Press Release: YVHA Launches First Lottery on February 24th for The Cottonwoods

Published On: February 9th, 2026Categories: Press Releases

STEAMBOAT SPRINGS, CO – February 9, 2026 — Historic workforce homeownership opportunity opens with staged lotteries by Area Median Income (AMI).

The Yampa Valley Housing Authority (YVHA) will open the first housing lottery for The Cottonwoods, an 86-home, deed-restricted condominium community designed for the Routt County workforce, on February 24 at 10:00 am. This first lottery is for those with incomes in the 100% AMI and will be open for a week. Subsequent lotteries for 120% AMI, 130%AMI and 140% AMI will follow.

This initial lottery will be for Building Two, which includes 43 one-, two-, and three-bedroom condominiums. Lotteries will be conducted in phases based on Area Median Income (AMI) to ensure equitable access across income levels. Building Two includes:

  • 11 homes at 100% AMI – $91,000 (individual) to $140,400 (family of five)
    • Lottery open Feb 24th for one week
  • 9 homes at 120% AMI – $109,200 (individual) to $168,480 (family of five)
    • Lottery opens March 4th for one week
  • 4 homes at 130% AMI – $118,300 (individual) to $182,520 (family of five)
    • Lottery opens March 10 for one week
  • 19 homes at 140% AMI – $127,400 (individual) to $196,560 (family of five)
    • Lottery opens March 19 for one week
    • Please note all lottery dates are subject to change

A second lottery for Building One, which includes an additional 43 homes, is anticipated to open in March.

“This is a milestone moment for our community,” said Alyssa Cartmill, Sales and Asset Manager for YVHA. “For the first time in decades, local workers and retirees have a real opportunity to own a home in Steamboat Springs. We are incredibly excited to open The Cottonwoods and to offer a clear, fair, and supportive path to homeownership for the people who keep our community running.”

About the Lottery Process: Due to strong anticipated demand, YVHA will use a secure, computer-generated lottery system. Only households that have completed the application process, submitted all required documentation and received approval confirming they meet the deed restriction requirements may enter a lottery.

How Lottery Entries Work: The Cottonwoods prioritizes the Routt County workforce. Lottery entries are awarded based on the following criteria: Eligible and qualified households receive one base entry, with the opportunity to earn up to two additional entries if they meet the following:

  • Five or more years of documented employment in Routt County
  • Household size of four or more people

Each household’s total number of entries applies to every condo lottery they choose to enter, increasing their chances of selection. Households may enter multiple lotteries, provided they qualify for the income tier and unit size. Households may purchase no more than one bedroom size larger than their household size.

Steps to Prepare for the Lottery: Before the lottery opens, households must:

  1. Complete a YVHA application
    • All required documents must be submitted at least seven (7) days before the applicable lottery opens.
  2. Receive a qualification letter from YVHA
    • This letter confirms the household’s eligible income tier and which lotteries they may enter.

Entering the Lottery & What Happens Next

  • Eligible and qualified households will receive an email invitation when a lottery opens.
  • The email will link to a personalized page that shows all condos the household is eligible to purchase.
  • Households may choose to enter any or all eligible lotteries.
  • All households will be notified by email as to whether they were successful in the lottery.
  • The first 100% AMI lottery winners will be announced on March 3rd.

Transaction Support: Once a household has won the lottery and stated their intention to purchase a condo, YVHA is partnering with The Agency as the transaction broker for all 86 homes at The Cottonwoods. YVHA will oversee buyer eligibility and deed-restriction compliance, while The Agency’s experienced brokers will guide buyers through the purchase and closing process.

“Our goal is simple,” added Alyssa Cartmill, “To make this process clear and seamless—so more members of our workforce and retirees can thrive right here in Steamboat Springs.”

For the most up to date information please sign up for the YVHA newsletter and follow us on social media.

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