a resale cap of 3 percent annual appreciation.
Staff Writer Melanie Wong can be reached at 970-748-2928 or firstname.lastname@example.org.