Applications available for Vail housing lottery
VAIL — Lottery applications for those interested in buying an available three-bedroom housing unit at Vail Commons in West Vail are due to the Town of Vail Community Development Department office by noon on June 5. The 1,800-square-foot, three-bedroom, three-bath townhome is located at 2084 Zermatt Lane, Unit D. The town will conduct open houses Thursday from 4 to 6 p.m. and June 2 from 4 to 6 p.m. for interested buyers.
The lottery is open to qualified individuals interested in purchasing the deed-restricted unit for a maximum sale price of $217,300.50, which is more than 50 percent lower than market rate. The town of Vail facilitated the construction of Vail Commons in 1995. To maintain affordability, the resale price of each of the 53 for-sale units has been capped at 3 percent annual appreciation.
HOW TO APPLY
Application packets for the upcoming housing lottery are available from the town’s website or the Community Development Department office, 75 South Frontage Road. Applications will be placed into tiers based on the number of years working and living in Eagle County and then drawn at random at a housing lottery, if needed, on June 16 at 5 p.m.
Applicants must meet the following basic eligibility guidelines to qualify:
• Individuals must currently own no other real estate in Eagle County, or it must be a deed-restricted, price appreciation-capped employee housing unit.
• The residence must be used as an owner occupied primary home.
• Individuals 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 at that same amount until the sale of the property or retirement.
• Individuals must agree to a resale cap of a maximum of 3 percent annual appreciation.
• The individual must have a household size of three or more people.
MASTER LOTTERY UNDERWAY
The town’s master housing lottery list is used when any existing town-facilitated housing unit, such as Vail Commons, becomes available for resale. However, in this case, those on the list have already been accommodated or are waiting for purchase of a different unit, which is why the application process for the current unit has been expanded. The next opportunity for the master lottery list is currently underway.
The town has facilitated 85 owner-occupied units since 1995. This includes 53 at Vail Commons, 18 units at Red Sandstone Creek, three “buy down units,” six units at North Trail Townhomes and two units at the Arosa Duplex.
For more information, call Nina Timm, the town’s housing coordinator, 970-479-2144.