Deadline to apply for Vail housing lottery approaches
May 29, 2014
VAIL — Housing lottery applications for the town’s master purchaser list are now available online or from the community development department, located at 75 S. Frontage Road. The list will be in effect for one year and used when any existing town-facilitated housing units, such as Vail Commons, Red Sandstone Creek, North Trail Townhomes and Arosa Drive Duplex become available for resale.
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. Currently none of the 82 qualifying units are available for purchase. Application packets for the housing lottery are due by noon on June 5. A lottery is scheduled for 5 p.m. on July 9 and applicants or an applicant’s representative must be present to be eligible for the drawing. The priority list will then be used for all housing units that are resold from July 10, 2014 through July 8, 2015.
Lottery applicants must meet the following basic eligibility requirements to qualify:
• Applicants must currently own no other residential real estate in Eagle County, or it must be a price-appreciation capped employee housing unit.
• The residence must be used as an owner-occupied primary home.
• Applicants must be employed at an Eagle County business and must work a minimum of 30 hours each week during the course of a year and continue working that same amount until the sale of the property or retirement.
• 75 percent of the applicant’s total income must be earned by working at an Eagle County business.
• Applicants must agree to a resale cap of 3 percent annual appreciation.
This is the 12th year for the master purchaser list, which was created to streamline purchases. The 2013-14 list includes nine potential purchasers, all of whom were given an opportunity to purchase a unit. Of the nine, two of them chose to purchase what they were offered. Those on the 2013-14 list must reapply to be placed on the 2014-15 list. For more information, contact Vail Housing Coordinator Nina Timm at 970-479-2144.