Vail deed restriction fund may be refilled,but still needs dedicated funding source
March 8, 2018
VAIL — George Ruther's phone was ringing nearly constantly on Thursday, March 8. Most callers wanted to know about the fate of the town's InDeed deed restriction purchase program.
The program, which purchases deed restrictions on free-market units in town, has been so successful that the funds available have been depleted.
Ruther, head of the Vail Community Development Department, said he heard Thursday from a number of people who want to participate, but are worried that now they can't.
There could be a solution on the horizon. Ruther said the Vail Town Council is expected to hear a request for another $500,000 for the program at its Tuesday, March 20, meeting.
Established in 2017, the InDeed program essentially pays the difference between what a local employee can afford and the price of a vacation home.
At a meeting on Tuesday, March 6, Vail Local Housing Authority Chairman Steve Lindstrom told town council members that the purchase program is still in its "price discovery" phase.
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"It'll take eight or 10 completed deals" to understand more about how the program is going to work, Lindstrom said.
If the council agrees to the $500,000 request, there's still a significant issue of how to keep the program funded.
But, Lindstrom said, finding a dedicated funding source "is going to take a while."
Vail Daily Business Editor Scott Miller can be reached at 970-748-2930, email@example.com and @scottnmiller.