Mi Casa Avon - Deed Restriction Program
Program Goals1. Provide financial assistance to help 8-10 home buyers purchase homes in Avon by the end of 2020.
2. Add to Avon’s inventory of Community Housing subject to permanent deed restrictions.
Eligibility Eligibility of Property:
Any residential property in the Town of Avon is eligible for this Mi Casa Avon Deed Restriction regardless of price or location.
Eligibility of Buyer:
Buyers who meet the definition of Eagle County Employee as defined in Section 3.12.020 of the Avon Municipal Code. The definition is reprinted below:
Eagle County employee means an employee working in Eagle County who works an average of at least thirty (30) hours per week on an annual basis or earns seventy-five percent (75%) of his or her income and earnings by working in Eagle County; or a retired individual, sixty (60) years or older, who has worked a minimum of five (5) years in Eagle County for an average of at least thirty (30) hours per week on an annual basis; or a person who derives income from self-employment whose business is situated in Eagle County; or a person who works for an employer outside Eagle County if that person can demonstrate that the residence for which such person seeks an exemption under this Chapter is the primary residence for that person.Residential Ownership: Buyers cannot own any other residential property in Eagle County at the time of purchase (i.e. closing date).
A Buyer is required to use the residence as a primary residence for at least three (3) years per the same definition and verification process as used for Real Estate Transfer Tax primary exemptions. The form of the Deed Restriction would allow occupancy by any person who meets the definition of Eagle County Employee after three years, meaning that the buyer could rent the residence to Eagle County Employees after occupying the property as their primary residence the three years of ownership.
Minimum Required Down Payment: A Buyer must contribute at least three percent (3%) of Buyer’s funds towards the purchase price of the property which does not include any third party down payment assistance funding.
Negotiated Contribution: The amount of contribution from the Town to purchase the deed restriction would be negotiated on behalf of the Town by an administrative committee consisting of the Town Manager, Assistant Town Manager and Finance Director, and Town Attorney. The range of negotiation would be between 8% and 12% of the purchase price in the purchase contract. The administrative committee has the discretion to reject any application if there are concerns with the property or the purchase contract and the administration committee deems the deed restriction purchase to not be in the best interest of the Town.
Maximum Contribution: The maximum purchase price for a deed restriction to be made by the Town is seventy-five thousand ($75,000).
Application Process: The Mi Casa Avon Deed Restriction program will be offered on a first come, first serve basis which will be queued by complete applications. A complete application requires a fully executed purchase agreement.
Frequently Asked Questions
Deed Restricted Purchase Agreement
Deed Restricted Purchase Agreement (Non-capped)