Exploring Local Housing Resources in Mountain Towns
Living in a mountain community comes with a unique lifestyle and breathtaking views. However, finding suitable housing in these areas has always been challenging due to various factors such as limited inventory and high prices. You will need determination and creativity to make it work. At Mountain Careers we believe life in the mountains can be made easier if you have access to the right information. We have also pulled together some key housing resources in mountain communities that can help. These recourse are meant to give you ideas of programs to look for in your mountain town as well or to share ideas.
Down Payment Assistance Programs – Need cash for your downpayment?
One significant hurdle for many aspiring homeowners is gathering enough funds for a down payment. Fortunately, local governments in mountain communities, like Town of Avon near Vail & Beaver Creek, understands this challenge and have established down payment assistance programs to help individuals and families achieve their dream of owning a home.
The ¡Mi Casa Avon! Program, initiated in 2020, offers financial assistance to help residents purchase homes in Avon. In exchange for placing a deed restriction on their property, the Town of Avon provides a lump sum payment through the program, with no price appreciation cap on the deed restriction. Any residential property in Avon is eligible for the program, and buyers must meet the definition of an Eagle County Employee. Buyers must use the residence as their primary residence for at least three years and contribute at least 3% of their own funds towards the purchase price. The amount of the contribution from the town is negotiated based on the purchase contract or appraised value, with a maximum contribution of $100,000.
Housing Lotteries & Waitlists
In some mountain communities, housing lotteries offer an exciting opportunity for individuals and families to secure affordable housing options. These lotteries provide a fair and transparent process for allocating housing units to eligible applicants.
While specific housing lotteries may vary across different regions, they generally allow interested individuals to apply for available units within a designated time frame. Through a randomized selection process, lucky winners are chosen, granting them the chance to secure a home at an affordable price.
It is worth noting that housing lotteries are typically in high demand but getting on waitlists is an important step to staying informed and having a chance for an affordable house. However, they remain a valuable resource for individuals seeking affordable housing in mountain communities. Aspiring homeowners should regularly check local housing authority websites and subscribe to their mailing lists to stay informed about upcoming lottery opportunities. Breckenridge and Town of Vail have a great examples.
Rental Assistance Programs
Renting is often an attractive option for individuals who prefer flexibility or are not yet ready for homeownership. In mountain communities, rental assistance programs play a crucial role in ensuring that housing remains affordable for residents.
The Eagle County Housing Authority is an example of an organization committed to providing rental assistance programs in mountain communities. As an example the Eagle County Housing and Development Authority (ECHDA) aims to support local renters in the competitive rental market by providing assistance with the first month’s or first and last month’s rent payments. Eligible renters must be full-time residents of Eagle County, employed locally, and meet the income requirements outlined in the Affordable Housing Guidelines. Check it out.
Stay Informed
Living in a mountain community offers a unique lifestyle, but it also presents challenges when it comes to finding affordable housing. Down payment assistance programs offered by local governments, housing lotteries, and rental assistance programs play vital roles in making housing more accessible and affordable in mountain communities. By staying informed and actively exploring these resources, individuals can increase their chances of finding suitable housing options that align with their needs and aspirations.
Disclaimer: The information provided in this blog post is based on available resources as of the publication date. It is advisable to refer to the respective websites and authorities for the most up-to-date information and eligibility criteria.