Lottery for deed restricted town housing and lots is rolling

February date for actual drawing

By Mark Reaman

The town of Crested Butte, in conjunction with the Gunnison Valley Regional Housing Authority, is beginning the process of selecting lottery winners for deed-restriction housing in town. Council approved the process at the Monday, November 5 Town Council meeting and the GVRHA was to have posted application packets for the lots and duplex homes on its website on Tuesday, November 6.

The work now begins to reach out to potential buyers before holding the lottery in early February. Part of the outreach will include a certified homebuyer class for potential buyers on Monday and Tuesday, December 3-4.

Those attending the class get an additional entry into the lottery. Those who are considered “essential service providers” also get additional entries.

The number of entries in the lottery is also determined by length of time spent working in Gunnison County. For example, if you have worked in the county longer than three years but less than five years, you get five chances. If you have worked in the county longer than 20 years, you get 10 chances.

“I was surprised at how many people we surveyed who had lived here and worked here 20 or 30 years and needed housing,” Crested Butte community development director Michael Yerman told the council at the November 5 meeting. He cited a town survey that showed 85 of 148 people taking the survey had lived and worked in the county at least five years and were interested in deed-restricted housing.

This lottery sets aside 26 homes and/or vacant lots for people making less than 200 percent and less than 140 percent of area median income (AMI). A two-person household making $110,800 is at the maximum 200 AMI cap. The 140 AMI for two people is $77,560.

Of the 13 units set aside for the 200 AMI category, up to seven will be set aside for local businesses interested in purchasing the units for employees to rent. This can provide local business assistance and generate pre-sales that will help support the financing of the affordable housing development.

The lottery will include selecting back-up purchasers for each lot or unit in case the first selection doesn’t go through with the purchase. The town will have nothing to do with the actual lottery, as it will be run by the GVRHA. The housing authority will help each purchaser close on the property and will receive a 2 percent commission for its services.

If interested in getting into the lottery, contact the town or the GVRHA.