THE GOAL AND REVIEW PROCESS

Vail InDEED

Progress Towards the Goal  

Resolution No. 34, Series 2016 appointed the VLHA as the Town’s agent to negotiate and purchase deed restriction in the Town. To follow, in 2017, the VLHA, Town Staff and Town Council created the 2027 Housing Strategic Plan, which is a goal of acquiring an additional 1,000 deed restricted units by the year 2027 to help to reach the goal of maintaining and sustaining homes for residences within the community. Consequently, the Vail InDEED program was created to provide a cash incentivize in exchange for a deed restriction on a Vail residential property. A variety of initiatives drive the goal.

  • 175 total number of deed restrictions (homes) to date
  • $12.5M total investment to date 
  • 147,102 residential deed restricted square footage
  • $86 average cost per square foot
  • 1,040 total deed restrictions to date 

Vail Local Housing Authority (VLHA)

Vail InDEED applications are swiftly reviewed by the Vail Local Housing Authority (VLHA) so you may wonder - what is this group of people? The Authority is a group of five members, appointed by the Town Council. Among other things, this is the group reviews the Vail InDEED applications through a comparative analysis, determination of qualifications for Vail InDEED,  appraisal review and more. The Town of Vail finds success in the Vail InDEED program through efficient and collaborative review from the VLHA with final approval by Town Council members.

 

Often times people ask, how long is the review process of my Vail InDEED application? The application takes less than 5 minutes to complete, and it is recommended to be at or near final negotiations of your real estate contract so the VLHA can best determine the appropriate value of the deed restriction. The purchase price is the determined value of the deed restriction. In recent years, the VLHA has awarded anywhere from 16-20% of purchase price or appraised value. Participants of Vail InDEED use the funds for anything from down payment assistance or remodeling to aiding with another home purchase or medical bills. The deed restriction then stays with the residence for future year over year, in perpetuity. This funding does not need to be paid back to the Town of Vail. 

Part of a Larger Initiative

Vail InDEED is one part of the approach to increase residential housing availability for years to come. It is the Town of Vail’s newest deed restricted program, aimed at increasing the number of homes to be restricted to house employees for years to come. To date, the Town has acquired 1,040+ deed restrictions in Vail to ensure homes for year-round and seasonal residents living and working within the community. 

 

Additional projects include community housing developments, securing master leases and a commitment to buy-down programs. The VLHA was involved with creating policy for Residences at Main Vail (Middle Creek Lot 3). The most recent community housing project, Residences at Main Vail, hit the market in 2023 bringing 72 new homes for locals in the heart of Vail. The rental development is 100% deed restricted with a mix of one- and two-bedroom homes. 

 
Prior to 2023, the most recent development hit the market was in 2018, bringing 32 for-sale residences to West Vail, named Chamonix Vail Community.  At the time, this brought the total to 111 deed-restricted residences within 6 for-sale developments within the Town of Vail and the progress towards the goal continues. The town’s buy down program, equaling an investment of $6.4M, includes 8 homes and the VLHA continues to make recommendations to Town Council as negotiations and planning is in progress for the re-development of Timber Ridge to increase the current 98 deed-restricted homes to 284 deed restricted homes. Additionally, West Vail Middle Creek was rezoned in December 2022 designate this open space to High-Density Residential. 

 

The VLHA updated the 1999 Employee Housing Guidelines in 2018 and again in 2022 and is involved in making recommendations with regard to housing in the Open Lands Plan, the West Vail Master Plan and Rent by Owner discussions. Board and staff members also participate in the Eagle County Housing and Development Authority Advisory Committee, Vail Valley Partnership Housing Workforce Coalition and Housing Colorado.

 

VLHA Board: The Vail Local Housing Authority meets each 2nd and 4th Tuesday of each month. The meetings are most often hybrid in the Council Chambers and on Zoom. If you plan to attend in person, please be sure to check the agenda in case it is on ZOOM only. Public is always welcome to attend. Link to more information

 

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