The Cottonwoods Lottery

Due to anticipated demand for securing a home in Steamboat Springs, YVHA will be selling homes using a random lottery drawing process for The Cottonwoods. Lotteries will be run according to designated Area Medium Income (AMI) of the units and accessible by pre-approved applicants.

Here are the basic facts about the lottery and you can read all the details in YVHA’s Lottery Implementation Plan.

Keep up to date on the Yampa Valley Housing Authority website, newsletter, and social media channels.

July 2026, YVHA recently announced the re-designation of 12 units for sale at The Cottonwoods from 140% AMI (Area Median Income) to a mix of 120% and 100% AMI, which ultimately lowers the unit pricing and reopens these homes to local workers and retirees at lower income levels.

The new lotteries for these homes (both 100% and 120% AMI levels) will be open from July 22 to July 29, lottery running will happen on July 30. If you are interested, please complete a pre-screening form as your first step. All approved paperwork will be due July 24. Come by The Cottonwoods this week for our open house, July 16th from 3:00-6:00 PM, 1650 Mid Valley Drive in Steamboat and see the inside for yourself!

Building One Availability:

• 3 units at 100% AMI – $97,100 for individual households, up to $138, 000 for a 4 person household
• 2 units at 120% AMI – $116,520 for individual households, up to $166,440 for a 4 person household

Building Two Availability:

• 2 units at 100% AMI
• 5 units at 120% AMI

Lottery Winners:

• 100 % AMI Results
• 120% AMI Results

The Cottonwoods is a deed-restricted community designed to prioritize the Routt County workforce. Lottery entries are awarded based on the following criteria:
You may qualify for one additional entry for each category you meet:

• Deed Restriction Qualification
  You have submitted an application and have been approved for the Deed Restriction.
• Length of Employment in Routt County
  You must provide documentation of five (5) or more years of consistent employment in Routt County.
• Household Size
  Your household includes four (4) or more members.

Your total number of entries will apply to each condo lottery you choose to enter. You can enter as many lotteries you qualify for.

* Please note you can only purchase one unit size larger than your household.

Step 1: Complete your YVHA application

• All required application documents must be submitted and complete.
• Applications must be finalized at least seven (7) days before the applicable lottery opens so staff can review and verify eligibility.
  • Lottery Schedule can be found here: https://yvha.org/cottonwoods/the-cottonwoods-lottery/#when-will-the-first-lottery-open

Step 2: Receive your approval qualification letter

• Once your application is verified, YVHA will issue an approval qualification letter.
• This letter confirms:

• • Your household’s eligible income tier
  • Which lotteries you may enter

Once you receive your approval qualification letter from YVHA, begin gathering the following documents for your lottery entry:

• A lender pre-qualification letter
• Proof of at least $5,000 available for closing costs and fees
• Proof of completion of a homebuyer education class
• If claiming the 5+ years of Routt County employment preference, documentation verifying that employment

Step 1: Email Invitation

• If you are eligible for a specific lottery, you will receive an email invitation when that lottery opens.

Step 2: Choose your eligible condos

• The email will link to a personalized page showing all condos you are eligible for based on your income tier.
• You may choose to enter the lottery for any or all of those condos.

Step 3: Use your lottery entries

• If you qualify for more than one lottery preference, you will receive multiple entries per condo.
• Example:
  If you qualify for additional entries (either employment length and /or household size) you will receive an entry for all that apply. Up to three entries max.

Step 4: Lottery Results

• Lotteries are run using a secure, computer-generated system.
• If selected in the lottery, you will be notified by email within 24 hours and then you would begin the transaction process of submitting a down payment and working with YVHA’s transaction broker to purchase the condo.

The Yampa Valley Housing Authority is partnering with The Agency as the transaction broker for all 86 deed-restricted homes at The Cottonwoods.

YVHA will oversee eligibility and compliance of the deed restriction, while The Agency’s experienced brokers will provide personalized guidance throughout the purchase and closing process. Our shared goal is to make this process clear, supportive, and seamless.

We are excited to help you on your homebuying journey!