On Wednesday, the town of Vail announced it would host a lottery drawing for the sale of a deed-restricted home at Vail Heights Condominiums. The 552-square-foot property is a one-bedroom, one-bath home located at 2059 Chamonix Lane #10 in West Vail for $422,000.
Qualification info can be found at VailGov.com/currentlistings and the link to the online application will be live by noon on Friday, Oct. 14. Interested applicants need to submit the link to the town by 9 a.m. on Monday, Oct. 24, in order to be reviewed for final qualification.
This Vail Heights home has an annual maximum price appreciation cap percentage of 1.5% per year plus all approved capital improvements.
The lottery is open to all qualifying individuals interested in purchasing the deed-restricted home. Two open houses will be hosted from 2 p.m. to 5 p.m. on Friday, Oct. 14, and from 11 a.m. to 2 p.m. on Monday, Oct. 17.
The lottery is scheduled for Wednesday, Nov. 2, at 9 a.m. in the Vail Council Chambers. All applicants are welcome, but not required to attend. Tickets will be drawn at random to determine the selected buyer plus create a reserve list should the selected applicant in the drawing order be unable to complete the purchase.
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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 on 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 the purchase declined.
- Maximum Total: 3 lottery tickets
Lottery applicants must meet the following eligibility requirements to qualify:
- All applicants shall demonstrate participation in a Town of Vail-approved homebuyer education class within the past five years at the time of application;
- The residence must be used as an owner-occupied primary home;
- Applicants must 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 must agree to an annual maximum price appreciation cap percentage as stated in the deed restriction; and
- Neither the applicant nor any member of the applicant’s immediate family 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 or trust.
For more information, contact the town of Vail Housing Department via email at [email protected] or visit vailgov.com/housing.