Council to consider housing lottery process Tuesday
VAIL — The Vail Town Council will be reviewing recommendations and providing direction on the last remaining topic that will be used to guide construction and buyer qualifications for its Chamonix Neighborhood housing development at its Tuesday meeting. The discussion on the lottery selection process is listed as action item 4.1 on the evening meeting agenda which begins at 6 p.m. in Vail Town Council Chambers with opportunities for public comment.
Currently more than 100 people have expressed interest in how they might become eligible to purchase one of the 32 homes that will be built by the town in partnership with Triumph Development. Since demand exceeds the available supply, a lottery process is being recommended for selecting the future buyers. Recommendations developed by the Vail Local Housing Authority and to be discussed by the Town Council Tuesday include:
Requirements for Participation
• Completion of a Chamonix Neighborhood home buyer qualifying application.
• Demonstrated ability to comply with the terms of the deed restriction if selected for home purchase.
• Demonstrated ability to secure financing for the dwelling unit desired.
• Signed acknowledgment of acceptance of the terms of the Chamonix Neighborhood pre-sale agreement and purchase/sale agreement.
• Demonstrated participation and successful completion of a Town of Vail or Valley Home Store sponsored Home Buyer Education Class within the previous 12 months.
• One chance in the lottery selection process per qualifying application.
Lottery Selection Procedures
• Each qualified home buyer shares an equal chance of being selected.
• In an instance of multiple home buyers within a household (i.e. marital spouses) each individual home buyer may have a separate chance of selection provided each individual is capable of qualifying independently.
• Qualified home buyers shall select the home or homes for which they are interested in purchasing by placing their name into the hat for said home or homes. A certified list of all names within the 32 hats will be created prior to commencing the drawing.
• One qualifying home buyer’s name will be drawn at random for each of the 32 homes.
• The selected home buyer for each of the homes will have the option to execute a pre-sale agreement, on its terms, for the home which they selected. If the selected home buyer declines the option, then a new qualifying home buyer’s name will be drawn, and so on, until a pre-sale agreement is executed for the home. This process will be repeated for each of the 32 homes.
• In an instance where a qualified home buyer is drawn for more than one home, they shall be limited to executing a pre-sale agreement for only one home. Once the desired home is selected and a pre-sale agreement is executed, the qualified home buyer’s name shall be removed from the lottery selection process.
• If a home buyer declines acceptance of a home, or otherwise fails to execute a pre-sale agreement within the established timeframe, then the home buyer shall forfeit their position and, one, request to have their name placed back into possible future drawing, or, two, be removed from the lottery selection process for said home entirely.
• A lottery drawing schedule will be established. Qualified home buyers need to be present to be drawn.
Tuesday’s discussion follows earlier decisions by the Town Council on unit mix, floor plans, financial subsidy and the Chamonix Neighborhood at West Vail deed restriction.
The development plan for construction of the Chamonix Neighborhood at West Vail, as approved by the Vail Town Council, includes 10 two-bedroom units and 22 three-bedroom units with five floor plan options ranging from approximately 1,130 square feet to 2,670 square feet. All units have enclosed parking. Next steps include a review by the Planning and Environmental Commission on Jan. 9. Pricing estimates currently range from the low-$400,000s to the low $700,000s with more than half of the units estimated to cost $550,000 or less.
A marketing and reservations campaign is set to launch in early this month. It is anticipated a lottery selection process and pre-sale agreements will be taking place during the second quarter of this year. The first homes could be ready for occupancy by November.
The final sales prices of the new homes will be set by the Town Council once the development application is reviewed and approved by the town’s Planning and Environmental Commission and Design Review Board.
For additional details on Tuesday’s Town Council discussion, visit the town’s website at http://www.vailgov.com. To share your comments in advance of the meeting, email email@example.com or for questions, contact George Ruther, community development director, at 970-479-2145 or firstname.lastname@example.org.