One affordable housing organization has set some high goals.

The West Mountain Regional Housing Coalition on Tuesday told Aspen City Council its “Good Deeds” program, which converts free-market homes into deed-restricted affordable housing — aims to convert 30 free-market homes in the Roaring Fork Valley and beyond into deed restricted housing by 2026.

“We are not at this time building anything new,” April Long, executive director of WMRHC, said, emphasizing the program’s development-neutral design. “We want to work with the existing inventory and make sure we preserve and convert it to an affordable inventory.”

Formed in 2022, the coalition includes local governments and organizations stretching from Aspen to Parachute.

Buyers eligible for the program must work full-time for an employer based in Pitkin, Eagle, or Garfield counties. There is no income cap, but buyers must use the home as their primary residence, maintain local employment, and are prohibited from renting the property for short-term stays. 

The deed restriction allows for a 3% simple interest annual appreciation, and capital improvements are permitted under certain conditions. 

In 2024, Aspen contributed $450,000 to the program. This year, the WMRHC is requesting an additional $1 million from the city of Aspen, to be drawn from the 150-Housing Development Fund.. 

Long noted that achieving the same result through new construction would cost roughly $30 million, whereas the Good Deeds approach is projected to cost $13.5 million.

To underscore the urgency, Long shared data showing that the area median income in Aspen-Snowmass rose from $72,000 in 2014 to $109,000 in 2024, while median home prices skyrocketed from $2.3 million to $8.3 million during the same period. 

She presented similar affordability gaps throughout the valley, from Parachute to Basalt. 

“When we think about the incomes that are available for income earners here, there are not that many jobs that supply that kind of income,” Long said. “There is a huge gap between what you are earning locally and what is available in the market for purchase.” 

She explained that the program helps buyers compete in the market by offering a buydown. 

“We provide 30% of the purchase price at closing, and the home buyer provides 70 percent,” she said.

Council members questioned the program’s oversight mechanisms. 

Council member Bill Guth raised concerns about compliance and enforcement. 

“Does self-certification really work? What happens if someone lies to you? What happens if you have to enforce it, and who is really in charge here?” he asked. “I get how this can be good and how this can help. I get that there needs to be some sort of self-sacrifice, which I did in the past and can get there in the future, but I am still tempted to see how this stays lean and efficient, but still satisfies the requirements.” 

Long responded that deed restrictions, annual recertification, and regular audits are in place to prevent fraud. Guth suggested that software improvements could bolster oversight, to which Long confirmed that upgrades are already underway.

Council member Christine Benedetti inquired about workforce eligibility, the number of potentially qualifying homes in Aspen-Snowmass, and the program’s policy for retirees. 

Long replied that approximately 130 homes in the upper valley could meet the program’s criteria. As for retirement, she said the policy mirrors APCHA’s, allowing longtime workers to remain in their homes after reaching retirement age.

The work session concluded without a decision, but with a clear consensus that the Good Deeds program presents a promising and cost-effective strategy for preserving housing affordability in Aspen. 

Formal decisions and further deliberation are expected in upcoming council meetings.