Not a lotto interest in townhome | PostIndependent.com
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Not a lotto interest in townhome

The drawing has yet to be held for Glenwood Springs first affordable housing lottery, but theres already a winner.Only one person applied for the deed-restricted townhome at the West Glenwood Condominiums on County Road 135 near Rey Motors. The applicant is a single man, and the home will be his to buy provided that he is able to qualify for a loan, said city planner Jill Peterson.If this person does indeed qualify, then he would be the one with the first right to the unit, she said.She said the applicants name wouldnt be made public until the April 11 lottery.The failure of others to apply for the lottery was a little disappointing, Peterson said.But I think we also have to remember that this is the very first unit to be offered under the city program, she said. Shes hoping future lotteries will attract more interest as the program becomes better known.The regulations require that developers of new subdivisions and multifamily housing projects provide 15 percent of their units as deed-restricted housing.The deed-restricted townhome has 1,171 square feet, including three bedrooms and two baths, and also has a two-car garage. It will sell for $187,447. By comparison, the market rate for each of the other eight units there is about $210,000. The unit has a lower value because of a deed restriction limiting its annual appreciation to 3 percent.Although the deadline has passed to enter the lottery, Peterson said the city still may hold a drawing to establish a waiting list of backup prospective buyers, should the sole applicant not purchase the townhome. She said the city has taken several phone calls from people who may want to be backup buyers, and will continue to accept names for that drawing through Friday.Peterson expects the city to do more advertising the next time it has a housing lottery, over a longer time frame. Based on feedback regarding the lottery, the city also may consider relaxing its income standards so more people would be eligible. The townhome was intended to be affordable to a family making 80 percent of the average median income in Garfield County, which is $60,600 for a family of four.As a result, the maximum annual income allowed for applicants was $48,500 for a family of four, $43,650 for a family of three, $38,800 for a family of two, and $33,950 for an individual. Also, a familys total assets were limited to $100,000.Although the program may undergo some changes, Peterson believes it already is a success.Getting somebody who works in Glenwood Springs into a home within the community rather than their having to commute in from elsewhere in my mind that is definitely a success, Peterson said.Contact Dennis Webb: 945-8515, ext. 516dwebb@postindependent.com


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