Prices announced for Breck’s Valley Brook Neighborhood
BRECKENRIDGE – The Summit Combined Housing Authority and Mercy Housing Colorado have announced unit pricing for Valley Brook Neighborhood – a new affordable housing development in Breckenridge. The long-anticipated Valley Brook development is located at 1100 Airport Road, between Upper Blue Elementary School and the Breckenridge Police Department.
“Mercy Housing is honored to be partnering with the Town of Breckenridge and the Summit Combined Housing Authority to develop much needed homes that will be affordable to Summit County’s workforce,” said Jennifer Erixon, president of Mercy Housing Colorado. “The Town of Breckenridge is truly a leader in balancing the housing needs of both its year-round residents and its visitors.”
The town is supporting the project with both a donation of the land on Airport Road and a cash contribution to help cover the costs of construction.
“Affordable workforce housing is important for the economic vitality of the town and to preserve the character of our community,” said Laurie Best, long-range planner with the town. “The town is looking forward to the development of the Valley Brook property to create an affordable compact neighborhood that is ideally located close to schools, jobs, parks, shopping, trails and transit.”
Of the 42 units being built in two phases, there will be 14, 2-bedroom/2-bath townhomes available to those who qualify at the 80 percent area median income (AMI) level, priced at $165,000. Also at the 80 percent AMI level, there will be eight 3-bedroom/2 bath units, selling for $187,500.
At 120 percent AMI, there will be 14, 2-bedroom/2-bath townhomes, each selling for $267,000. Additionally, there will be six 3-bedroom/2 bath units available for those at 120 percent AMI, which will sell for $302,000.
Interested applicants must be pre-approved for a mortgage up to the unit’s purchase price, from a reputable lender familiar with deed-restricted properties. A list of approved local lenders can be found on the SCHA website, http://www.summithousing.us.
After an applicant receives a letter for pre-approval, they can download an application for a Valley Brook home at the housing authority website.
To be considered for the “Upper Blue priority” list or the county-wide priority list, all application and pre-approval letters must be received by Sept. 16 at the Summit Combined Housing Authority, 110 Ski Hill Road, PO Box 188, Breckenridge, CO 80424. Applications submitted after the deadline will be reviewed after all residents on the priority list have been processed.
Upper Blue priority applications will be processed Sept. 21-25. Countywide priority applications will take place Sept. 28 through Oct. 2.
Upper Blue priority includes anyone employed 30 hours or more per week year around, by a business physically located between Farmer’s Grove and Hoosier Pass. Also on this list are “key employees” as defined by the Valley Brook deed restriction, which states that a key employee is a resident who is also an employee of a business, private organization or government entity providing essential services in the county as determined by the town, including, but not limited to: municipal employees, school district employees and emergency and medical personnel.
During the priority weeks, pre-approved applicants will need to go by the Summit Combined Housing Office to choose their unit and sign a reservation agreement. Information on this will be divulged to all pre-approved applicants at a later date. A refundable deposit will also be collected at this time. For those who qualify at 80 percent AMI, the deposit will be $750/unit. For those purchasing a unit based on 120 percent AMI, the deposit is $1,000.
The town will be making a final decision on the project in September or October and if approved for a fall start, the first phase of the 42 townhomes are expected to be available for closing in May 2010, with the final phase being completed in early 2011. The neighborhood will eventually include a playground and common recreational area. Recent improvements to the nearby recreation path, which include the addition of a new bridge over the river, will make the neighborhood easily accessible to the network of paths.
For more information, call the Summit Combined Housing Authority at (970) 423-7044 or (970) 423-7041 or go online at http://www.summithousing.us.
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