The Town of Breckenridge has been successful in using a variety of techniques to achieve our housing goal. By providing incentives including free density, annexation fee waivers, no plant investment fees for water service, building permit fee waivers, real estate transfer tax exemption, and positive points for other non-workforce housing projects. In addition to these tools, the town has worked in private public partnerships to develop approximately 75% of the existing deed restricted housing. In addition to these neighborhoods, there are over 116 individual units dispersed in Town that are subject to deed restriction. For a comprehensive look at deed restricted properties in Summit County click here.
The Town of Breckenridge does not keep a waitlist for these neighborhoods and does not act as a broker for real estate transactions. If you are interested in being placed on a rental property waitlist, please contact Corum at 970.547.4433. If you are interested in purchasing a deed restricted property, please contact 970.389.1321 and view some available deed restricted properties here.
*Please note that the Town of Breckenridge conducted a deed restriction change option for owners in the Gibson Heights, Maggie Placer, Valley Brook, and Vic's Landing Neighborhoods. The goal of this deed restriction change option was to amend issues in some older housing covenants and the create more equity among deed restricted neighborhoods. If a property in one of these neighborhoods has changed to the amended and restated version of the housing covenant, the please refer to the Blue 52 Covenant Summary for the property's covenant term summary. If you are in one of these neighborhoods and have not changed your deed restriction and would like more information, please contact firstname.lastname@example.org.
HOUSING PROJECT LOCATIONS
IN THE UPPER BLUE BASIN
# of Units: 18
Density: 18 UPA
Type: 1-bd Apartments
Initial Rent: 80% AMI
Occupancy: Renter Occupied
Neighborhood Amenities: Proximity to Rec Path, Public Transit, On-Site Gear Storage
Construction Complete: 2018
Occupancy: Town of Breckenridge & Summit County Employees
Rent: No Short Term Rental Allowed.
Master Lease: Allowed
The Town of Breckenridge Housing Authority developed COTO Flats on vacant land banked property. The Town and County are joint owners of this project to house Town and County employees. This project cost $4.2 million plus land and on-site infrastructure and was funded by the Town’s Housing Fund. This project received approximately $172,000 in PIF and planning fee waivers.
Farmers Grove is located in unincorporated Summit County. The developer executed a Water Service Agreement with the Town to access the Town’s water. In return, all 35 units are subject to a no short-term rental restriction, with 15 subject to employment requirements.
The Town of Breckenridge developed Denison Commons on a vacant land banked site. This project is now owned by Colorado Mountain College and serves primarily as student housing. This project cost $5.8 million and was funded by the Town’s Housing Fund. This project received approximately $250,000 in PIF and planning fee waivers.
Gibson Heights was developed privately as a part of an annexation agreement with the Town. The site was vacant dredge rock in unincorporated Summit County. Approximately $200,200 in PIFs and Planning Fees were waived.
Huron Landing was developed in partnership with Summit County and the Town of Breckenridge. The County provided the land that was being used as a storage yard and the Town financed the project through Certificate of Participation (COP) financing. The total cost of the project was $8.5 million with approximately $210,000 PIFs and planning fees waived.
Kenington Townhomes was recently annexed into the Town of Breckenridge. The developer executed a Water Service Agreement with the Town to access the Town’s water. In return, the units are subject to a no short-term rental restriction.
Maggie Point was developed privately as a part of an annexation agreement with
the Town. The site was vacant land in unincorporated Summit County. Approximately $70,000 in PIFs and Planning Fees were waived.
Monarch Townhomes is located in unincorporated Summit County. The developer executed a Water Service Agreement with the Town to access the Town’s water. PIF fees valued at approximately $70,000. In return, the units are subject to a housing covenant.
This project is was developed by the private sector. A development agreement was crafted with the developer and the Town where the Town contributed land and waived fees in return for deed restricted units. This project received approximately $150,000 in PIF and planning fee waivers. The owner will control the management of the property and select the tenants are as long as they meet the employment requirements in one of the rent restricted units.
The land that Pinewood 1 was developed on is under a land lease between the Town and the developer who utilized LIHTC and currently manages the project. After 50 years, the land will be returned to the Town. This project received approximately $350,000 in PIF and planning fee waivers. When units become available, applicants from the wait-list who meet the income criteria are selected. The property is currently operated by Corum Real Estate Group.
Pinewood 2 was developed on land that was part of a land trade with the National Forest Service. The project was constructed by an LLLP that the Breckenridge Housing Authority participated in. The project received 4% LIHTC and cost $9.7 million. Approximately $335,000 in PIFs and Planning Fees were waived. When units become available, applicants from the waitlist who meet the income criteria are selected. The property is currently operated by a Corum Real Estate Group.
Town of Breckenridge served as the developer. The land was land banked by the Town for housing. This project was funded by Division of Housing grants and the Town of Breckenridge. The total project cost was $11.4 million with approximately $281,959 waived in PIFs and planning fees.
Vic’s Landing was developed privately as a part of an annexation agreement with the Town. The site was vacant open space in the unincorporated Summit County. Approximately $139,000 in PIFs and Planning Fees were waived.
Employment: 30+ hours per week in Summit County
Income Limits: None
Property: Can Own Other Property
Appreciation Limit: The sum of the change in AMI, using 3% whenever the change is less than 3%
Commission: 7% of sale price
Capital Improvements: 15% of initial purchase price
Retirement: Partial retirement at age 55, Full retirement at age 65
Rent: Yes, but must be Owner Occupied