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The Breckenridge Town Council has authorized staff to implement a Housing Helps program to help locals access affordable housing. In addition to the on-going construction of new units and the traditional buy downs, the Town launched Housing Helps, a deed restriction acquisition program. The goal is to incentivize current homeowners and real estate buyers to deed restrict their market rate property to help maintain and sustain homes for locals in the community.

 

Under the program the Town will pay owners, buyers, and local businesses 15-30% in return for a deed restriction on homes that are currently unrestricted. The amount that will be paid for a deed restriction will vary depending on the market and the request for either the light or full deed restriction. Recipients may use the funds for down payment, home repairs, special assessments, etc. In return, the recipients are required to execute a deed restriction that will insure the property is used for local workforce housing.

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Housing Helps Application

FAQS What is this Program? This is a deed restriction acquisition program approved by the Breckenridge Town Council to incentivize property owners, buyers and local businesses to accept a use restriction on their property. The goal is to preserve and support the community by insuring there are a variety of housing options for our local workforce. Who is Eligible? Anyone who owns or intends to purchase a property in the Upper Blue Basin-from Farmers Corner to Hoosier Pass. This includes individuals, businesses, and investors. Can I Deed Restrict a Property with a First Right of Refusal? In some cases, the Town may not be able to obtain a deed restriction on these properties, so please check with Town staff to determine if a specific property is eligible for this program. Why Should I Consider Deed Restricting My Property? The Towns goal is to help locals stay in the community where they can live, work, play, and raise their families. The most recent Housing Needs Assessment indicates there is a significant shortage of housing to serve the needs of local families and employees. This impacts the ability of businesses to recruit and retain employees and provide the products and services needed. The lack of housing also impacts the character of our community when locals are unable to live in the community where they work. By deed restricting your property you are helping Breckenridge retain a variety of housing options for locals. You may use the proceeds that you received from the Town in return for the deed restriction for any purpose. What is a Deed Restriction? This deed restriction is an agreement that restricts the use of your property in perpetuity. In return for the payment from the Town, the deed restriction will be recorded in the County records. Because the deed restriction will restrict how the property may be used, it is likely that the future value of the property will be impacted by the deed restriction. What are the Key Terms of the Deed Restriction? The key terms of the light deed restriction (15-19%) include: The property must be occupied as a primary residence by a person employed a minimum of 30 hours (no remote work) a week in Summit County. The property may not be used as a seasonal home, vacation home, or as a short term rental. The key terms of the full deed restriction (20-30%) include: The property must be occupied as a primary residence by a person employed a minimum of 30 hours (no remote work) a week in Summit County. The property may not be used as a seasonal home, vacation home, or as a short term rental. The property will be subject to a 3% appreciation cap. Unlike some other deed restricted properties these units will not be subject to income caps. Retirement in these properties may be permitted subject to the Towns retirement policies for deed restricted units. Please refer to our most current guidelines for more information. What Happens to the Deed Restriction When I Sell the Property? The deed restriction will remain with the property in perpetuity and future owners will be subject to the same restricted use. Can I Use a Realtor? Yes, you are strongly encouraged to use a Realtor to assist in the acquisition or sale of any property. Please advise your Realtor if you intend to utilize Housing Helps funds in the acquisition of a property. Many local Realtors are familiar with the Housing Helps Program and can assist with the process. Is There a Real Estate Transfer Tax (RETT)? All properties within the Town of Breckenridge are subject to a 1% Transfer Tax at the time of acquisition/sale. The Housing Helps Light Deed Restriction does not restrict or limit the sale price and therefore properties that have opted for the light deed restriction will not be exempt from the Transfer Tax.  The Housing Helps Full Deed Restriction does have an appreciation cap which limits the future sale price and therefore properties with the full deed restriction are exempt from the Transfer Tax. Can I Rent My Property or Use it as an Investment? Yes, you may rent a property that is subject to this occupancy restriction provided the occupant meets the employment requirement. Are There Tax Implications Associated With the Payment I Received? You should check with your financial or legal advisor as the Town can not provide any financial or legal advice. Under this program the Town is acquiring a deed restriction from you and the Town will not issue a 1099 for the proceeds that you receive. Are There Local Lenders Familiar With the Housing Helps Program? Yes, you may use a lender of your choice but please confirm they will loan subject to the Town of Breckenridge Housing Helps Deed Restriction. We have been in communication with local lenders including 1st Bank, BOK Financial, Bank of England and Alpine Bank, and they are familiar with the program. How Much Money Will I Receive? Every property is different and there is no set amount that the Town will pay for a deed restriction. The value will vary depending on the size of the unit, the location of the unit, the proximity to jobs and/ or transit, how well the unit meets the housing needs within the community, and the type of deed restriction requested. The Town may compare other similar properties or may review appraisals or other information from real estate professionals to determine a reasonable and acceptable price. If my Application is Accepted When Will I Receive the Payment? Once an agreement is reached, funds are generally available within 3-4 weeks.

Questions? If you have any questions regarding Housing Helps, please contact Darci Henning at 970.547.4303 or at DarciH@townofbreckenridge.com

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