The Town of Vail is now accepting community housing lottery applications for the sale of a Chamonix Vail townhome in West Vail. Property information, a photo gallery, qualification information and a link to the online application can be found at http://vail.gov/currentlistings. The deadline for submitting the application is 4 p.m., Friday, June 26.
Located at 2333 Upper Traverse Way, Unit A, the home is being offered for a maximum resale price of $625,350. Future appreciation is capped at 1.5% per year, plus approved capital improvements. Open houses will take place from 10 a.m. to noon on Wednesday, June 24 and from 1 to 3 p.m. on Friday, June 26.
The multi-level townhome includes three bedrooms, three bathrooms, 1,509 square feet of living space, a fireplace, an attached one-car garage and surface parking in the driveway. Chamonix Vail is a 32-home, 100% deed-restricted neighborhood developed by the Town of Vail to create homeownership opportunities for local working residents. A shared community garden and gathering space anchor the center of the neighborhood, creating a place for neighbors to meet, grow and connect. Completed in 2018, Chamonix Vail is within walking distance of West Vail shops, restaurants and services.
The lottery drawing will be conducted on Tuesday, June 30, with results published by the Town of Vail on the same day. The electronic drawing will be conducted remotely by a third party vendor specializing in community housing lotteries; no public meeting will be held for the drawing process. Names will be drawn randomly to determine the order in which applicants will be invited to complete the Qualified Buyer Application and the order in which those applications will be processed.
Each complete entry receives one lottery ticket. Applicants may receive up to two additional tickets, for a maximum of three:
- One ticket for submitting a complete Lottery Entry Form.
- One additional ticket if the applicant does not own non-deed-restricted, or free-market, improved residential real estate within the Town of Vail.
- One additional ticket if the applicant was a qualified applicant in a Town of Vail housing lottery within the previous 24 months and was not selected to purchase a home.
Top-drawn applicants will have five calendar days after the results are posted to submit a complete Qualified Buyer Application. To qualify, applicants must:
- Occupy the home as their principal residence.
- Work an annual average of at least 30 hours per week for an Eagle County business.
- Earn at least 75% of their income from Eagle County business activity.
- Have completed a Town-approved homebuyer education course within the previous five years.
- Disclose all residential real estate ownership and comply with applicable ownership restrictions.
The Qualified Buyer Application will require a current mortgage prequalification letter demonstrating the ability to finance the $625,350 maximum resale price, four years of federal income tax filings, employment and income documentation, proof of residency, identification, real estate ownership disclosures and documentation supporting any additional lottery tickets claimed. A complete list of submittal requirements, the deed restriction agreement and the Chamonix Vail Employee Housing Guidelines can be found at http://vail.gov/currentlistings.
For more information, contact the Town of Vail Housing Department at housing@vail.gov. To subscribe to housing announcement emails, visit www.vail.gov/vailmail.
