Applications for Frisco’s ‘buy-down’ townhomes due Aug. 3 | SummitDaily.com

Applications for Frisco’s ‘buy-down’ townhomes due Aug. 3

Summit Daily staff report

One of the Coyote Village housing units available through Frisco's new "buy-down" program.

The application deadline is approaching for parties interested in purchasing one of Frisco's newly refurbished Coyote Village "buy-down" townhomes.

The town of Frisco purchased four 1,000-square-foot townhomes on Pitkin Street near Frisco Elementary in June for $425,000 apiece, and will sell them to town employees and residents for $332,553 as part of a new "buy-down" program meant to help address affordable housing concerns. Two units will be sold to town employees, while the other two will be available through a lottery system for other applicants.

Buyers of the townhomes must agree to a deed restriction that includes a 2 percent per year simple appreciation each year they live in the property. Funding for the town employee housing is coming out of the town's general fund. Units available to the general workforce will be paid for via the 5A Fund, a .6 percent sales tax passed by voters in 2016 to support workforce-housing efforts.

Units are currently available through an online lottery system administered through the Summit Combined Housing Authority, and all applications must be submitted by Aug. 3. Visit SummitHousing.us/real-estate to apply.