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Town of Vail Accepting Applications for a Community Housing Lottery for a North Trail Townhome
The Town of Vail is now accepting applications for a community lottery drawing for the sale of a North Trail Townhome located near Ellefson Park in West Vail. Additional property information, qualification information and the online application can be found at www.vail.gov/currentlistings. The deadline for submitting the application is 3 p.m. Monday, April 8.
This multi-level, 3-bedroom, 2-bath, 1,439-square-foot home is located at 2477 Garmisch Drive, Unit C, North Trail Townhomes. The home is being offered for $316,297 and has an annual maximum price appreciation cap of 3% per year, plus all approved capital improvements.
Open houses are scheduled for 12 – 2 p.m., Tuesday, Mar. 26 and 4 – 6 p.m., Wednesday, April 3. The lottery drawing is scheduled for 10 a.m., Wednesday, April 17 in the Town of Vail Council Chambers and available via Zoom. All applicants are welcome, but not required to attend. Applicant names will be drawn at random to determine the selected buyer, plus create a reserve list should the selected buyer in the drawing order 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:
- One ticket for not owning free-market residential real estate within the Town of Vail at the time of the lottery application submission deadline date as verified by signed and sworn affidavit and Eagle County Assessor’s property records. An owner of a deed restricted home in the Town of Vail qualifies for this ticket.
- One ticket for having unsuccessfully participated (not been chosen to purchase) in a Town of Vail housing lottery process within the previous 24 months as verified by official public records of the Town of Vail. Applicants who were selected and did not proceed forward with a purchase are not eligible for this ticket. Eligibility shall be restored 24 months after having been selected and purchase declined.
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:
- Applicants shall demonstrate completion of a Town of Vail approved home buyer education class within the past five years at the time of final application review.
- Applicants shall agree to use the home as their owner-occupied primary residence.
- Applicants shall be employed at an Eagle County business and must work a minimum of 30 hours per week on an annualized basis.
- At least 75% of the applicant’s total income must be earned by working at an Eagle County business.
- Applicants shall agree to an annual maximum price appreciation cap percentage as stated in the deed restriction.
- One application per household.
- 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 Wednesday, April 17, the first three applicant names drawn will be required to meet with the housing staff to submit the following documents to complete their application. By NOON. on Friday, April 19, the first three applicants will be required to have submitted all documentation to demonstrate that the applicant meets the eligibility requirements:
- Valid and current signed mortgage pre-qualification letter including property address, listing price and approved loan amount included
- Current copy of Homebuyer Class certification, from the approved Town of Vail list of eligible courses, completed within the last five years
- Complete set of the most recent two years of Federal Tax Returns (plus business tax returns if applicable for business owners)
- Most recent sets of paystubs for qualified Eagle County employment to show that you meet the required employment qualifications
For more information, contact the Town of Vail Housing Department via email at housing@vail.gov or visit www.vail.gov/housing. To subscribe to housing announcement emails, visit www.vail.gov and choose the “Stay Connected” button to register.