Lottery applications for the resale of a home at Chamonix Vail are due to the Town of Vail Housing Department, 75 S. Frontage Road, by 5 p.m. Thursday, May 30. The 1,581 square feet, three-bedroom, three-bath, two car garage home is located at 2315 Lower Traverse Way Unit B, in West Vail.
The lottery is open to any qualifying individual interested in purchasing the deed-restricted unit for $613,461. The Valley Home Store will conduct open houses at the property from 4 to 6 p.m. on Tuesday, May 21 and noon to 2 p.m. on Thursday, May 23.
Applicants must meet the following basic eligibility requirements to qualify:
- Completed and signed Resale Lottery Application Form and necessary attachments
- A pre-qualification letter from a mortgage lender demonstrating financial ability to purchase the employee housing unit, if selected
- Verification of successful completion of a Town of Vail approved homebuyer education class or signed acknowledgment of intend to do so within six months of the resale lottery drawing date
The lottery drawing will take place at 5 p.m. on Monday, June 3 in the Vail Town Council Chambers located at 75 S. Frontage Road and will be based on a true weighted lottery system. Up to five lottery tickets will be issued to applicants based on the following:
- Meet minimum lottery participation criteria = 1 ticket
- Vail resident = 1 ticket
- Vail resident for equal to or greater than 5 years = 1 ticket
- Employed in Vail = 1 ticket
- Employed in Vail for equal to or greater than 5 years = 1 ticket
Maximum Total: 5 lottery tickets
Chamonix Vail homes have a resale price appreciation cap of 1.5 percent per annum plus any approved capital improvements. See the Chamonix Vail Employee Housing Guidelines September 13, 2017 and Town of Vail Housing Guidelines July 4, 2018 for additional information.
Additional information including applications and the deed restriction are located on the town’s website at https://www.vailgov.com/departments/housing/current-listings.
For additional details, contact Lynne Campbell, the town’s housing coordinator, at 970-479-2150 or email email@example.com.