Eligibility

Deed restriction: Buying a condo with YVHA is different than a typical market rate buying experience. Housing authorities usually use tools like deed restrictions to ensure the long-term affordability of homes for present and future homeowners. The deed restriction for The Cottonwoods was developed by a combination of lessons from past deed restrictions, research from other mountain towns, and a local blue-ribbon panel of experts. Interested homebuyers must meet the eligibility requirements of the deed restriction in order to buy a condo at The Cottonwoods at Mid Valley. The main eligibility requirements are:

1. Employment: Worked or retired from an organization physically located in Routt County.
2. Income: Have an income that does not exceed the 140% Area Median Income range.
3. Sole Residence: Prove that the applicant intends to live in the condo full time. No member of the household can own another home, condo, or mobile home in the state of Colorado, or if any member does, they must sell within 180 days.

Read the deed restriction below and the frequently asked questions to learn if you qualify.

Complete The Cottonwoods Homeownership Pre-Screening Form. This is the starting point to determine whether an applicant is eligible to buy one of the deed-restricted condos at The Cottonwoods.

AMENDED & RESTATED MID VALLEY DEED RESTRICTION,
RESIDENTIAL HOUSING RESTRICTIVE COVENANT, AND NOTICE OF LIEN

Updated December 18th 2024

Let’s take an example of a local worker who buys a deed-restricted home at $400,000 and has a 2% a year appreciation cap. If the worker puts 5% down, which is $20,000, and finances the remaining $380,000, the worker can sell the home at these prices and build equity instead of renting.

• After 1 year: $408,000, the equity and appreciation increases from $20,000 to $33,119
• After 2 years: $416,160, the equity and appreciation increases from $20k to $46,687
• After 3 years: $424,483, the equity and appreciation increases from $20k to $60,723
• After 4 years: $432,973, the equity and appreciation increases from $20k to $75,247