Welcome to the second home community--oh wait! Locals? What locals? There are many affordable housing options for locals if you know what to look for.  If you're looking for a place to call home in Summit County and are one of the hard working members of our community, read to find out how to buy a home in Summit County even if you're earning local wages.

 

Imagine moving to the beautiful Rocky Mountains of Colorado and finding that dream job in the dream location, and next is finding the dream home for you and your family.  Yeah, you took a pay cut to be in a remote resort town, but it's worth it, right? It can be very stressful for locals who make $40,000 per year, or $80,000 as a couple, to find a house within their budget.  

Consider that a single family, detached home with 3 bedrooms and 2 baths, a fenced yard and a garage in a decent location will cost at least $500,000. Not exactly starter-home or typical first-time homebuyer prices!  So what is a local dreamer to do besides play the lottery or beg for gifts from a rich uncle? That is where the Summit Combined Housing Authority (SCHA) and their deed restricted program comes in to help.

 

The Summit Combined Housing Authority is the local governing body that "assists the residents of Summit County and the surrounding areas with their housing needs".  It is a great organization, because, unlike big cities that have plenty of affordable options, Summit County home prices can often be too expensive for the local income levels, and inventory too low, for locals to find housing.  

In order to qualify for, and make an offer on, a "deed restricted" property, there are three requirements for application approval:

 

At least one member of the household must be employed in Summit County for more than 30 hours per week year-round.

 

Total household income must fall at or below a certain percentage of the Summit County Area Median Income (AMI) as determined by the SCHA and neighborhood rules.

 

Everyone over the age of 18 who will be occupying the home must apply for eligibility for the AMI.

 

There are many deed restricted neighborhoods all over the county.  Some properties are available for locals to buy as an investment, as long as their tenants meet the SCHA requirements as well.  There are more communities on the way, as there is simply not enough inventory for the local demand right now.  Many communities have waiting lists.

 

One of the last things to consider about owning a deed-restricted property in Summit County is that there is usually an appreciation cap, as determined by SCHA as well.  When it is time to sell, the seller cannot sell it for more than a certain percentage so that home prices continue to stay affordable for locals.