The Town of Breckenridge is dedicated to both building new housing and preserving the existing housing in our community for locals. Pursuant to the 2008 Workforce Housing Action Plan, the Town of Breckenridge expanded efforts to acquire existing free-market units and convert them to permanently affordable workforce housing.
Due to the high housing market, the average cost for a buy down has increased 154% since 2019.
Buy Downs are a important strategy particularly as over time the market units that are currently occupied by employees are converted to other uses such as retirement or vacation homes. It is estimated that there are up to 1,000 market units in the Breckenridge area that are currently occupied by local employees. As employees retire and/or sell their market units to non-employees, the shortage of affordable workforce housing is exacerbated. Breckenridge Housing is working to develop specific criteria for Buy Down opportunities.
The Summit Combined Housing Authority will regularly be selling Breckenridge Buy Down properties by lottery - properties include condos, townhomes and single-family homes that are dispersed throughout the Breckenridge area. Interested buyers are encouraged to follow the Summit Combined Housing Authority’s steps to purchase a home so they are prepared. Sign up HERE to receive more information on potential future lotteries and when workforce housing projects become available for sale!
The required qualifications for both Buy Downs and Housing Helps are that the home must be occupied by a person who works at least 30 hours per week for a business located in and serving Summit County. Both programs are great options for locals looking to purchase a house, current owners, local businesses, and anyone looking to long term rent to locals.