The Town of Vail is accepting applications for a community lottery drawing for the sale of a deed-restricted home at Vail Commons. The 2-bedroom, 2-bath, 927-square-foot home is located at 2092 Zermatt Lane Unit F. The home is being offered for $224,873 and has an annual maximum price appreciation cap of 3% per year, plus approved capital improvements.
Qualification information and the online application can be found at www.vailgov.com/currentlistings. The deadline for submitting the application is 3 p.m. Wednesday, Aug. 23.
Three open houses are scheduled: Tuesday, Aug. 15 from 4 - 6 p.m.; Wednesday, Aug. 16 from 12 - 2 p.m.; and Monday, Aug. 21 from 3 - 5 p.m. The lottery drawing is scheduled for 1 p.m. Friday, Sept. 1 in the Town of Vail Council Chambers. Applicants are welcome to attend, but attendance is not required to be selected. Tickets will be drawn at random to determine the selected buyer, plus create a reserve list should the selected buyer be unable to complete the purchase. Each qualified applicant with a complete application shall receive a minimum of one lottery ticket for entry into the lottery drawing. Two additional lottery tickets can be awarded, up to a maximum of three total, based upon the following criteria:
Maximum Total: 3 lottery tickets
Due to the volume of applications that are likely to be submitted, and to continually improve upon customer service, the administrative review process of the lottery has changed. All lottery applicants must still meet the eligibility requirements to qualify for purchase if selected, however, the final determination of eligibility will be made after the lottery selection process has been completed. To be eligible for purchase, if selected, the selected applicant shall have 48 hours to demonstrate compliance with the following eligibility requirements
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Applicants shall demonstrate completion of a Town of Vail approved homebuyer education class within the past five years at the time of final application review.
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Applicants shall agree to use the home as their owner-occupied primary residence.
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Applicants shall be employed at an Eagle County business and must work a minimum of 30 hours per week on an annualized basis.
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At least 75% of the applicant’s total income must be earned by working at an Eagle County business.
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Applicants shall agree to an annual maximum price appreciation cap percentage as stated in the deed restriction.
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One application per household.
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Neither the applicant nor any member of the applicant’s immediate family household may own improved residential real estate in Eagle County, except where that real estate is deed restricted as a Town of Vail employee housing unit. This also includes residential real estate that may be held under an LLC, trust, etc.
Within 48 hours of the posting of the lottery results on Friday, Sept. 1, the first five applicant names drawn will be required to meet with the housing staff to submit the following documents to complete their application. By 5 p.m. on Tuesday, Sept. 5, the first five applicants will be required to have submitted all documentation to demonstrate that the applicant meets the eligibility requirements:
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Valid and current signed mortgage prequalification letter including property address, listing price and approved loan amount included
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Current copy of Homebuyer Class certification, from the approved Town of Vail list of eligible courses, completed within the last five years
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Complete set of 2021 and 2022 Federal Tax Returns (plus business tax returns if applicable for business owners)
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Most recent sets of paystubs for qualified Eagle County employment to show that you meet the required employment qualifications
