Housing Authority goes begging for affordable housing applicants | PostIndependent.com

Housing Authority goes begging for affordable housing applicants

Lynn BurtonPost Independent Staff

Garfield County’s second ever affordable housing lottery is Feb. 10, and so far no one has applied.”But I think people are working on it,” said Garfield County Housing Authority Director Geneva Powell. “I’ve mailed out six applications. They have to get together tax information and other documentation.”The lottery is for a 1,000-square-foot, two-bedroom duplex at Midland Point, located at Coryell Ranch near the intersection of County Road 108 and County Road 109, just north of Carbondale.Powell said the unit will sell for $137,690. The eligibility requirements are as follows:-Combined family income of $42,300 or less, for a maximum family size of four.-Net worth, minus qualified retirement assets, no more than $100,000.-Qualified applicants must work or reside in Garfield County.-Qualified applicants must occupy the unit as a primary residence upon purchase.Powell said the unit is deed restricted, which means it can only appreciate for resale by 3 percent per year.”This keeps the units affordable,” Powell said.The most recent multiple listing book, as compiled by the Glenwood Springs Association of Realtors, shows duplexes in the Carbondale area offered for $219,000 to $270,000, and range in size from 1,450 to 2,160 square feet.Monthly payments for a loan on the Midland Point duplex would depend on the down payment, said Wells Fargo Mortgage sales associate Dave Alcott.A 5 percent down payment on a $130,000 loan would require monthly payments of approximately $1,304, Alcott said. With 20 percent down, the monthly payments, which include property taxes and insurance, would be $1,045.The deadline to apply for the lottery is Friday, Feb. 7. Application forms are available at the Garfield County planning office in Glenwood Springs, Carbondale Town Hall, and the Garfield County Housing Authority office in Rifle. For details, call 625-3589.The Midland Point duplex was completed in 2001, and is one of seven housing units built as part of Garfield County’s approval for Coryell Ranch. Powell said the first lottery for Midland Point attracted 40 applicants.The Garfield County Housing Authority also administers two deed-restricted housing units at Valley View Condominiums in Glenwood Springs.Powell said the Authority will also administer a minimum of four deed-restricted units at Blue Creek Ranch, located east of Carbondale.”They should be finished by this time next year,” Powell said.Contact Lynn Burton: 945-8515, ext. 534lburton@postindependent.com

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