Breckenridge takes applications for new workforce-housing units
June 16, 2017
if you go
What: Workforce Neighborhood Launch and Community Fundraiser
When: 11 a.m. to 2 p.m. today
Where: Breckenridge Distillery, 1925 Airport Road, Breckenridge
Info: A free brunch will be provided by Whole Foods while everyone 21 year of age or over will get a free cocktail from Breckenridge Distillery. The event is designed to help potential buyers get the information they need to submit applications to buy one of 17 new workforce-housing units that are just now being made available. Additionally, the event will raise money for three local nonprofit groups, with a silent auction, a piece of work from a local artist and more. For info, go to DenisonPlacer.com or call 970-306-6785 or 970-485-1571.
After spending more than 45 minutes with the Breckenridge Town Council on Tuesday hashing out possible deed restrictions, town officials are ready to start taking applications from potential buyers for the first 17 townhomes in a new workforce-housing neighborhood.
"We got the direction that we needed in regard to the terms of the deed restrictions," senior town planner Laurie Best confirmed via email on Wednesday, adding that town officials will be dispersing that information and more, including the prices, schedule and steps to owning one of the townhomes, during a launch party from 11 a.m. to 2 p.m. Saturday, June 17 at Breckenridge Distillery.
Tentatively referred to as "Denison Placer 1" — the results of a naming contest are also expected to be announced today — the new workforce-housing neighborhood will include 52 townhomes ranging from one to three bedrooms each, all off Airport Road alongside the Blue River, once complete.
The homes are said to be rich in amenities, close to nature and inspired by the history and vibrancy of the town. While the first 17 are set to go public Saturday, 35 more are expected to hit the market sometime next summer.
As previously reported, deed restrictions on the units had not yet been set going into Tuesday's town council work session and meeting. During a May 23 meeting, members of the council and town officials both expressed a sense of urgency to get the restrictions in place ahead of the launch. It was framed as an important piece to moving forward so that potential buyers would know exactly what they might be getting into before submitting applications.
Workforce-housing units are designed to help alleviate the housing crunch felt by local employees whose incomes aren't necessarily high enough to allow them to purchase a home in such a highly desirable area.
As a result, workforce-neighborhood homes are sold at below-market prices to qualifying individuals, and often written into the deeds are various restrictions that live in perpetuity.
These restrictions are widely viewed as the single best way to keep housing prices down after the initial sale, and they accomplish this by addressing any number of things, such as capping the amount a home can be sold for or limiting its use to the primary residence of the individual who buys it.
Walking through the various possible restrictions with the council at length on Tuesday, Best modeled her proposed deed restrictions for the new workforce neighborhood largely after those already in place at Valley Brook, another workforce-housing project in Breckenridge.
There were some variations, and the council didn't agree on every item. Still, as Best went through all the options, Mayor Eric Mamula led an informal poll of the council members on each proposed restriction, and a general consensus emerged.
"We will take the feedback from council and actually draft up a deed restriction that we will run by local lenders, etc., and then bring back to council for final endorsement sometime in the summer," Best explained of the process, adding that the town has all of the information it needs to move forward with today's launch.
Applications from potential buyers are due by the end of August. If the number of qualified applications exceeds the number of available homes, there will be a lottery for the units.
For information about the townhomes or today's launch party, go to DenisonPlacer.com, or call 970-306-6785 or 970-485-1571.